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    Iconic Wilsonian Building on Lake Morton Title is generated by Realmo AI

    183 Lake Morton Dr, Lakeland, FL 33801

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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
    Added:
    Feb 9, 2026
    Days on Market:
    92
    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!

    Listing Contact
    Craig Morby
    Craig Morby

    Listing agent Craig Morby License #SL3152384

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

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

    Suggested Use

    Restaurant Law Firm Dental Office Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.955902
    Latitude
    28.037024

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    FAQs

    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Craig Morby
    Craig Morby
    Real Estate License ID: SL3152384
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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