Two-Unit Duplex with Screened
New
For Sale
$375,000
735 & 737 ZELLA LANE #735/737, Lakeland, FL 33813
Two residential units include screened patios, backyard areas, and washer/dryer hookups.
Property Size2,233 SF
Price / SF$167.94
Days on Market7
Property Features for 735 & 737 ZELLA LANE #735/737
General Information
Standard status
Active
Size
2,233 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
inside utility closets with washer/dryer hook-ups
screened patios
backyard areas
Building Details
Year Built
1981
Buildings
1
Listing Agency:
HOUSE OF GLASS REAL ESTATE PM
(863) 940-3756
Listed By:
Andrea Muzzy · License #3104011
(863) 430-1733
Source:
Endlesssummerrealty
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 22 at 5:08PM
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 HOUSE OF GLASS REAL ESTATE PM
Investment Insights
Based on property information with market context.
Built in 1981, this duplex includes two separate residential units: one with three bedrooms and one-and-a-half baths, and the other with two bedrooms and one-and-a-half baths. Both sides feature spacious rooms, landscaped grounds, screened patios, backyard areas, and interior utility closets with washer/dryer hookups. The larger unit has been updated.
Reported property improvements include a roof approximately 2 years old, windows updated or replaced within the last five years, and a septic system replaced last year. The property is in South Lakeland near public transportation, Florida Avenue, Harden Boulevard, Polk Parkway, shopping, dining, medical facilities, and educational facilities. The configuration supports occupying one unit while leasing the other or leasing both units.
Reported property improvements include a roof approximately 2 years old, windows updated or replaced within the last five years, and a septic system replaced last year. The property is in South Lakeland near public transportation, Florida Avenue, Harden Boulevard, Polk Parkway, shopping, dining, medical facilities, and educational facilities. The configuration supports occupying one unit while leasing the other or leasing both units.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 2‑bedroom floor plans
- Both units include 1.5 baths, screened patios, and backyard areas
- Interior utility closets with washer/dryer hookups in both units
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
$23,676
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
6.31%
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%
$473,520
$473.5K
Cap Rate 7%
$338,229
$338.2K
Cap Rate 9%
$263,067
$263.1K
Market Conditions
NOI Build-Up for 2,233 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
$36.2K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$33.8K $15.15/SF
− OpEx
−$10.1K −$4.54/SF
NOI
$23.7K $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%
$473,520
Cap Rate 7%
$338,229
Cap Rate 9%
$263,067
Alternative Uses
Best Use
Multifamily LT 5
$338.2K
$296.0K – $394.6K
NOI $23,676 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$302.2K
$264.4K – $352.5K
NOI $21,151 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$536.6K
$469.5K – $626.1K
NOI $37,563 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
683
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include screened patios, backyard areas, and washer/dryer hookups.
Where is this duplex located?
The property is located at 735 & 737 ZELLA LANE #735/737 Lakeland, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom and 2‑bedroom floor plans; Both units include 1.5 baths, screened patios, and backyard areas; Interior utility closets with washer/dryer hookups in both units
