Updated Furnished
For Sale
$425,000
728 JOHNSON AVE, Lakeland, FL 33801
Two furnished residences offer flexible rental use, shared outdoor space, rear parking, and individual storage with laundry equipment.
Property Size1,536 SF
Days on Market84
Property Features for 728 JOHNSON AVE
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
shared backyard
storage shed with washer and dryer
front porch
dedicated parking
Building Details
Building Size
1,536 SF
Year Built
1925
Listing Agency:
WATSON REALTY CORP.
(407) 589-1600
Listed By:
Zachary Lay LLC
(407) 589-1600
Source:
Tinaheim.kw
Added: Jun 7
Changed: Aug 28
Last Checked: Aug 28 at 7:22AM
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 WATSON REALTY CORP.
Investment Insights
Based on property information with market context.
Built in 1925, this duplex at 728 Johnson Ave includes a 2-bedroom, 1-bath residence and a separate 1-bedroom, 1-bath residence. Both units have been updated with new flooring, window treatments, appliances, and renovated bathrooms, and the property is being conveyed furnished. Each residence has its own storage shed with a washer and dryer, while a shared backyard, common outdoor area, front porch, and parking behind the home add practical amenities. A new roof was installed in 2025.
The property was most recently used as a short-term rental and is also positioned for long-term leasing or owner occupancy with supplemental rental revenue. Florida Southern College, Lake Morton, Lake Hollingsworth, shopping, dining, and entertainment are minutes away. Downtown Lakeland is less than one mile from the property, providing access to First Friday events, the Saturday Farmers Market, and other downtown activities.
The property was most recently used as a short-term rental and is also positioned for long-term leasing or owner occupancy with supplemental rental revenue. Florida Southern College, Lake Morton, Lake Hollingsworth, shopping, dining, and entertainment are minutes away. Downtown Lakeland is less than one mile from the property, providing access to First Friday events, the Saturday Farmers Market, and other downtown activities.
Key Highlights
- Duplex with 2‑bedroom, 1‑bath and 1‑bedroom, 1‑bath units
- Both residences updated with renovated bathrooms, appliances, flooring, and window treatments
- Furnished property most recently operated as a short‑term rental
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
$16,286
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
3.83%
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%
$325,720
$325.7K
Cap Rate 7%
$232,657
$232.7K
Cap Rate 9%
$180,956
$181.0K
Market Conditions
NOI Build-Up for 1,536 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
$24.9K $16.20/SF
− Vacancy
−$1.6K −$1.05/SF
EGI
$23.3K $15.15/SF
− OpEx
−$7.0K −$4.54/SF
NOI
$16.3K $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%
$325,720
Cap Rate 7%
$232,657
Cap Rate 9%
$180,956
Alternative Uses
Best Use
Multifamily LT 5
$232.7K
$203.6K – $271.4K
NOI $16,286 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$207.8K
$181.9K – $242.5K
NOI $14,549 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$369.1K
$323.0K – $430.6K
NOI $25,838 @ 7.0% cap · market cap 6.08%
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
1,866
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 furnished residences offer flexible rental use, shared outdoor space, rear parking, and individual storage with laundry equipment.
Where is this duplex located?
The property is located at 728 JOHNSON AVE Lakeland, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Duplex with 2‑bedroom, 1‑bath and 1‑bedroom, 1‑bath units; Both residences updated with renovated bathrooms, appliances, flooring, and window treatments; Furnished property most recently operated as a short‑term rental
