Renovated Two-Unit
New
For Sale
$279,995
585 S 3RD AVENUE, Bartow, FL 33830
Two updated residences provide flexible occupancy and rental use near Bartow’s downtown district.
Property Size1,080 SF
Lot Size0.19 Acres
Price / SF$259.25
Days on Market5
Property Features for 585 S 3RD AVENUE
General Information
Standard status
Active
Size
1,080 SF
Lot size
0.19 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1956
Buildings
1
Listing Agency:
KELLER WILLIAMS TAMPA CENTRAL
(813) 865-0700
Listed By:
Elif Fitts · License #3314907
Source:
Endlesssummerrealty
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 2:08PM
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 TAMPA CENTRAL
Investment Insights
Based on property information with market context.
Built in 1956, this duplex contains two separate 2-bedroom, 1-bath units within approximately 1,080 square feet. Both units have been renovated with updated flooring, cabinetry, granite countertops, bathroom vanities, and HVAC systems. A newer roof and convenient on-site parking add to the property’s practical appeal.
The property is located at 585 S 3rd Avenue in Bartow, minutes from historic Main Street and the downtown district. Residents can reach local restaurants, shopping, entertainment, community events, and Bartow’s historic center from the property. The approximately 8,433-square-foot lot supports the two-unit layout and includes parking.
The property is located at 585 S 3rd Avenue in Bartow, minutes from historic Main Street and the downtown district. Residents can reach local restaurants, shopping, entertainment, community events, and Bartow’s historic center from the property. The approximately 8,433-square-foot lot supports the two-unit layout and includes parking.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- Approximately 1,080 square feet on an approximately 8,433‑square‑foot lot
- Renovated interiors with updated flooring, cabinetry, granite countertops, and bathroom vanities
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
$11,451
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
4.09%
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%
$229,020
$229.0K
Cap Rate 7%
$163,586
$163.6K
Cap Rate 9%
$127,233
$127.2K
Market Conditions
NOI Build-Up for 1,080 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
$17.5K $16.20/SF
− Vacancy
−$1.1K −$1.05/SF
EGI
$16.4K $15.15/SF
− OpEx
−$4.9K −$4.54/SF
NOI
$11.5K $10.60/SF
Area
Polk County, 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%
$229,020
Cap Rate 7%
$163,586
Cap Rate 9%
$127,233
Alternative Uses
Best Use
Multifamily LT 5
$163.6K
$143.1K – $190.9K
NOI $11,451 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$146.1K
$127.9K – $170.5K
NOI $10,230 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$259.5K
$227.1K – $302.8K
NOI $18,167 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
923
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?
Duplex - Two updated residences provide flexible occupancy and rental use near Bartow’s downtown district.
Where is this duplex located?
The property is located at 585 S 3RD AVENUE Bartow, FL.
What is the asking price?
The asking price for this property is $279,995.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units; Approximately 1,080 square feet on an approximately 8,433‑square‑foot lot; Renovated interiors with updated flooring, cabinetry, granite countertops, and bathroom vanities
