Ranch-Style Duplex
For Sale
Under Contract
$199,900
709 MIKASUKI Drive, Lakeland, FL 33813
Residential, LAKELAND, FL
Property Size1,223 SF
Lot Size0.15 Acres
Price / SF$163.45
Days on Market130
Property Features for 709 MIKASUKI Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RES
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Parking features
Open, Driveway
Window features
Blinds
Patio and Porch features
Porch
Interior features
Ceiling Fans(s), Eat-in Kitchen
Exterior features
Lighting, Sidewalk, Sliding Doors
Appliances
Dishwasher, Disposal, Range, Range Hood, Refrigerator
Subdivision
HIGHLAND GARDENS
Lot features
In County, Irregular Lot, Level, Paved
Elementary school
Scott Lake Elem
Middle school
Lakeland Highlands Middl
High school
George Jenkins High
Directions
SOUTH on Cleveland Heights Blvd to Scott Lake Rd, to Carter Rd, WEST/Right on Mikasuki Dr to your destination on the left.
Standard status
Active Under Contract
APN
24-29-19-286021-000112
Size
1,223 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIGHLAND GARDENS PB 75 PG 44 LOT 11 BEG SE COR RUN W 42.32 FT FOR POB CONT W 91.71 FT N 30 DEG 10 MIN 32 SEC E 141.03 FT TO CURVE ON R/W SELY ALONG R/W 21.59 FT S 115.34 FT TO POB
Tax Annual Amount
2745
Legal Description
HIGHLAND GARDENS PB 75 PG 44 LOT 11 BEG SE COR RUN W 42.32 FT FOR POB CONT W 91.71 FT N 30 DEG 10 MIN 32 SEC E 141.03 FT TO CURVE ON R/W SELY ALONG R/W 21.59 FT S 115.34 FT TO POB
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Flooring type
Tile - Ceramic, Laminate
Building materials
Block, Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Russ Rhoads · License #644951
(863) 604-1570
Added: Apr 17
Changed: Aug 19
Last Checked: Aug 24 at 8:06AM
MLS# L4961094
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 1,223-square-foot half-duplex residence features three bedrooms, two bathrooms, and a ranch-style layout. Ceramic tile extends through the main living areas, while the bedrooms have laminate flooring. The kitchen includes dual sinks, a closet pantry, an eat-in area, and appliances including a dishwasher, disposal, range, range hood, and refrigerator. Additional features include central heating and air conditioning, ceiling fans, sliding doors, a porch, and an open driveway. The block-and-stucco home was built in 1986 and has a shingle roof and septic tank system.
The property is located in Lakeland’s Highland Gardens area on a 0.15-acre lot. Schools, shopping, and recreational areas are nearby, with access to the Polk Parkway for regional travel. Public water service and cable availability are also reported.
The property is located in Lakeland’s Highland Gardens area on a 0.15-acre lot. Schools, shopping, and recreational areas are nearby, with access to the Polk Parkway for regional travel. Public water service and cable availability are also reported.
Key Highlights
- 1,223‑square‑foot half‑duplex with 3 bedrooms and 2 bathrooms
- 0.15‑acre lot in Lakeland’s Highland Gardens area
- Ceramic tile in main living areas; laminate flooring in bedrooms
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
$12,967
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
6.49%
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%
$259,340
$259.3K
Cap Rate 7%
$185,243
$185.2K
Cap Rate 9%
$144,078
$144.1K
Market Conditions
NOI Build-Up for 1,223 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
$19.8K $16.20/SF
− Vacancy
−$1.3K −$1.05/SF
EGI
$18.5K $15.15/SF
− OpEx
−$5.6K −$4.54/SF
NOI
$13.0K $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%
$259,340
Cap Rate 7%
$185,243
Cap Rate 9%
$144,078
Alternative Uses
Best Use
Multifamily LT 5
$185.2K
$162.1K – $216.1K
NOI $12,967 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$165.5K
$144.8K – $193.1K
NOI $11,584 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$293.9K
$257.2K – $342.9K
NOI $20,573 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 33813, FL
36,448
Population
14,787
Households
2.5
Avg Household Size
42
Median Age
39%
College-Educated
94%
High-School Grad
21.0 sq mi
ZIP Area
1,736
Density / Sq Mi
$96,723
Median Household Income
$50,581
Median Earnings
$1,637
Median Rent
$330,100
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 - Well-maintained ranch-style residence with updated flooring, a functional kitchen, and convenient Polk Parkway access.
Where is this duplex located?
The property is located at 709 MIKASUKI Drive Lakeland, FL.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,223‑square‑foot half‑duplex with 3 bedrooms and 2 bathrooms; 0.15‑acre lot in Lakeland’s Highland Gardens area; Ceramic tile in main living areas; laminate flooring in bedrooms
