Half Duplex with Workshop
For Sale
$224,900
503 MARKET SQUARE W, Lakeland, FL 33813
Updated interiors, an enclosed patio, and fenced synthetic-lawn grounds create a low-maintenance residential setting.
Property Size1,042 SF
Price / SF$215.83
Days on Market11
Property Features for 503 MARKET SQUARE W
General Information
Standard status
Active
Size
1,042 SF
Property subtype
Half Duplex
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
enclosed patio
private backyard
landscaping
vinyl privacy fence
commercial-grade synthetic lawn
xeriscaped front yard
0.1 acres, Paved, Trees/Landscaped
Shingle
Vinyl
Public Sewer
Additional parcels description:, Parcel Number: 23-29-12-140130-000171, Public Survey Range: 23, Public Survey Section: 12, Annual Amount: $1,278.8, Tax Book Number: 67-33, Legal Description: VILLAGE SOUTH PB 67 PG 33 LOT 17 LESS BEG SLY COR RUN N 46 DEG 33 MIN 42 SEC E 110 FT N 43 DEG 26 MIN 18 SEC W 43.35 FT S 38 DEG 49 MIN 48 SEC W 113.61 FT S 07 DEG 40 MIN 40 SEC E 3.21 FT SELY ALONG CURVE ON R/W 25.98 FT TO POB, Lot: 17, Year: 2026, Zoning: R-2
Ceramic Tile, Laminate
1 space
Central Air
Central
In Garage
Listing ID: MFRL4964399, Standard Status: Active, MLS Status: Active, Property Subtype: Half Duplex, On market as of 2026-08-24, 6 days on market, Special Conditions: None
2 total bedrooms
Built in 1983, Living area: 1042, Living area units: Square Feet, Building faces Southwest, 1 storey, Levels: One, Construction Materials: Vinyl Siding, Frame
Subdivision: VILLAGE SOUTH, MLS Area (Major): 33813 - Lakeland, County/Parish: Polk
Garden
2 total bathrooms, 2 full bathrooms
Cable Connected, Electricity Connected, Water Connected, Water Source: Public
Slab
Close Of Escrow
Allowed: Yes
Road Surface: Asphalt
Patio/Porch Features: Rear Porch, Screened, Garden
Ceiling Fans(s)
Dishwasher, Range, Refrigerator
Building Details
Year Built
1983
Listing Agency:
REMAX EXPERTS
(863) 802-5262
Listed By:
Maria Santillo · License #3241908
(863) 430-4434
Source:
Miharaandassociates
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 2 at 5:12PM
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 REMAX EXPERTS
Investment Insights
Based on property information with market context.
This residential income property is a half duplex with a two-bedroom, two-bath layout and a 1½-car garage that includes workshop space. An enclosed patio adds flexible interior-area potential, while the kitchen has granite countertops and light cabinetry. Wood-look laminate flooring extends through the primary living spaces and bedrooms, with tile in the kitchen and bathrooms.
The private backyard combines landscaping, a 5-foot vinyl privacy fence, and commercial-grade synthetic lawn. The front yard uses native plants and rubber mulch for reduced maintenance. Additional improvements include a primary bathroom walk-in shower, vinyl siding, updated windows, and a newer garage door. The property was built in 1983 and has no HOA.
The private backyard combines landscaping, a 5-foot vinyl privacy fence, and commercial-grade synthetic lawn. The front yard uses native plants and rubber mulch for reduced maintenance. Additional improvements include a primary bathroom walk-in shower, vinyl siding, updated windows, and a newer garage door. The property was built in 1983 and has no HOA.
Key Highlights
- Two‑bedroom, two‑bath half duplex with a 1½‑car garage and workshop space
- Enclosed patio provides additional interior space for living or entertaining
- Private backyard with 5‑foot vinyl privacy fence and commercial‑grade synthetic lawn
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
$9,870
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
4.39%
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%
$197,400
$197.4K
Cap Rate 7%
$141,000
$141.0K
Cap Rate 9%
$109,667
$109.7K
Market Conditions
NOI Build-Up for 1,042 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
$19.1K $18.36/SF
− Vacancy
−$1.2K −$1.14/SF
EGI
$17.9K $17.22/SF
− OpEx
−$8.1K −$7.75/SF
NOI
$9.9K $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%
$197,400
Cap Rate 7%
$141,000
Cap Rate 9%
$109,667
Alternative Uses
Best Use
Apartment 5plus
$141.0K
$123.4K – $164.5K
NOI $9,870 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$250.4K
$219.1K – $292.1K
NOI $17,528 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,278
Businesses Nearby
Explore this area
Business Placement
Demographics for 33813, FL
36,448
Population
14,787
Households
2.5
Avg Household Size
42
Median Age
39%
College-Educated
94%
High-School Grad
21.0 sq mi
ZIP Area
1,736
Density / Sq Mi
$96,723
Median Household Income
$50,581
Median Earnings
$1,637
Median Rent
$330,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated interiors, an enclosed patio, and fenced synthetic-lawn grounds create a low-maintenance residential setting.
Where is this residential income property located?
The property is located at 503 MARKET SQUARE W Lakeland, FL.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath half duplex with a 1½‑car garage and workshop space; Enclosed patio provides additional interior space for living or entertaining; Private backyard with 5‑foot vinyl privacy fence and commercial‑grade synthetic lawn
