Building Details

Year Built 1982

Construction concrete

Listing Agency: LOKATION Show Phone

Listed By: Mohamed Dembele · License #3554908 Show Phone

Source: Dennisrealty

Added: Aug 10 Changed: Oct 16 Last Checked: Oct 16 at 9:22AM

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Investment Insights

Based on property information with market context.

Built in 1982, this six-unit apartment property contains 3,999 square feet and offers six one-bedroom, one-bath residences of approximately 496 square feet each. The units are occupied and individually metered for electricity, with central air conditioning in each residence. Concrete construction provides the building’s primary structural system, while municipal water and a private septic system serve the property.

Located at 214 N Chestnut Road in Lakeland, the property is near Lake Mirror, Hollis Garden, Bonnet Springs Park, the Polk Theatre, and Florida Southern College. Its compact unit layout and established occupancy provide a straightforward multifamily configuration.

Key Highlights

• Six one‑bedroom, one‑bath units, each approximately 496 square feet
• 3,999‑square‑foot apartment property built in 1982
• All six units are occupied

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,878

Cap Rate

5.45%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$757,560 $757.6K

Cap Rate 7%

$541,114 $541.1K

Cap Rate 9%

$420,867 $420.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,999 SF

Gross rent

$73.4K $18.36/SF

− Vacancy

−$4.6K −$1.14/SF

EGI

$68.9K $17.22/SF

− OpEx

−$31.0K −$7.75/SF

NOI

$37.9K $9.47/SF

Area

Lakeland, FL

Vacancy

6.20%

Lease Rate

$18.36 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$757,560

Cap Rate 7%

$541,114

Cap Rate 9%

$420,867

Alternative Uses

Best Use

Apartment 5plus

$541.1K

$473.5K – $631.3K (±1% cap)

NOI $37,878 @ 7.0% cap · market cap 5.45%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$961.0K

$840.9K – $1.12M (±1% cap)

NOI $67,270 @ 7.0% cap · market cap 9.68%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center Hair Salon Bakery Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

100%

Occupancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

300

Businesses Nearby

Explore this area Business Placement

Demographics for 33815, FL

15,681

Population

7,646

Households

2.1

Avg Household Size

40

Median Age

11%

College-Educated

80%

High-School Grad

7.4 sq mi

ZIP Area

2,119

Density / Sq Mi

$36,445

Median Household Income

$32,637

Median Earnings

$1,078

Median Rent

$42,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied residences feature individual electric metering and central air conditioning.

Where is this apartment building located?

The property is located at 214 N CHESTNUT ROAD #6 Lakeland, FL.

What is the asking price?

The asking price for this property is $695,000.

What are key features of this property?

This property features: Six one‑bedroom, one‑bath units, each approximately 496 square feet; 3,999‑square‑foot apartment property built in 1982; All six units are occupied