Updated Two-Unit
New
For Sale
$220,000
229 Mckean St, Auburndale, FL 33823
Each residence offers one bedroom, one bathroom, and dedicated storage alongside recently improved major systems.
Property Size1,300 SF
Price / SF$169.23
Days on Market7
Property Features for 229 Mckean St
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
dedicated storage space
Building Details
Year Built
1948
Listing Agency:
Preferred Shore LLC
(941) 556-9100
Listed By:
Alan Atchley · License #639109
(941) 556-9100
Source:
Atchleyrealty
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 30 at 4:25PM
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 Preferred Shore LLC
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each arranged with one bedroom, one bathroom, and its own dedicated storage area. The property encompasses 1,300 square feet and was built in 1948. Recent capital improvements include a brand-new roof and updated electrical systems, while the air-conditioning systems are approximately 3 to 4 years old.
Located at 229 McKean Street in Auburndale, the property is near Lake Myrtle Sports Park, the Auburndale/TECO Trail, and Lake Ariana Park. Its location also provides access to Winter Haven, Lakeland, and surrounding Central Florida communities.
Located at 229 McKean Street in Auburndale, the property is near Lake Myrtle Sports Park, the Auburndale/TECO Trail, and Lake Ariana Park. Its location also provides access to Winter Haven, Lakeland, and surrounding Central Florida communities.
Key Highlights
- Two‑unit duplex with 1,300 square feet
- Each unit includes 1 bedroom and 1 bathroom
- Dedicated storage space for both units
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
$13,784
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
6.27%
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%
$275,680
$275.7K
Cap Rate 7%
$196,914
$196.9K
Cap Rate 9%
$153,156
$153.2K
Market Conditions
NOI Build-Up for 1,300 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
$21.1K $16.20/SF
− Vacancy
−$1.4K −$1.05/SF
EGI
$19.7K $15.15/SF
− OpEx
−$5.9K −$4.54/SF
NOI
$13.8K $10.60/SF
Area
Polk County, 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%
$275,680
Cap Rate 7%
$196,914
Cap Rate 9%
$153,156
Alternative Uses
Best Use
Multifamily LT 5
$196.9K
$172.3K – $229.7K
NOI $13,784 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$175.9K
$153.9K – $205.2K
NOI $12,314 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$312.4K
$273.4K – $364.5K
NOI $21,868 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Explore this area
Business Placement
Demographics for 33823, FL
33,733
Population
15,383
Households
2.2
Avg Household Size
42
Median Age
17%
College-Educated
86%
High-School Grad
34.9 sq mi
ZIP Area
967
Density / Sq Mi
$64,248
Median Household Income
$39,187
Median Earnings
$1,068
Median Rent
$234,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers one bedroom, one bathroom, and dedicated storage alongside recently improved major systems.
Where is this duplex located?
The property is located at 229 Mckean St Auburndale, FL.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,300 square feet; Each unit includes 1 bedroom and 1 bathroom; Dedicated storage space for both units
