Renovated Apartment
For Sale
Contact for pricing
515 BON AIR STREET #229, Lakeland, FL 33805
Updated residences offer modern kitchens, refreshed bathrooms, new appliances, and access to onsite laundry facilities.
Property Size500 SF
Days on Market124
Property Features for 515 BON AIR STREET #229
General Information
Standard status
Active
Size
500 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Amenities
onsite laundry
security cameras
Building Details
Building Size
500 SF
Year Built
1973
Stories
2
Listing Agency:
PHILLIP SCOTT MANAGEMENT & INV
Listed By:
Angela Mason
(727) 712-6073
Source:
Focusgroupfl.kw
Added: Jun 15
Changed: Oct 14
Last Checked: Oct 16 at 5:52AM
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 PHILLIP SCOTT MANAGEMENT & INV
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Investment Insights
Based on property information with market context.
This apartment community, originally built in 1973, has received extensive updates across both the residences and shared areas. Individual units feature new flooring, refreshed wall finishes, renovated bathrooms, and modernized kitchens with granite countertops and new appliances. New A/C units have also been installed.
Exterior improvements include updated paint, lighting, landscaping, and a camera-based security system. Residents have access to onsite laundry, along with a bundled utility program covering electric, water, sewer, trash, cable, and internet. The property also provides 24-hour management and maintenance. Its setting offers proximity to the hospital district, shopping, major interstates, local attractions, and schools.
Exterior improvements include updated paint, lighting, landscaping, and a camera-based security system. Residents have access to onsite laundry, along with a bundled utility program covering electric, water, sewer, trash, cable, and internet. The property also provides 24-hour management and maintenance. Its setting offers proximity to the hospital district, shopping, major interstates, local attractions, and schools.
Key Highlights
- Apartment community originally built in 1973
- Residences renovated with new flooring, wall finishes, kitchens, bathrooms, appliances, and A/C units
- Kitchens include granite countertops and new appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$4,736
Suggested Prices Based on Cap Rates
Cap Rate 5%
$94,720
$94.7K
Cap Rate 7%
$67,657
$67.7K
Cap Rate 9%
$52,622
$52.6K
Market Conditions
NOI Build-Up for 500 SF
Gross rent
$9.2K $18.36/SF
− Vacancy
−$569 −$1.14/SF
EGI
$8.6K $17.22/SF
− OpEx
−$3.9K −$7.75/SF
NOI
$4.7K $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 Rate 5%
$94,720
Cap Rate 7%
$67,657
Cap Rate 9%
$52,622
Alternative Uses
Best Use
Apartment 5plus
$67.7K
$59.2K – $78.9K
NOI $4,736 @ 7.0% cap · market cap 529.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$120.2K
$105.1K – $140.2K
NOI $8,411 @ 7.0% cap · market cap 939.78%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,672
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated residences offer modern kitchens, refreshed bathrooms, new appliances, and access to onsite laundry facilities.
Where is this apartment building located?
The property is located at 515 BON AIR STREET #229 Lakeland, FL.
What are key features of this property?
This property features: Apartment community originally built in 1973; Residences renovated with new flooring, wall finishes, kitchens, bathrooms, appliances, and A/C units; Kitchens include granite countertops and new appliances
