Iconic Wilsonian Building on Lake
For Sale
Contact for pricing
Pending
183 Lake Morton Dr, Lakeland, FL 33801
Historic 16-unit apartment building with duplex on Lake Morton.
Property Size15,796 SF
Lot Size0.56 Acres
Days on Market185
Property Features for 183 Lake Morton Dr
General Information
Standard status
Pending
Size
15,796 SF
Lot size
0.56 Acres
Property subtype
Multifamily
Zoning
O-1
Building Details
Stories
2
Listing Agency:
Saunders Real Estate
(863) 272-7135
Listed By:
Craig Morby · License #SL3152384
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Aug 8 at 6:28AM
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 Saunders Real Estate
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$149,619
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
7.87%
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%
$2,992,380
$3.0M
Cap Rate 7%
$2,137,414
$2.1M
Cap Rate 9%
$1,662,433
$1.7M
Market Conditions
NOI Build-Up for 15,796 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
$290.0K $18.36/SF
− Vacancy
−$18.0K −$1.14/SF
EGI
$272.0K $17.22/SF
− OpEx
−$122.4K −$7.75/SF
NOI
$149.6K $9.47/SF
Area
Lakeland, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$2,992,380
Cap Rate 7%
$2,137,414
Cap Rate 9%
$1,662,433
Alternative Uses
Best Use
Apartment 5plus
$2.14M
$1.87M – $2.49M
NOI $149,619 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.80M
$3.32M – $4.43M
NOI $265,714 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,569
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?
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 $1,900,000.
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.
