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Iconic Wilsonian Building on Lake Morton

183 Lake Morton Dr, Lakeland, FL 33801

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For Sale

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Historic 16-unit apartment building with duplex on Lake Morton.

Type:Multifamily

Property size:

15,796 SF

Lot size:

0.56 Acres

Price / SF:

$142/SF

HighLights

Iconic Wilsonian Building: A recognizable and historic property on Lake Morton in downtown Lakeland.
Prime Location: Situated on Lake Morton, in the heart of downtown Lakeland, with high pedestrian traffic.
Investment Opportunity: Potential for cosmetic and structural upgrades to restore the building to its original glory.
Zoned O‑1: Offers flexible usage options within the City of Lakeland.
Includes Additional Property: Sale includes the adjoining duplex at 120 E. Palmetto St.
Walking Distance to Amenities: Close proximity to downtown, and Lake Hollingsworth.

We can help!

Contact an agent

Craig Morby

For Sale

Contact for pricing

Historic 16-unit apartment building with duplex on Lake Morton.

Type:Multifamily

Property size:

15,796 SF

Lot size:

0.56 Acres

Price / SF:

$142/SF

Added:: Feb 9, 2026
Days on Market:: 139
Last Refresh:: Mar 17 at 1:15 pm

Property Features for 183 Lake Morton Dr

General Information

Standard status: Active
Size: 15,796 SF
Lot size: 0.56 Acres
Property subtype: Multifamily

We can help!

Contact an agent

Craig Morby

Listing office Saunders Real Estate

Listing date Feb 9, 2026

Source Crexi

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 Saunders Real Estate

HighLights

Iconic Wilsonian Building: A recognizable and historic property on Lake Morton in downtown Lakeland.
Prime Location: Situated on Lake Morton, in the heart of downtown Lakeland, with high pedestrian traffic.
Investment Opportunity: Potential for cosmetic and structural upgrades to restore the building to its original glory.
Zoned O‑1: Offers flexible usage options within the City of Lakeland.
Includes Additional Property: Sale includes the adjoining duplex at 120 E. Palmetto St.
Walking Distance to Amenities: Close proximity to downtown, and Lake Hollingsworth.

Overview

The iconic Wilsonian Building, constructed in 1922 by Temples and Floyd Construction and designed by B.C. Bonfoey, is situated on Lake Morton in downtown Lakeland. This recognizable property is located in the center of Lakeland’s vibrant downtown, along the city’s heavily traveled walking and recreational areas. The building, zoned O-1, City of Lakeland, is configured as two wings, each containing 8 apartments, with 4 units on each floor. The unit mix includes 8 studios with a den and 1 bathroom, and 8 one-bedroom units with a den and 1 bathroom. Stairways are located on the east and west sides of the building. Cosmetic and structural upgrades would benefit the building. The sale includes the adjoining property at 120 E. Palmetto St, a former two-story single-family home converted into a duplex, featuring two 2-bedroom, 1-bath units. The duplex is currently vacant. The property is within walking distance of downtown and Lake Hollingsworth. The building has a total size of 15,796 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$290.0k	$18.36
− Vacancy	−$18.0k	−$1.14
EGI	$272.0k	$17.22
− OpEx	−$122.4k	−$7.75
NOI	$149.6k	$9.47

15,796 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$2.14M

$1.87M – $2.49M (±1% cap)

NOI $149,619 @ 7.0% cap · market cap 6.65%

Second Best

—

no second resolved use

Theoretical Best

Office A

$3.80M

$3.32M – $4.43M (±1% cap)

NOI $265,714 @ 7.0% cap · market cap 11.81%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Acave Tobacco (Bike/Boat/Book/etc) Store

Suggested Use

Location Insight

Map
Local Demand

City: Lakeland
County: Polk
State: Florida
Longitude: -81.955902
Latitude: 28.037024

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For sale
Apartment buildings
FL
Lakeland
33801
183 Lake Morton Dr

What type of property is this?

Apartment building - Historic 16-unit apartment building with duplex on Lake Morton.

Where is this apartment building located?

The property is located at 183 Lake Morton Dr Lakeland, FL.

What is the asking price?

The asking price for this property is $2,250,000.

What are key features of this property?

This property features: Iconic Wilsonian Building: A recognizable and historic property on Lake Morton in downtown Lakeland.; Prime Location: Situated on Lake Morton, in the heart of downtown Lakeland, with high pedestrian traffic.; Investment Opportunity: Potential for cosmetic and structural upgrades to restore the building to its original glory.