Fully Leased
For Sale
$390,000
14-15-2121 S San Gully Rd, Lakeland, FL 33803
Two matching residences offer private outdoor space and a practical owner-occupant or rental configuration.
Property Size2,034 SF
Price / SF$191.74
Days on Market100
Property Features for 14-15-2121 S San Gully Rd
General Information
Standard status
Active
Size
2,034 SF
Property subtype
Residential Income
Occupancy
100%
Financials
Asking Price
$395,000
Cap Rate
6.5%
Gross Income
$39,600
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,968
Amenities
fully fenced backyard
Listing Agency:
LIFESTYLE INTERNATIONAL REALTY
(407) 431-8503
Listed By:
Rodrigo Marsal · License #3456723
(407) 431-8503
Source:
Exprealty
Added: May 26
Changed: Aug 30
Last Checked: Sep 1 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 LIFESTYLE INTERNATIONAL REALTY
Investment Insights
Based on property information with market context.
This 2,034-square-foot duplex contains two separately configured residences, each with two bedrooms and two full bathrooms. Both units are currently leased, and the property includes a fully fenced backyard that serves the residences with added privacy and usable outdoor space.
Located at 14-15-2121 S San Gully Rd in Lakeland, Polk County, the property is positioned within Central Florida. The layout supports either continued use as a fully rented duplex or an owner-occupant arrangement with one residence retained as a rental, as described in the property information.
Located at 14-15-2121 S San Gully Rd in Lakeland, Polk County, the property is positioned within Central Florida. The layout supports either continued use as a fully rented duplex or an owner-occupant arrangement with one residence retained as a rental, as described in the property information.
Key Highlights
- 2,034‑square‑foot duplex with two residential units
- Each unit includes 2 bedrooms and 2 full bathrooms
- Both units are fully rented
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
$21,566
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
5.53%
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%
$431,320
$431.3K
Cap Rate 7%
$308,086
$308.1K
Cap Rate 9%
$239,622
$239.6K
Market Conditions
NOI Build-Up for 2,034 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
$33.0K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$30.8K $15.15/SF
− OpEx
−$9.2K −$4.54/SF
NOI
$21.6K $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%
$431,320
Cap Rate 7%
$308,086
Cap Rate 9%
$239,622
Alternative Uses
Best Use
Multifamily LT 5
$308.1K
$269.6K – $359.4K
NOI $21,566 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$275.2K
$240.8K – $321.1K
NOI $19,266 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$488.8K
$427.7K – $570.3K
NOI $34,215 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Explore this area
Business Placement
Demographics for 33803, FL
29,082
Population
15,086
Households
1.9
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
16.6 sq mi
ZIP Area
1,752
Density / Sq Mi
$63,180
Median Household Income
$40,358
Median Earnings
$1,337
Median Rent
$236,200
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 matching residences offer private outdoor space and a practical owner-occupant or rental configuration.
Where is this duplex located?
The property is located at 14-15-2121 S San Gully Rd Lakeland, FL.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 2,034‑square‑foot duplex with two residential units; Each unit includes 2 bedrooms and 2 full bathrooms; Both units are fully rented
