Two-Unit Block
For Sale
$249,000
506 S Westgate Ave, Lakeland, FL 33815
Both residences are occupied and include fenced outdoor areas, with six off-street parking spaces serving the property.
Property Size1,813 SF
Price / SF$137.34
Days on Market10
Property Features for 506 S Westgate Ave
General Information
Standard status
Active
Size
1,813 SF
Total Parking Spaces
6
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$249,000
Taxes and HOA fees
Annual Taxes
$2,020
Amenities
fenced yards
Building Details
Buildings
1
Construction
cement block
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS REALTY
(863) 577-1234
Listed By:
Joe Christian · License #505153
(863) 286-5829
Source:
Exprealty
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 8 at 12:31PM
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 KELLER WILLIAMS REALTY
Investment Insights
Based on property information with market context.
This cement-block duplex contains two 2-bedroom, 1-bath residences within 1,813 square feet of property size. Each unit provides more than 900 square feet of living area, and both are currently rented. Fenced yards create separate outdoor areas for the residences, while six designated off-street parking spaces support the property.
Roof shingles, fascia, and soffits were completed in 2026. The property is near downtown Lakeland, with access to shopping, dining, employment, and major roadways. Its two-unit layout and existing occupancy provide a straightforward residential income configuration.
Roof shingles, fascia, and soffits were completed in 2026. The property is near downtown Lakeland, with access to shopping, dining, employment, and major roadways. Its two-unit layout and existing occupancy provide a straightforward residential income configuration.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,813 square feet of property size
- Each unit offers more than 900 square feet of living area
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
$19,223
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
7.72%
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%
$384,460
$384.5K
Cap Rate 7%
$274,614
$274.6K
Cap Rate 9%
$213,589
$213.6K
Market Conditions
NOI Build-Up for 1,813 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
$29.4K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.5K $15.15/SF
− OpEx
−$8.2K −$4.54/SF
NOI
$19.2K $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%
$384,460
Cap Rate 7%
$274,614
Cap Rate 9%
$213,589
Alternative Uses
Best Use
Multifamily LT 5
$274.6K
$240.3K – $320.4K
NOI $19,223 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$245.3K
$214.7K – $286.2K
NOI $17,173 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$435.7K
$381.2K – $508.3K
NOI $30,498 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 33815, FL
15,681
Population
7,646
Households
2.1
Avg Household Size
40
Median Age
11%
College-Educated
80%
High-School Grad
7.4 sq mi
ZIP Area
2,119
Density / Sq Mi
$36,445
Median Household Income
$32,637
Median Earnings
$1,078
Median Rent
$42,700
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?
Duplex - Both residences are occupied and include fenced outdoor areas, with six off-street parking spaces serving the property.
Where is this duplex located?
The property is located at 506 S Westgate Ave Lakeland, FL.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,813 square feet of property size; Each unit offers more than 900 square feet of living area
