Two-Bedroom Half
For Sale
$224,900
503 MARKET Square W, Lakeland, FL 33813
Residential, LAKELAND, FL
Property Size1,042 SF
Lot Size0.10 Acres
Price / SF$215.83
Days on Market10
Property Features for 503 MARKET Square W
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Dining Room
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Ceiling Fans(s)
Exterior features
Garden
Appliances
Dishwasher, Range, Refrigerator
Subdivision
VILLAGE SOUTH
Lot features
Paved
Directions
S Florida Ave to west on Pipkin; right on Market Sq to house.
Standard status
Active
APN
23-29-12-140130-000171
Size
1,042 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax 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
Tax Annual Amount
1279
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
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
1
Flooring type
Laminate, Tile - Ceramic
Building materials
Vinyl Siding, Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
REMAX EXPERTS · RE/MAX International
(863) 802-5262
Listed By:
Maria Santillo · License #BK3241908
(863) 430-4434
Added: Aug 24
Changed: Aug 30
Last Checked: Sep 2 at 9:06PM
MLS# L4964399
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,042-square-foot half duplex, built in 1983, includes two bedrooms, two bathrooms, a defined dining room, and a 1 1/2-car garage with workshop space. The interior combines laminate flooring in the living areas and bedrooms with ceramic tile in the kitchen and bathrooms. The kitchen includes granite countertops, light cabinetry, a dishwasher, range, and refrigerator. A primary bathroom walk-in shower, updated windows, vinyl siding, and a newer garage door add to the property’s improvements.
Outdoor features include an enclosed patio, private backyard, five-foot vinyl privacy fencing, commercial-grade synthetic lawn, landscaping, and a xeriscaped front yard with native plants and rubber mulch. The property has R-2 zoning, central heating and cooling, public water, public sewer, and a shingle roof. No HOA is associated with the property.
Outdoor features include an enclosed patio, private backyard, five-foot vinyl privacy fencing, commercial-grade synthetic lawn, landscaping, and a xeriscaped front yard with native plants and rubber mulch. The property has R-2 zoning, central heating and cooling, public water, public sewer, and a shingle roof. No HOA is associated with the property.
Key Highlights
- 1,042‑square‑foot half duplex with two bedrooms and two bathrooms
- 1 1/2‑car garage includes workshop space
- Five‑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 - R-2 residential property with an enclosed patio, private fenced yard, and attached garage with workshop space.
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: 1,042‑square‑foot half duplex with two bedrooms and two bathrooms; 1 1/2‑car garage includes workshop space; Five‑foot vinyl privacy fence and commercial‑grade synthetic lawn
