Historic District
New
For Sale
$670,000
901 PENNSYLVANIA, Lakeland, FL 33803
Four one-bedroom residences with period details, sunrooms, and washer/dryer accommodations in Lakeland’s Lake Morton Historic District.
Property Size3,272 SF
Days on Market5
Property Features for 901 PENNSYLVANIA
General Information
Standard status
Active
Size
3,272 SF
Property subtype
Investment
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,997
Building Details
Building Size
3,272 SF
Year Built
1902
Units
4
Listing Agency:
LIST-A-HOUSE REALTY, LLC
(754) 799-3901
Listed By:
James Migues · License #A12058997
(754) 799-3901
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 18 at 9:20AM
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 LIST-A-HOUSE REALTY, LLC
Investment Insights
Based on property information with market context.
This quadplex contains four one-bedroom, one-bath residences, each approximately 900 square feet. The 1902 property retains original hardwood flooring, solid wood doors, and other architectural elements associated with its Florida character. Sunrooms and washer/dryer accommodations add functional features across the unit layout.
The property is located in Lakeland’s Lake Morton Historic District, near Florida Southern College, Lake Morton, Downtown Lakeland, the public library, museums, restaurants, shopping, entertainment, and major roadways. The location also places the residences near employment, education, recreation, and everyday services. Walk Score is 49 and Bike Score is 69.
The property is located in Lakeland’s Lake Morton Historic District, near Florida Southern College, Lake Morton, Downtown Lakeland, the public library, museums, restaurants, shopping, entertainment, and major roadways. The location also places the residences near employment, education, recreation, and everyday services. Walk Score is 49 and Bike Score is 69.
Key Highlights
- Four one‑bedroom, one‑bath units, each approximately 900 square feet
- Built in 1902 with original hardwood floors and solid wood doors
- Sunrooms and washer/dryer accommodations included in the unit features
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
$34,693
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
5.18%
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%
$693,860
$693.9K
Cap Rate 7%
$495,614
$495.6K
Cap Rate 9%
$385,478
$385.5K
Market Conditions
NOI Build-Up for 3,272 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
$53.0K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$49.6K $15.15/SF
− OpEx
−$14.9K −$4.54/SF
NOI
$34.7K $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%
$693,860
Cap Rate 7%
$495,614
Cap Rate 9%
$385,478
Alternative Uses
Best Use
Multifamily LT 5
$495.6K
$433.7K – $578.2K
NOI $34,693 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$442.7K
$387.4K – $516.5K
NOI $30,992 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$786.3K
$688.0K – $917.3K
NOI $55,040 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
Explore this area
Business Placement
Demographics for 33803, FL
29,082
Population
15,086
Households
1.9
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
16.6 sq mi
ZIP Area
1,752
Density / Sq Mi
$63,180
Median Household Income
$40,358
Median Earnings
$1,337
Median Rent
$236,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom residences with period details, sunrooms, and washer/dryer accommodations in Lakeland’s Lake Morton Historic District.
Where is this quadplex located?
The property is located at 901 PENNSYLVANIA Lakeland, FL.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Four one‑bedroom, one‑bath units, each approximately 900 square feet; Built in 1902 with original hardwood floors and solid wood doors; Sunrooms and washer/dryer accommodations included in the unit features
