Two-Building Duplex
For Sale
$535,000
605-613 CHOCTAW AVENUE, Lakeland, FL 33815
Two duplex buildings offer two-bedroom, one-bath layouts with washer/dryer hookups.
Property Size1,813 SF
Price / SF$295.09
Days on Market607
Property Features for 605-613 CHOCTAW AVENUE
General Information
Standard status
Active
Size
1,813 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,394
Amenities
washer/dryer hookups
Building Details
Year Built
1980
Buildings
2
Listing Agency:
GATOR REALTY OF POLK
(863) 687-4663
Listed By:
Tom Scharar · License #77859
(863) 521-1975
Source:
Exitrealty
Added: Jan 3, 2025
Changed: Sep 1
Last Checked: Sep 1 at 5:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of GATOR REALTY OF POLK
Investment Insights
Based on property information with market context.
This Lakeland residential income property comprises two duplex buildings, each configured with two bedrooms and one bathroom per residence. Washer/dryer hookups are included, providing practical utility connections within the units. The improvements date to 1980.
The property encompasses the addresses 605, 607, 611, and 613 Choctaw Avenue in Lakeland, Florida 33815. Together, the four listed addresses correspond to the two duplex buildings, creating a multi-unit residential configuration at one location.
The property encompasses the addresses 605, 607, 611, and 613 Choctaw Avenue in Lakeland, Florida 33815. Together, the four listed addresses correspond to the two duplex buildings, creating a multi-unit residential configuration at one location.
Key Highlights
- Two duplex buildings with two‑bedroom, one‑bath residences
- Washer/dryer hookups included
- Four listed addresses: 605, 607, 611 & 613 Choctaw Ave
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,223
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$384,460
$384.5K
Cap Rate 7%
$274,614
$274.6K
Cap Rate 9%
$213,589
$213.6K
Market Conditions
NOI Build-Up for 1,813 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.4K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.5K $15.15/SF
− OpEx
−$8.2K −$4.54/SF
NOI
$19.2K $10.60/SF
Area
Lakeland, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$384,460
Cap Rate 7%
$274,614
Cap Rate 9%
$213,589
Alternative Uses
Best Use
Multifamily LT 5
$274.6K
$240.3K – $320.4K
NOI $19,223 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$245.3K
$214.7K – $286.2K
NOI $17,173 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$435.7K
$381.2K – $508.3K
NOI $30,498 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 33815, FL
15,681
Population
7,646
Households
2.1
Avg Household Size
40
Median Age
11%
College-Educated
80%
High-School Grad
7.4 sq mi
ZIP Area
2,119
Density / Sq Mi
$36,445
Median Household Income
$32,637
Median Earnings
$1,078
Median Rent
$42,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two duplex buildings offer two-bedroom, one-bath layouts with washer/dryer hookups.
Where is this duplex located?
The property is located at 605-613 CHOCTAW AVENUE Lakeland, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two duplex buildings with two‑bedroom, one‑bath residences; Washer/dryer hookups included; Four listed addresses: 605, 607, 611 & 613 Choctaw Ave
