Two-Duplex Residential Income
2929 NINE IRON DRIVE Lakeland, FL 33801
For Sale
$499,000
Two duplexes on one lot provide four occupied units with 2 bedrooms and 1 full bath each, plus washer/dryer hookups.
Property Size3,400 SF
Price / SF$146.76
Days on Market17
Property Features for 2929 NINE IRON DRIVE
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Duplex
Building Details
Year Built
1983
Listing Agency:
ALL COUNTY POLK PROPERTY MANAG
(863) 510-5965
Listed By:
Derek McGehee · License #3477191
Source:
Endlesssummerrealty
Added: Jul 13
Changed: Jul 26
Last Checked: Jul 29 at 5:05AM
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 ALL COUNTY POLK PROPERTY MANAG
Investment Insights
Based on property information with market context.
This for-sale residential income property includes two duplexes on a single lot, totaling four income-producing units. Each unit features 2 bedrooms and 1 full bathroom, along with washer/dryer hookups. All four units are currently occupied with 12-month leases in place.
The property is located at 2929 Nine Iron Drive and 2934 Eight Iron Drive in Lakeland, Florida. The centralized setting is described as providing convenient access to shopping, dining, major roadways, schools, and everyday amenities.
Improvements include roof replacements in 2019 for both roofs. The current occupancy and lease terms are in place to support rental income from day one.
The property is located at 2929 Nine Iron Drive and 2934 Eight Iron Drive in Lakeland, Florida. The centralized setting is described as providing convenient access to shopping, dining, major roadways, schools, and everyday amenities.
Improvements include roof replacements in 2019 for both roofs. The current occupancy and lease terms are in place to support rental income from day one.
Key Highlights
- Two duplexes on one lot at 2929 Nine Iron Dr and 2934 Eight Iron Dr
- 4 total units, all currently occupied with 12‑month leases in place
- Each duplex offers 2 bedrooms and 1 full bathroom, plus washer/dryer hookups
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $55.1k | $16.20 |
| − Vacancy | −$3.6k | −$1.05 |
| EGI | $51.5k | $15.15 |
| − OpEx | −$15.4k | −$4.54 |
| NOI | $36.0k | $10.60 |
3,400 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$515.0K
$450.6K – $600.8K
NOI $36,050 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$460.1K
$402.6K – $536.8K
NOI $32,205 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$817.0K
$714.9K – $953.2K
NOI $57,193 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Two duplexes on one lot provide four occupied units with 2 bedrooms and 1 full bath each, plus washer/dryer hookups.
Where is this quadplex located?
The property is located at 2929 NINE IRON DRIVE Lakeland, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two duplexes on one lot at 2929 Nine Iron Dr and 2934 Eight Iron Dr; 4 total units, all currently occupied with 12‑month leases in place; Each duplex offers 2 bedrooms and 1 full bathroom, plus washer/dryer hookups
