Renovated Duplex with Laundry
For Sale
$399,000
621 HOLLINGSWORTH Road, Lakeland, FL 33801
Residential Income, LAKELAND, FL
Property Size1,546 SF
Lot Size0.23 Acres
Price / SF$258.09
Days on Market59
Property Features for 621 HOLLINGSWORTH Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RB-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3
Interior features
Primary Bedroom Main Floor, Stone Counters, Thermostat
Exterior features
Private Mailbox, Sidewalk
Subdivision
BILTMORE PARK SUB
Directions
From I-4 East toward Lakeland, take exit 28, merge onto W Memorial Blvd, right onto MLK Jr Blvd, left onto Bartow Rd to property on the right
Standard status
Active
APN
24-28-19-218000-003050
Size
1,546 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BILTMORE PARK SUB PB 8 PG 41 BLK 3 LOTS 5 & S 6 FT OF 4
Tax Annual Amount
2591
Legal Description
BILTMORE PARK SUB PB 8 PG 41 BLK 3 LOTS 5 & S 6 FT OF 4
Utilities
Utilities
Cable Available
Sewer type
Private Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
laundry rooms
Building Details
Year built
1952
Building materials
Block
Roof type
Shingle
Listing Agency:
LA ROSA REALTY PRESTIGE
(863) 940-4850
Listed By:
Alvaro Jarquin Bernard · License #3304920
(863) 640-2772
Added: Jun 30
Changed: Aug 26
Last Checked: Aug 27 at 7:06PM
MLS# L4963189
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Lakeland duplex contains two 2-bedroom, 1-bathroom units within 1,546 square feet on a 0.23-acre parcel. Renovations include new flooring, cabinetry, granite countertops, stainless steel appliances, remodeled bathrooms, and fresh interior and exterior paint. Each unit has a dedicated laundry room, while the property also features a new shingle roof, block construction, central heating, and central air conditioning.
Built in 1952 and zoned RB-1, the property has public water and private sewer service. A private mailbox and sidewalk are included, with cable available. The address is near shopping, dining, schools, parks, medical facilities, and major roadways in Lakeland.
Built in 1952 and zoned RB-1, the property has public water and private sewer service. A private mailbox and sidewalk are included, with cable available. The address is near shopping, dining, schools, parks, medical facilities, and major roadways in Lakeland.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- 1,546 square feet on a 0.23‑acre lot
- Fully renovated kitchens with granite countertops, new cabinetry, and stainless steel appliances
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
$16,392
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
4.11%
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%
$327,840
$327.8K
Cap Rate 7%
$234,171
$234.2K
Cap Rate 9%
$182,133
$182.1K
Market Conditions
NOI Build-Up for 1,546 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
$25.0K $16.20/SF
− Vacancy
−$1.6K −$1.05/SF
EGI
$23.4K $15.15/SF
− OpEx
−$7.0K −$4.54/SF
NOI
$16.4K $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%
$327,840
Cap Rate 7%
$234,171
Cap Rate 9%
$182,133
Alternative Uses
Best Use
Multifamily LT 5
$234.2K
$204.9K – $273.2K
NOI $16,392 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$209.2K
$183.1K – $244.1K
NOI $14,644 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$371.5K
$325.1K – $433.4K
NOI $26,006 @ 7.0% cap · market cap 6.52%
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
926
Businesses Nearby
Explore this area
Business Placement
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
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?
Duplex - Two-unit property with updated kitchens, remodeled bathrooms, central systems, and separate laundry rooms.
Where is this duplex located?
The property is located at 621 HOLLINGSWORTH Road Lakeland, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; 1,546 square feet on a 0.23‑acre lot; Fully renovated kitchens with granite countertops, new cabinetry, and stainless steel appliances
