C-1 Duplex Investment
New
For Sale
$389,000
1521 E MEMORIAL Boulevard, Lakeland, FL 33801
Residential, LAKELAND, FL
Property Size2,592 SF
Lot Size0.25 Acres
Price / SF$150.08
Days on Market7
Property Features for 1521 E MEMORIAL Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
C-1
Bedrooms
8
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 1, Bedroom 6, Bedroom 8, Bathroom 1, Bedroom 7, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 5, Family Room, Bedroom 2, Bedroom 4
Interior features
Ceiling Fans(s)
Appliances
Refrigerator
Subdivision
SHORE ACRES
Directions
From I-4, take Exit 33 for FL-33 S toward Lakeland. Continue onto N Socrum Loop Rd, then turn onto E Memorial Blvd. Property will be on the right. If you want, I can also make it shorter and MLS-style so it fits cleanly in
Standard status
Active
APN
24-28-17-193000-014340
Size
2,592 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SHORE ACRES PB 7 PG 15 BLK 14 LOT 34 & THAT PT OF LAKE PARKER AVE CLOSED BY CITY COMM
Tax Annual Amount
3913
Legal Description
SHORE ACRES PB 7 PG 15 BLK 14 LOT 34 & THAT PT OF LAKE PARKER AVE CLOSED BY CITY COMM
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1949
Floors in Building
1
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS RLTY NEW TAMPA · Keller Williams Realty
(813) 994-4422
Listed By:
De'Janique Wilson
(678) 478-6959
Added: Sep 17
Changed: Sep 22
Last Checked: Sep 23 at 5:06AM
MLS# TB8550735
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 1521 E Memorial Boulevard in Lakeland, Florida, contains 2,592 square feet on a 0.25-acre lot. The property was built in 1949 and includes eight bedrooms, multiple living areas, ceiling fans, a refrigerator, central heating, central air conditioning, and a shingle roof. Public water service and cable availability are reported, and tenants are in place.
The property carries C-1 zoning and is located in ZIP code 33801. Its configuration includes four listed bathrooms, although the source information provides a conflicting total bathroom count. The asset offers an existing residential income setup with established occupancy and documented mechanical and utility features.
The property carries C-1 zoning and is located in ZIP code 33801. Its configuration includes four listed bathrooms, although the source information provides a conflicting total bathroom count. The asset offers an existing residential income setup with established occupancy and documented mechanical and utility features.
Key Highlights
- Duplex with 2,592 square feet on a 0.25‑acre lot
- Eight‑bedroom layout with multiple living areas
- Tenants are currently in place
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
$27,483
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
7.07%
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%
$549,660
$549.7K
Cap Rate 7%
$392,614
$392.6K
Cap Rate 9%
$305,367
$305.4K
Market Conditions
NOI Build-Up for 2,592 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
$42.0K $16.20/SF
− Vacancy
−$2.7K −$1.05/SF
EGI
$39.3K $15.15/SF
− OpEx
−$11.8K −$4.54/SF
NOI
$27.5K $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%
$549,660
Cap Rate 7%
$392,614
Cap Rate 9%
$305,367
Alternative Uses
Best Use
Multifamily LT 5
$392.6K
$343.5K – $458.1K
NOI $27,483 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$350.7K
$306.9K – $409.2K
NOI $24,551 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$622.9K
$545.0K – $726.7K
NOI $43,602 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
450
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Tenant-occupied residential property with central heating and air conditioning.
Where is this duplex located?
The property is located at 1521 E MEMORIAL Boulevard Lakeland, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Duplex with 2,592 square feet on a 0.25‑acre lot; Eight‑bedroom layout with multiple living areas; Tenants are currently in place
