Single-Story Triplex and Duplex
For Sale
Contact for pricing
1647 Goodyear Avenue, Lakeland, FL 33801
Portfolio sale of 10 single-story buildings with triplex and duplex units, all with central HVAC and washer/dryer hookups.
Property Size22,542 SF
Price / SF$181.88
Days on Market136
Property Features for 1647 Goodyear Avenue
General Information
Standard status
Active
Size
22,542 SF
Class
B
Property subtype
Multifamily
Occupancy
96%
Investment Type
Stabilized
Net Operating Income
$272,081
Building Details
Year Built
1984
Year Renovated
2023
Buildings
10
Stories
1
Listing Agency:
Colliers - Tampa, Florida
Listed By:
Luis Baez · License #FL BK3038581
(813) 470-4330
Source:
Crexi
Added: Apr 27
Changed: Sep 8
Last Checked: Sep 9 at 7:28AM
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 Colliers - Tampa, Florida
Investment Insights
Based on property information with market context.
Goodyear is a portfolio sale featuring 10 contiguous parcels in Lakeland, Florida within Polk County, combining for 1.78 acres. The property includes eight triplexes and two duplexes, with nine one-bedroom/one-bath units averaging 550 square feet and nineteen two-bedroom/two-bath units averaging 926 square feet. All ten buildings were built between 1984 and 1993 with concrete block construction and pitched shingle roofs.
Each unit is equipped with central HVAC and washer/dryer hookups, and the electric service is individually metered. Residents are billed a flat fee of $65 per unit per month for water, sewer, and trash.
Per the offering details, the buildings are positioned for straightforward day-to-day residential operations, with residents described as being less than 3 miles from major employers, entertainment centers, shops, restaurants, medical centers, academic institutions, and amusement parks. The property is also noted as being in proximity to major roadways for access throughout Lakeland and central Florida.
Each unit is equipped with central HVAC and washer/dryer hookups, and the electric service is individually metered. Residents are billed a flat fee of $65 per unit per month for water, sewer, and trash.
Per the offering details, the buildings are positioned for straightforward day-to-day residential operations, with residents described as being less than 3 miles from major employers, entertainment centers, shops, restaurants, medical centers, academic institutions, and amusement parks. The property is also noted as being in proximity to major roadways for access throughout Lakeland and central Florida.
Key Highlights
- Portfolio sale in Lakeland, FL: 10 contiguous parcels totaling 1.78 acres with 28 units
- 10 single‑story concrete block buildings with pitched shingle roofs, built between 1984–1993
- Unit mix includes 8 triplexes and 2 duplexes: 9 one‑bed/one‑bath averaging 550 SF and 19 two‑bed/two‑bath averaging 926 SF
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
$239,011
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
5.83%
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%
$4,780,220
$4.8M
Cap Rate 7%
$3,414,443
$3.4M
Cap Rate 9%
$2,655,678
$2.7M
Market Conditions
NOI Build-Up for 22,542 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
$365.2K $16.20/SF
− Vacancy
−$23.7K −$1.05/SF
EGI
$341.4K $15.15/SF
− OpEx
−$102.4K −$4.54/SF
NOI
$239.0K $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%
$4,780,220
Cap Rate 7%
$3,414,443
Cap Rate 9%
$2,655,678
Alternative Uses
Best Use
Multifamily LT 5
$3.41M
$2.99M – $3.98M
NOI $239,011 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$3.05M
$2.67M – $3.56M
NOI $213,516 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$5.42M
$4.74M – $6.32M
NOI $379,193 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Portfolio sale of 10 single-story buildings with triplex and duplex units, all with central HVAC and washer/dryer hookups.
Where is this triplex located?
The property is located at 1647 Goodyear Avenue Lakeland, FL.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: Portfolio sale in Lakeland, FL: 10 contiguous parcels totaling 1.78 acres with 28 units; 10 single‑story concrete block buildings with pitched shingle roofs, built between 1984–1993; Unit mix includes 8 triplexes and 2 duplexes: 9 one‑bed/one‑bath averaging 550 SF and 19 two‑bed/two‑bath averaging 926 SF
