Apartment Building with Onsite
For Sale
$650,000
520 S BROADWAY AVENUE, Bartow, FL 33830
Fully leased multifamily property near downtown Bartow with updated building systems and a varied unit mix.
Property Size4,285 SF
Price / SF$151.69
Days on Market8
Property Features for 520 S BROADWAY AVENUE
General Information
Standard status
Active
Size
4,285 SF
Property subtype
Multi-Family 5+
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/2BA, 1 x 1BR/1BA, 1 x studio
Multifamily Units
5
Additional Details
Gross Income
$79,000
Amenities
on-site laundry
Building Details
Year Built
1910
Listing Agency:
CENTURY 21 MYERS REALTY
(863) 875-5656
Listed By:
Michael Brenner · License #3069077
Source:
Dennisrealty
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 11:22AM
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 CENTURY 21 MYERS REALTY
Investment Insights
Based on property information with market context.
This 5-unit apartment property, constructed in 1910, offers a mix of three 2-bedroom/2-bath units, one 1-bedroom/1-bath unit, and one studio with a full bath. The property is fully leased and includes onsite laundry planned for 2026. Improvements include a roof replacement in 2021, HVAC work completed in 2022, plumbing improvements in 2025, and interior updates in select units, including kitchens, bathrooms, and waterproof laminate flooring.
Located at 520 S Broadway Avenue in Bartow, the property is near downtown and sits along a street characterized by mature oak trees, professional offices, and historic surroundings. Its proximity to local shopping, restaurants, cafes, nightlife, and small businesses places the building within an established community setting.
Located at 520 S Broadway Avenue in Bartow, the property is near downtown and sits along a street characterized by mature oak trees, professional offices, and historic surroundings. Its proximity to local shopping, restaurants, cafes, nightlife, and small businesses places the building within an established community setting.
Key Highlights
- 5‑unit apartment property built in 1910
- Unit mix includes three 2Bed/2bath units, one 1Bed/1Bath unit, and one studio with full bath
- Fully leased multifamily property
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
$40,587
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
6.24%
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%
$811,740
$811.7K
Cap Rate 7%
$579,814
$579.8K
Cap Rate 9%
$450,967
$451.0K
Market Conditions
NOI Build-Up for 4,285 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
$78.7K $18.36/SF
− Vacancy
−$4.9K −$1.14/SF
EGI
$73.8K $17.22/SF
− OpEx
−$33.2K −$7.75/SF
NOI
$40.6K $9.47/SF
Area
Polk County, 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%
$811,740
Cap Rate 7%
$579,814
Cap Rate 9%
$450,967
Alternative Uses
Best Use
Apartment 5plus
$579.8K
$507.3K – $676.5K
NOI $40,587 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$901.0K – $1.20M
NOI $72,081 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
849
Businesses Nearby
Explore this area
Business Placement
Demographics for 33830, FL
29,926
Population
11,989
Households
2.5
Avg Household Size
38
Median Age
18%
College-Educated
85%
High-School Grad
120.5 sq mi
ZIP Area
248
Density / Sq Mi
$62,636
Median Household Income
$37,078
Median Earnings
$1,017
Median Rent
$207,900
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?
Apartment building - Fully leased multifamily property near downtown Bartow with updated building systems and a varied unit mix.
Where is this apartment building located?
The property is located at 520 S BROADWAY AVENUE Bartow, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5‑unit apartment property built in 1910; Unit mix includes three 2Bed/2bath units, one 1Bed/1Bath unit, and one studio with full bath; Fully leased multifamily property
