Lakeland Quadraplex: Investment
For Sale
$365,000
Pending
602 EMMA, Lakeland, FL 33815
Fully occupied quadraplex in Lakeland, great for rental income.
Property Size2,560 SF
Days on Market126
Property Features for 602 EMMA
General Information
Standard status
Pending
Size
2,560 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,857
Building Details
Building Size
2,560 SF
Year Built
1930
Units
4
Listing Agency:
(309) 265-8257
Listed By:
Derek McGehee
(309) 265-8257
Source:
Elliman
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 14 at 6:40AM
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 Derek McGehee
Investment Insights
Based on property information with market context.
This fully occupied quadraplex, located in Lakeland, presents an investment opportunity. The property at 602 Emma St features four separate 1-bedroom, 1-bathroom units, suitable for generating rental income. Each unit offers a functional layout. The property's central Lakeland location provides convenient access to shopping, dining, major roadways, and local amenities. A newer roof was installed in 2021. The bike score is 76, indicating it is very bikeable, and the walk score is 67, indicating it is somewhat walkable.
Key Highlights
- Fully occupied quadraplex generating consistent rental income.
- Prime central Lakeland location with convenient access to amenities, shopping, dining, and major roadways.
- Newer roof installed in 2021, reducing near‑term maintenance costs.
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
$27,143
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
7.44%
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%
$542,860
$542.9K
Cap Rate 7%
$387,757
$387.8K
Cap Rate 9%
$301,589
$301.6K
Market Conditions
NOI Build-Up for 2,560 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
$41.5K $16.20/SF
− Vacancy
−$2.7K −$1.05/SF
EGI
$38.8K $15.15/SF
− OpEx
−$11.6K −$4.54/SF
NOI
$27.1K $10.60/SF
Area
Lakeland, 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%
$542,860
Cap Rate 7%
$387,757
Cap Rate 9%
$301,589
Alternative Uses
Best Use
Multifamily LT 5
$387.8K
$339.3K – $452.4K
NOI $27,143 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$346.4K
$303.1K – $404.1K
NOI $24,248 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$615.2K
$538.3K – $717.7K
NOI $43,063 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,646
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?
Quadplex - Fully occupied quadraplex in Lakeland, great for rental income.
Where is this quadplex located?
The property is located at 602 EMMA Lakeland, FL.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Fully occupied quadraplex generating consistent rental income.; Prime central Lakeland location with convenient access to amenities, shopping, dining, and major roadways.; Newer roof installed in 2021, reducing near‑term maintenance costs.
