Four-Unit
New
For Sale
$600,000
Pending
1648 CRYSTAL PARK, Lakeland, FL 33801
Interior and exterior finishes were refreshed in 2025.
Property Size3,744 SF
Days on Market6
Property Features for 1648 CRYSTAL PARK
General Information
Standard status
Pending
Size
3,744 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,568
Building Details
Building Size
3,744 SF
Year Built
1986
Listed By:
Elisabeth Ben Rasco · License #3279862
(813) 965-6587
Source:
Elliman
Added: Sep 29
Last Checked: Oct 2 at 11:03PM
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 Elisabeth Ben Rasco
Investment Insights
Based on property information with market context.
This Lakeland quadplex contains four apartments. The building dates to 1986, with a roof from 2025 and interior and exterior paint completed that year.
The property has a Bike Score of 55, rated Bikeable, and a Walk Score of 41, rated Car-Dependent.
The property has a Bike Score of 55, rated Bikeable, and a Walk Score of 41, rated Car-Dependent.
Key Highlights
- Four apartments in one quadplex
- Roof dates to 2025
- Interior and exterior paint updated in 2025
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
$39,697
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
6.62%
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%
$793,940
$793.9K
Cap Rate 7%
$567,100
$567.1K
Cap Rate 9%
$441,078
$441.1K
Market Conditions
NOI Build-Up for 3,744 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
$60.7K $16.20/SF
− Vacancy
−$3.9K −$1.05/SF
EGI
$56.7K $15.15/SF
− OpEx
−$17.0K −$4.54/SF
NOI
$39.7K $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%
$793,940
Cap Rate 7%
$567,100
Cap Rate 9%
$441,078
Alternative Uses
Best Use
Multifamily LT 5
$567.1K
$496.2K – $661.6K
NOI $39,697 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$506.6K
$443.3K – $591.1K
NOI $35,463 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$899.7K
$787.3K – $1.05M
NOI $62,980 @ 7.0% cap · market cap 10.50%
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
702
Businesses Nearby
Explore this area
Business Placement
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
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?
Quadplex - Interior and exterior finishes were refreshed in 2025.
Where is this quadplex located?
The property is located at 1648 CRYSTAL PARK Lakeland, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four apartments in one quadplex; Roof dates to 2025; Interior and exterior paint updated in 2025
