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    Lakeland Quadruplex: Income Opportunity Title is generated by Realmo AI

    1962 CRYSTAL GROVE DRIVE, Lakeland, FL 33801

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    For Sale
    $675,000

    Quadruplex - LAKELAND, FL

    Type:Quadruplex
    Property size:
    4,056 SF
    Lot size:
    0.27 Acres
    Price / SF:
    $166/SF
    Added:
    Apr 15, 2026
    Days on Market:
    28
    Last Refresh:
    May 11 at 11:06 pm

    Property Features for 1962 CRYSTAL GROVE DRIVE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Quadruplex
    Zoning
    PUD
    Bedrooms
    8
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Thermostat
    Exterior features
    Fence, Sidewalk
    Fencing
    Fenced
    Standard status
    Active
    APN
    24-28-28-247010-017321
    Size
    4,056 SF
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    5943

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1986
    Number of units
    1
    Building materials
    Concrete, Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Ken Jones

    Listing agent Ken Jones License #3342591

    Listing office EXP REALTY LLC 10752 Deerwood Park Blvd., Suite 100, Jacksonville, FL

    Listing date Apr 15, 2026

    MLS# TB8497949 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High Gross Annual Income: Approximately $70,000
    • Net Operating Income (NOI): $49,000
    • Stable occupancy with consistent rental demand
    • Desirable Central Florida location near amenities
    • Quadruplex (4 units) offering multiple income streams
    • Opportunity for future rent growth

    Overview

    This quadplex in Lakeland, Florida, presents an income-producing opportunity. The property consists of four units and generates approximately $70,000 in annual gross rental income. The units are designed to attract and retain long-term tenants, promoting stability and minimizing vacancy. Its location provides convenient access to major roadways, shopping, dining, and employment centers. The property is situated in a strong rental market. The estimated operating expenses are $21,000, resulting in a Net Operating Income (NOI) of $49,000. The property has a PUD zoning. The property size is 4056 Square Feet and the lot size is 0.27 acres. This property is suitable for investors seeking reliable income with upside potential in a growing market and those looking to expand their portfolio with a performing asset.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Coffee Transport Specialty Food Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.914269
    Latitude
    28.018837

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    FAQs

    What type of property is this?
    Quadplex - Income-producing quadplex in Lakeland, generating approximately $70,000 annual gross rental income.
    Where is this quadplex located?
    The property is located at 1962 CRYSTAL GROVE DRIVE Lakeland, FL.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: High Gross Annual Income: Approximately $70,000; Net Operating Income (NOI): $49,000; Stable occupancy with consistent rental demand
    (727) 510-1624
    We can help!
    Listing Contact
    Ken Jones
    Real Estate License ID: 3342591
    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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