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 Market63
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: Sep 11
Last Checked: Sep 12 at 6:29AM
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
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
$36,050
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
7.22%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
