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 Market24
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: Sep 1
Last Checked: Sep 1 at 10:10PM
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
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 = 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
$28,179
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
4.05%
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%
$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
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
$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 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%
$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.
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
Questions? Ask Rey
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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
