Updated 2-Unit
For Sale
$291,500
2493 CHESTNUT WOODS DRIVE #2495, Lakeland, FL 33815
Two-bedroom units offer flexible occupancy with one rental in place and the other available for a tenant or owner.
Property Size1,820 SF
Days on Market224
Property Features for 2493 CHESTNUT WOODS DRIVE #2495
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
Cable Ready
Central Air
Central
Range
Refrigerator
BB/HS Internet Available, Cable Available, Electricity Connected, Shingle
Building Details
Building Size
1,820 SF
Year Built
1980
Tenancy
Single
Listing Agency:
Keller Williams Realty Smart
(863) 270-9830
Listed By:
Kristin Kellin · License #FL
(863) 270-9830
Source:
Kw
Added: Jan 21
Changed: Aug 31
Last Checked: Sep 1 at 2:49PM
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 Keller Williams Realty Smart
Investment Insights
Based on property information with market context.
This 2-unit duplex was built in 1980 and includes two residences, each configured with 2 bedrooms and 1 bathroom. Recent interior improvements include granite countertops, wood cabinetry, refreshed bathroom tile flooring, modern vanities, updated lighting, and new interior paint. Each unit also includes central air, a range, and a refrigerator.
One residence is occupied under a month-to-month lease, while the second is vacant. The property supports separate water and electric metering for each unit. A shingle roof replacement was completed in 2021, and connected electricity, cable availability, and broadband service availability are noted for the property.
One residence is occupied under a month-to-month lease, while the second is vacant. The property supports separate water and electric metering for each unit. A shingle roof replacement was completed in 2021, and connected electricity, cable availability, and broadband service availability are noted for the property.
Key Highlights
- 2‑unit duplex with two 2‑bedroom, 1‑bath residences
- One unit occupied on a month‑to‑month lease; second unit is vacant
- Recent updates include granite counters, wood cabinetry, tile flooring, vanities, lighting, and paint
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
$19,297
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
6.62%
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%
$385,940
$385.9K
Cap Rate 7%
$275,671
$275.7K
Cap Rate 9%
$214,411
$214.4K
Market Conditions
NOI Build-Up for 1,820 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
$29.5K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.6K $15.15/SF
− OpEx
−$8.3K −$4.54/SF
NOI
$19.3K $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%
$385,940
Cap Rate 7%
$275,671
Cap Rate 9%
$214,411
Alternative Uses
Best Use
Multifamily LT 5
$275.7K
$241.2K – $321.6K
NOI $19,297 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$246.3K
$215.5K – $287.3K
NOI $17,239 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$437.4K
$382.7K – $510.3K
NOI $30,615 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
310
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units offer flexible occupancy with one rental in place and the other available for a tenant or owner.
Where is this duplex located?
The property is located at 2493 CHESTNUT WOODS DRIVE #2495 Lakeland, FL.
What is the asking price?
The asking price for this property is $291,500.
What are key features of this property?
This property features: 2‑unit duplex with two 2‑bedroom, 1‑bath residences; One unit occupied on a month‑to‑month lease; second unit is vacant; Recent updates include granite counters, wood cabinetry, tile flooring, vanities, lighting, and paint
