Tenant-Occupied Duplex on Acre
New
For Sale
$400,000
1882 CRYSTAL GROVE DRIVE, Lakeland, FL 33801
Two occupied residences feature updated plumbing and a separate storage shed on a spacious Lakeland property.
Property Size2,184 SF
Lot Size1.00 Acre
Price / SF$183.15
Days on Market7
Property Features for 1882 CRYSTAL GROVE DRIVE
General Information
Standard status
Active
Size
2,184 SF
Lot size
1.00 Acre
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
storage shed
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
TRUDEALS REALTY CORP
(833) 878-3325
Listed By:
Candace Garber · License #3533048
(224) 489-4435
Source:
Endlesssummerrealty
Added: Aug 27
Changed: Sep 1
Last Checked: Aug 30 at 3:10PM
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 TRUDEALS REALTY CORP
Investment Insights
Based on property information with market context.
Built in 1985, this duplex contains two residential units, each configured with two bedrooms and two bathrooms. Both units are currently tenant occupied, providing established rental use for the property. Plumbing has been replaced, and a small storage shed adds supplemental space for equipment or tenant belongings.
The property encompasses 1 acre at 1882 Crystal Grove Drive in Lakeland, Florida. Its substantial site offers additional outdoor area and separation between the building and surrounding property. The location provides access to Lakeland amenities, including shopping, dining, parks, lakes, and recreational destinations, with Tampa and Orlando also identified as accessible from the community.
The property encompasses 1 acre at 1882 Crystal Grove Drive in Lakeland, Florida. Its substantial site offers additional outdoor area and separation between the building and surrounding property. The location provides access to Lakeland amenities, including shopping, dining, parks, lakes, and recreational destinations, with Tampa and Orlando also identified as accessible from the community.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 2 bathrooms per unit
- Both units are currently tenant occupied
- Situated on an impressive 1‑acre lot
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
$23,157
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
5.79%
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%
$463,140
$463.1K
Cap Rate 7%
$330,814
$330.8K
Cap Rate 9%
$257,300
$257.3K
Market Conditions
NOI Build-Up for 2,184 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
$35.4K $16.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$33.1K $15.15/SF
− OpEx
−$9.9K −$4.54/SF
NOI
$23.2K $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%
$463,140
Cap Rate 7%
$330,814
Cap Rate 9%
$257,300
Alternative Uses
Best Use
Multifamily LT 5
$330.8K
$289.5K – $386.0K
NOI $23,157 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$295.5K
$258.6K – $344.8K
NOI $20,687 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$524.8K
$459.2K – $612.3K
NOI $36,738 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,020
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?
Duplex - Two occupied residences feature updated plumbing and a separate storage shed on a spacious Lakeland property.
Where is this duplex located?
The property is located at 1882 CRYSTAL GROVE DRIVE Lakeland, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 2 bathrooms per unit; Both units are currently tenant occupied; Situated on an impressive 1‑acre lot
