Two-Unit Duplex with Covered
For Sale
$285,000
2538 Chestnut Woods Drive, Lakeland, FL 33815
One residence is leased, while the second is vacant and available for occupancy or a new tenancy.
Property Size2,006 SF
Price / SF$142.07
Days on Market8
Property Features for 2538 Chestnut Woods Drive
General Information
Standard status
Active
Size
2,006 SF
Property subtype
Duplex
Site & Location
Neighborhood
Chestnut
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Amenities
inside laundry room
covered carport parking
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Luxe Properties
(305) 809-7650
Listed By:
Humberto Francisco Di Mare · License #3488984
(786) 212-5832
Source:
Lehmannflorida
Added: Oct 27
Changed: Nov 1
Last Checked: Nov 3 at 8:19AM
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 Luxe Properties
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Investment Insights
Based on property information with market context.
Built in 1980, this 2,006-square-foot duplex contains two 2-bedroom, 1-bathroom residences. One unit is occupied by a tenant, and the other is vacant. Both feature tile flooring, a living area, kitchen, split-bedroom layout, indoor laundry, and covered carport parking.
The property is on a dead-end street in Lakeland, with schools, shopping, and major distribution centers nearby. I-4 is also accessible from the area.
The property is on a dead-end street in Lakeland, with schools, shopping, and major distribution centers nearby. I-4 is also accessible from the area.
Key Highlights
- 2,006‑square‑foot duplex built in 1980
- Two 2‑bedroom, 1‑bathroom units; one is rented and one is vacant
- Both units have tile floors, split bedrooms, indoor laundry, and covered carport parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,269
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$425,380
$425.4K
Cap Rate 7%
$303,843
$303.8K
Cap Rate 9%
$236,322
$236.3K
Market Conditions
NOI Build-Up for 2,006 SF
Gross rent
$32.5K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$30.4K $15.15/SF
− OpEx
−$9.1K −$4.54/SF
NOI
$21.3K $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 Rate 5%
$425,380
Cap Rate 7%
$303,843
Cap Rate 9%
$236,322
Alternative Uses
Best Use
Multifamily LT 5
$303.8K
$265.9K – $354.5K
NOI $21,269 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$271.4K
$237.5K – $316.7K
NOI $19,001 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$482.1K
$421.8K – $562.4K
NOI $33,744 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is leased, while the second is vacant and available for occupancy or a new tenancy.
Where is this duplex located?
The property is located at 2538 Chestnut Woods Drive Lakeland, FL.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 2,006‑square‑foot duplex built in 1980; Two 2‑bedroom, 1‑bathroom units; one is rented and one is vacant; Both units have tile floors, split bedrooms, indoor laundry, and covered carport parking
