Single-Story 55-Unit Apartment
New
For Sale
Contact for pricing
3150 Pyramid Parkway, Lakeland, FL 33805
Garden-style community with studio, one-bedroom, and two-bedroom floor plans in Lakeland, Florida.
Property Size31,680 SF
Lot Size3.46 Acres
Price / SF$208.33
Days on Market6
Property Features for 3150 Pyramid Parkway
General Information
Standard status
Active
Size
31,680 SF
Net Rentable
31,680 SF
Class
B
Lot size
3.46 Acres
Property subtype
Multifamily
Occupancy
94%
Investment Type
Stabilized
Net Operating Income
$460,248
Units
Unit Mix
6 x studio, 43 x 1BR/1BA, 4 x 2BR/1BA, 2 x 2BR/2BA
Multifamily Units
55
Additional Details
Highway Access
Yes
Amenities
washer/dryer hookups
air conditioning
dishwashers
storage space
semi-private patios
laundry facilities
on-site management
on-site maintenance
Building Details
Year Built
1984
Buildings
8
Stories
1
Units
55
Construction
garden-style
Listing Agency:
Colliers - Tampa, Florida
(813) 470-4330
Listed By:
Luis Baez · License #FL BK3038581
Source:
Crexi
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 5:43AM
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 Colliers - Tampa, Florida
Investment Insights
Based on property information with market context.
Sutton Place is a 55-unit, single-story apartment community on 3.46 acres in Lakeland, Florida. Built in 1984, the property contains approximately 31,680 rentable square feet and offers a unit mix of 6 studios, 43 one-bedroom units, 4 two-bedroom/one-bathroom units, and 2 two-bedroom/two-bathroom units. Individual residences include air conditioning, dishwashers, storage space, and semi-private patios; washer/dryer hookups are provided in all units except studios.
Community features include laundry facilities, on-site management, and on-site maintenance. The property is located near Interstate-4 and U.S. Highway-98, with nearby retail, restaurants, healthcare facilities, schools, parks, lakes, amusement parks, and regional employment centers. Residents are less than 3 miles from major employers, entertainment centers, shops, restaurants, medical centers, academic institutions, and amusement parks.
Community features include laundry facilities, on-site management, and on-site maintenance. The property is located near Interstate-4 and U.S. Highway-98, with nearby retail, restaurants, healthcare facilities, schools, parks, lakes, amusement parks, and regional employment centers. Residents are less than 3 miles from major employers, entertainment centers, shops, restaurants, medical centers, academic institutions, and amusement parks.
Key Highlights
- 55‑unit apartment community on 3.46 acres
- Approximately 31,680 rentable square feet; constructed in 1984
- Unit mix includes 6 studios, 43 one‑bedroom, and 6 two‑bedroom units
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
$300,071
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
4.55%
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%
$6,001,420
$6.0M
Cap Rate 7%
$4,286,729
$4.3M
Cap Rate 9%
$3,334,122
$3.3M
Market Conditions
NOI Build-Up for 31,680 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
$581.6K $18.36/SF
− Vacancy
−$36.1K −$1.14/SF
EGI
$545.6K $17.22/SF
− OpEx
−$245.5K −$7.75/SF
NOI
$300.1K $9.47/SF
Area
Lakeland, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$6,001,420
Cap Rate 7%
$4,286,729
Cap Rate 9%
$3,334,122
Alternative Uses
Best Use
Apartment 5plus
$4.29M
$3.75M – $5.00M
NOI $300,071 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.61M
$6.66M – $8.88M
NOI $532,908 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
55
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
Explore this area
Business Placement
Demographics for 33805, FL
26,954
Population
11,908
Households
2.3
Avg Household Size
36
Median Age
17%
College-Educated
82%
High-School Grad
26.0 sq mi
ZIP Area
1,037
Density / Sq Mi
$55,565
Median Household Income
$35,077
Median Earnings
$1,179
Median Rent
$173,800
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?
Apartment building - Garden-style community with studio, one-bedroom, and two-bedroom floor plans in Lakeland, Florida.
Where is this apartment building located?
The property is located at 3150 Pyramid Parkway Lakeland, FL.
What is the asking price?
The asking price for this property is $6,600,000.
What are key features of this property?
This property features: 55‑unit apartment community on 3.46 acres; Approximately 31,680 rentable square feet; constructed in 1984; Unit mix includes 6 studios, 43 one‑bedroom, and 6 two‑bedroom units
