Fully Leased 6-Unit Apartment
For Sale
$695,000
6-214 N Chestnut Rd, Lakeland, FL 33815
Fully occupied apartments feature individual electric meters, central A/C, and durable concrete construction.
Property Size2,975 SF
Price / SF$233.61
Days on Market69
Property Features for 6-214 N Chestnut Rd
General Information
Standard status
Active
Size
2,975 SF
Occupancy
100%
Units
Unit Mix
6 x 1BD/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,702
Building Details
Construction
concrete
Listing Agency:
LOKATION
(954) 545-5583
Listed By:
Mohamed Dembele · License #3554908
(813) 846-7186
Source:
Exprealty
Added: Aug 10
Changed: Oct 6
Last Checked: Oct 16 at 12:56PM
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 LOKATION
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Investment Insights
Based on property information with market context.
This 6-unit apartment property contains six 1BD/1BA residences measuring approximately 496 square feet each, with a total property size of 2,975 square feet. All units are occupied, and each residence has a dedicated electric meter and central A/C. Concrete construction supports a durable, low-maintenance building profile. The property is served by city water and private septic.
The building is located in Lakeland near Lake Mirror, Hollis Garden, Bonnet Springs Park, the Polk Theatre, and Florida Southern College. Its downtown setting places residents close to several established cultural, recreational, and educational destinations.
The building is located in Lakeland near Lake Mirror, Hollis Garden, Bonnet Springs Park, the Polk Theatre, and Florida Southern College. Its downtown setting places residents close to several established cultural, recreational, and educational destinations.
Key Highlights
- Fully leased 6‑unit multifamily property
- Six 1BD/1BA units at approximately 496 sq ft each
- 2,975 sq ft total property size
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,179
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$563,580
$563.6K
Cap Rate 7%
$402,557
$402.6K
Cap Rate 9%
$313,100
$313.1K
Market Conditions
NOI Build-Up for 2,975 SF
Gross rent
$54.6K $18.36/SF
− Vacancy
−$3.4K −$1.14/SF
EGI
$51.2K $17.22/SF
− OpEx
−$23.1K −$7.75/SF
NOI
$28.2K $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%
$563,580
Cap Rate 7%
$402,557
Cap Rate 9%
$313,100
Alternative Uses
Best Use
Apartment 5plus
$402.6K
$352.2K – $469.7K
NOI $28,179 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.9K
$625.6K – $834.1K
NOI $50,044 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
300
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
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartments feature individual electric meters, central A/C, and durable concrete construction.
Where is this apartment building located?
The property is located at 6-214 N Chestnut Rd Lakeland, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Fully leased 6‑unit multifamily property; Six 1BD/1BA units at approximately 496 sq ft each; 2,975 sq ft total property size
