Four-Unit Residential Income
For Sale
$650,000
2220 N GALLOWAY ROAD, Lakeland, FL 33810
Four fully occupied units include a 3-bed/2-bath main home and three 2-bed/1-bath apartments; new roof in 2024.
Property Size3,741 SF
Price / SF$173.75
Days on Market67
Property Features for 2220 N GALLOWAY ROAD
General Information
Standard status
Active
Size
3,741 SF
Property subtype
Quadruplex
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
0.63 acres, Dimensions: 139.7x344
Membrane, Shingle
Septic Tank
Additional parcels description:, Parcel Number: 23-28-04-000000-022001, Public Survey Range: 23, Public Survey Section: 04, Annual Amount: $6,236.72, Tax Book Number: P-81, Legal Description: BEG NW COR OF SE1/4 OF SE1/4 RUN E 946.5 FT FOR POB RUN E 344.95 FT S 139 FT W 344.95 N 139 FT TO POB LESS W 148 FT, Year: 2025, Zoning: RC
Gross Income: $54,000
Central Air
Electric
Listing ID: MFRW7886464, Standard Status: Active, MLS Status: Active, Property Subtype: Quadruplex, On market as of 2026-07-06, 1 day on market, Special Conditions: None
2 carport spaces
9 total bedrooms
Built in 1980, Living area: 3741, Living area units: Square Feet, Construction Materials: Block
Subdivision: UNINCORPORATED, MLS Area (Major): 33810 - Lakeland, County/Parish: Polk
5 total bathrooms
Electricity Connected, Sewer Connected, Water Source: Public
Slab
Close Of Escrow
Electricity, Trash Collection
Road Surface: Concrete, Dirt
Ninguno
Other equipment: None
Building Details
Year Built
1980
Year Renovated
2024
Tenancy
Multi
Listing Agency:
LINDA STARR KERNS & ASSOCIATES
(813) 833-0972
Listed By:
Linda Kerns · License #3180730
Source:
Miharaandassociates
Added: Jul 6
Changed: Sep 9
Last Checked: Sep 9 at 5:58AM
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 LINDA STARR KERNS & ASSOCIATES
Investment Insights
Based on property information with market context.
This four-unit residential income property is fully occupied and designed to support both rental income and flexible on-site living. The layout includes a main home with 3 bedrooms and 2 bathrooms, along with three additional apartments offering 2 bedrooms and 1 bathroom each.
Located at 2220 N Galloway Rd in Lakeland, the property provides convenient access to shopping, dining, and major roadways. Bike and walk scores of 36 and 30, respectively, suggest a car-dependent area.
A new roof was installed in 2024, helping reduce near-term maintenance concerns and improving property resilience for ongoing operations.
Located at 2220 N Galloway Rd in Lakeland, the property provides convenient access to shopping, dining, and major roadways. Bike and walk scores of 36 and 30, respectively, suggest a car-dependent area.
A new roof was installed in 2024, helping reduce near-term maintenance concerns and improving property resilience for ongoing operations.
Key Highlights
- Four fully occupied units: 3‑bed/2‑bath main home plus three 2‑bed/1‑bath apartments
- Year built 1980
- New roof installed in 2024
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
$39,665
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
6.10%
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%
$793,300
$793.3K
Cap Rate 7%
$566,643
$566.6K
Cap Rate 9%
$440,722
$440.7K
Market Conditions
NOI Build-Up for 3,741 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
$60.6K $16.20/SF
− Vacancy
−$3.9K −$1.05/SF
EGI
$56.7K $15.15/SF
− OpEx
−$17.0K −$4.54/SF
NOI
$39.7K $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%
$793,300
Cap Rate 7%
$566,643
Cap Rate 9%
$440,722
Alternative Uses
Best Use
Multifamily LT 5
$566.6K
$495.8K – $661.1K
NOI $39,665 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$506.2K
$442.9K – $590.6K
NOI $35,434 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$899.0K
$786.6K – $1.05M
NOI $62,930 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Explore this area
Business Placement
Demographics for 33810, FL
52,037
Population
21,836
Households
2.4
Avg Household Size
42
Median Age
20%
College-Educated
88%
High-School Grad
64.6 sq mi
ZIP Area
806
Density / Sq Mi
$69,738
Median Household Income
$38,416
Median Earnings
$1,407
Median Rent
$245,300
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?
Quadplex - Four fully occupied units include a 3-bed/2-bath main home and three 2-bed/1-bath apartments; new roof in 2024.
Where is this quadplex located?
The property is located at 2220 N GALLOWAY ROAD Lakeland, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four fully occupied units: 3‑bed/2‑bath main home plus three 2‑bed/1‑bath apartments; Year built 1980; New roof installed in 2024
