Block Duplex with Fenced
New
For Sale
$249,000
506 S WESTGATE Avenue, Lakeland, FL 33815
Residential Income, LAKELAND, FL
Property Size1,813 SF
Lot Size0.16 Acres
Price / SF$137.34
Days on Market2
Property Features for 506 S WESTGATE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RB-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Interior features
Ceiling Fans(s)
Exterior features
Fence
Fencing
Fenced
Appliances
Electric Water Heater, Range, Range Hood
Subdivision
WESTGATE
Lot features
City Limits, Near Golf Course, Near Public Transit, Sidewalk, Paved
Elementary school
Rosabelle W. Blake
High school
Kathleen High
Directions
Main St to traffic circle continue straight onto west main turn right on Olive St to left on Westgate to duplex on your right
Standard status
Active
APN
23-28-23-100500-010360
Size
1,813 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WESTGATE PB 10 PG 23 BLK 10 LOTS 36 & S 20 FT OF 37
Tax Annual Amount
2020
Legal Description
WESTGATE PB 10 PG 23 BLK 10 LOTS 36 & S 20 FT OF 37
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
fenced yards
Building Details
Year built
1979
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS REALTY
(863) 577-1234
Listed By:
Joe Christian · License #505153
(863) 286-5829
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 2:06PM
MLS# L4964553
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 block-construction duplex contains two 2-bedroom, 1-bath residences, each with more than 900 square feet of living area. The property totals 1,813 square feet and sits on a 0.16-acre lot. Both units are rented, and each has a fenced yard. Six designated off-street parking spaces serve the property. Recent exterior work includes new roof shingles, fascia, and soffits completed in 2026.
Located near downtown Lakeland, the property offers access to shopping, dining, employment, and major roadways. Building systems include central air conditioning, electric central heating, a public water supply, and public sewer service. Interior and equipment features include ceiling fans, electric water heaters, ranges, and range hoods. The property was built in 1979 and is zoned RB-2.
Located near downtown Lakeland, the property offers access to shopping, dining, employment, and major roadways. Building systems include central air conditioning, electric central heating, a public water supply, and public sewer service. Interior and equipment features include ceiling fans, electric water heaters, ranges, and range hoods. The property was built in 1979 and is zoned RB-2.
Key Highlights
- Two 2‑bedroom, 1‑bath units, each with more than 900 square feet of living area
- Both units are currently rented
- 1,813‑square‑foot duplex on a 0.16‑acre lot
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units provide a compact residential income property with off-street parking and established neighborhood access.
Where is this duplex located?
The property is located at 506 S WESTGATE Avenue 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, each with more than 900 square feet of living area; Both units are currently rented; 1,813‑square‑foot duplex on a 0.16‑acre lot
