Historic Quadplex with Covered
For Sale
$850,000
211 E Park St, Lakeland, FL 33803
Fully rented residential property with updated kitchens, separately metered utilities, private decks, and individual HVAC systems.
Property Size3,640 SF
Price / SF$233.52
Days on Market40
Property Features for 211 E Park St
General Information
Standard status
Active
Size
3,640 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,040
Amenities
washer/dryer hookups
covered parking
private decks
Building Details
Buildings
1
Listing Agency:
EXP REALTY LLC
(864) 309-3088
Listed By:
Luis Perez Garcia · License #3619398
(864) 309-3088
Source:
Exprealty
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 30 at 8:18PM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
This 3,640-square-foot historic quadplex contains four two-bedroom, one-bath units, each with its own deck, covered carport space, and exterior washer and dryer hookups. Renovations include updated kitchens with contemporary appliances, individual refrigerators and ranges, newer carpeting, fresh interior paint, separate water heaters, and individual air conditioning systems. Original architectural elements—including wall casing, crown molding, built-ins, and other period details—remain in place. All utilities are separately metered, and the property is fully rented.
A new roof was installed in March 2026. The property is located at 211 E Park St in Lakeland’s South Lake Morton Historic District, near Lake Hollingsworth and local destinations including Cob & Pen, Concord Coffee, The Peach House, and Patio 850.
A new roof was installed in March 2026. The property is located at 211 E Park St in Lakeland’s South Lake Morton Historic District, near Lake Hollingsworth and local destinations including Cob & Pen, Concord Coffee, The Peach House, and Patio 850.
Key Highlights
- Four two‑bedroom, one‑bath units in a 3,640‑square‑foot quadplex
- New roof installed in March 2026
- Fully rented with all utilities separately metered
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
$38,595
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
4.54%
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%
$771,900
$771.9K
Cap Rate 7%
$551,357
$551.4K
Cap Rate 9%
$428,833
$428.8K
Market Conditions
NOI Build-Up for 3,640 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
$59.0K $16.20/SF
− Vacancy
−$3.8K −$1.05/SF
EGI
$55.1K $15.15/SF
− OpEx
−$16.5K −$4.54/SF
NOI
$38.6K $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%
$771,900
Cap Rate 7%
$551,357
Cap Rate 9%
$428,833
Alternative Uses
Best Use
Multifamily LT 5
$551.4K
$482.4K – $643.3K
NOI $38,595 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$492.5K
$431.0K – $574.6K
NOI $34,478 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$874.7K
$765.4K – $1.02M
NOI $61,231 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
949
Businesses Nearby
Explore this area
Business Placement
Demographics for 33803, FL
29,082
Population
15,086
Households
1.9
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
16.6 sq mi
ZIP Area
1,752
Density / Sq Mi
$63,180
Median Household Income
$40,358
Median Earnings
$1,337
Median Rent
$236,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully rented residential property with updated kitchens, separately metered utilities, private decks, and individual HVAC systems.
Where is this quadplex located?
The property is located at 211 E Park St Lakeland, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath units in a 3,640‑square‑foot quadplex; New roof installed in March 2026; Fully rented with all utilities separately metered
