Waterfront
New
For Sale
$480,000
2035 SHAKESPEARE STREET, Lakeland, FL 33801
Remodeled two-unit property with lake views, updated systems, and a large storage shed.
Property Size2,682 SF
Days on Market7
Property Features for 2035 SHAKESPEARE STREET
General Information
Standard status
Active
Size
2,682 SF
Property subtype
Duplex
Building Details
Building Size
2,682 SF
Year Built
1955
Listing Agency:
ROOST REALTY GROUP LLC
Listed By:
Cannon Kirby
(863) 398-0267
Source:
Tinaheim.kw
Added: Sep 20
Changed: Sep 22
Last Checked: Sep 26 at 3:39AM
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 ROOST REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This 1955-built duplex at 2035 Shakespeare Street in Lakeland includes six bedrooms and three bathrooms across two remodeled units. The layout combines a four-bedroom, two-bath unit with a two-bedroom, one-bath unit. Interior features include tile flooring and granite countertops, while a large storage shed adds on-site utility space.
The property overlooks Lake Bonny and includes a shady backyard on a large lot. Major systems have been updated with a roof installed in 2022, a new septic system and drainfield completed in 2022, and a new AC installed in 2025. Southeastern University is within minutes of the property.
The property overlooks Lake Bonny and includes a shady backyard on a large lot. Major systems have been updated with a roof installed in 2022, a new septic system and drainfield completed in 2022, and a new AC installed in 2025. Southeastern University is within minutes of the property.
Key Highlights
- Two remodeled units with a combined 6 bedrooms and 3 bathrooms
- Unit mix includes 4 bedrooms and 2 bathrooms plus 2 bedrooms and 1 bathroom
- Lake Bonny waterfront setting with water views and a shady backyard
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
$28,437
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
5.92%
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%
$568,740
$568.7K
Cap Rate 7%
$406,243
$406.2K
Cap Rate 9%
$315,967
$316.0K
Market Conditions
NOI Build-Up for 2,682 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
$43.4K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$40.6K $15.15/SF
− OpEx
−$12.2K −$4.54/SF
NOI
$28.4K $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%
$568,740
Cap Rate 7%
$406,243
Cap Rate 9%
$315,967
Alternative Uses
Best Use
Multifamily LT 5
$406.2K
$355.5K – $474.0K
NOI $28,437 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$362.9K
$317.6K – $423.4K
NOI $25,404 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$644.5K
$564.0K – $751.9K
NOI $45,116 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
390
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Remodeled two-unit property with lake views, updated systems, and a large storage shed.
Where is this duplex located?
The property is located at 2035 SHAKESPEARE STREET Lakeland, FL.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Two remodeled units with a combined 6 bedrooms and 3 bathrooms; Unit mix includes 4 bedrooms and 2 bathrooms plus 2 bedrooms and 1 bathroom; Lake Bonny waterfront setting with water views and a shady backyard
