Concrete Block
For Sale
$318,000
2359/2361 CHESTNUT HILLS DRIVE, Lakeland, FL 33805
Two residential units offer private entrances, fenced outdoor space, and off-street parking.
Property Size1,608 SF
Days on Market259
Property Features for 2359/2361 CHESTNUT HILLS DRIVE
General Information
Standard status
Active
Size
1,608 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Amenities
in-unit washer and dryer
ceiling fans
fenced yard
private entrances
off-street parking
Building Details
Building Size
1,608 SF
Year Built
1981
Buildings
1
Construction
concrete block
Listing Agency:
DALTON WADE INC
(888) 668-8283
Listed By:
Angela Worachek PLLC
(888) 668-8283
Source:
Focusgroupfl.kw
Added: Dec 16, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:38PM
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 DALTON WADE INC
Investment Insights
Based on property information with market context.
Built in 1981, this concrete block duplex contains two separate residential units with practical layouts and private entrances. Both units offer tile flooring throughout, bright living areas, kitchens with cabinetry, laminate countertops, tiled backsplashes, and full appliance packages. In-unit washers and dryers, spacious bedrooms, tiled tub and shower surrounds, ceiling fans, and neutral interior finishes are included across the property.
The exterior provides a large fenced yard and off-street parking. The property is located at 2359/2361 Chestnut Hills Drive in Lakeland, Florida, with access to major roads, shopping, dining, and employment centers.
The exterior provides a large fenced yard and off-street parking. The property is located at 2359/2361 Chestnut Hills Drive in Lakeland, Florida, with access to major roads, shopping, dining, and employment centers.
Key Highlights
- Two‑unit duplex at 2359/2361 Chestnut Hills Drive, Lakeland, FL 33805
- Concrete block construction with a 1981 build year
- Tile flooring throughout 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
$17,049
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
5.36%
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%
$340,980
$341.0K
Cap Rate 7%
$243,557
$243.6K
Cap Rate 9%
$189,433
$189.4K
Market Conditions
NOI Build-Up for 1,608 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
$26.0K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.4K $15.15/SF
− OpEx
−$7.3K −$4.54/SF
NOI
$17.0K $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%
$340,980
Cap Rate 7%
$243,557
Cap Rate 9%
$189,433
Alternative Uses
Best Use
Multifamily LT 5
$243.6K
$213.1K – $284.2K
NOI $17,049 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$217.6K
$190.4K – $253.9K
NOI $15,231 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$386.4K
$338.1K – $450.8K
NOI $27,049 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Explore this area
Business Placement
Demographics for 33805, FL
26,954
Population
11,908
Households
2.3
Avg Household Size
36
Median Age
17%
College-Educated
82%
High-School Grad
26.0 sq mi
ZIP Area
1,037
Density / Sq Mi
$55,565
Median Household Income
$35,077
Median Earnings
$1,179
Median Rent
$173,800
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 - Two residential units offer private entrances, fenced outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 2359/2361 CHESTNUT HILLS DRIVE Lakeland, FL.
What is the asking price?
The asking price for this property is $318,000.
What are key features of this property?
This property features: Two‑unit duplex at 2359/2361 Chestnut Hills Drive, Lakeland, FL 33805; Concrete block construction with a 1981 build year; Tile flooring throughout both units
