Two-Duplex Residential Income
For Sale
$499,000
2929 NINE IRON DRIVE, Lakeland, FL 33801
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 Market108
Property Features for 2929 NINE IRON DRIVE
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
washer/dryer hookups
Building Details
Year Built
1983
Tenancy
Multi
Listing Agency:
ALL COUNTY POLK PROPERTY MANAG
(863) 510-5965
Listed By:
Derek McGehee · License #3477191
(309) 265-8257
Source:
Dennisrealty
Added: Jul 13
Changed: Oct 27
Last Checked: Oct 28 at 8:20AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$36,050
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$721,000
$721.0K
Cap Rate 7%
$515,000
$515.0K
Cap Rate 9%
$400,556
$400.6K
Market Conditions
NOI Build-Up for 3,400 SF
Gross rent
$55.1K $16.20/SF
− Vacancy
−$3.6K −$1.05/SF
EGI
$51.5K $15.15/SF
− OpEx
−$15.4K −$4.54/SF
NOI
$36.0K $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 Rate 5%
$721,000
Cap Rate 7%
$515,000
Cap Rate 9%
$400,556
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.
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Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
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Business Placement
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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
