4-Unit Quadplex with Detached
New
For Sale
$499,000
902 E LIME, Lakeland, FL 33801
The residential units are split between the principal house and a separate rear structure.
Property Size2,048 SF
Days on Market6
Property Features for 902 E LIME
General Information
Standard status
Active
Size
2,048 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$53,400
Taxes and HOA fees
Annual Taxes
$2,187
Building Details
Building Size
2,048 SF
Year Built
1948
Buildings
2
Listing Agency:
CENTURY 21 MYERS REALTY
Listed By:
Tony Acosta · License #3589261
(863) 224-5956
Source:
Elliman
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 5 at 4:16PM
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 CENTURY 21 MYERS REALTY
Investment Insights
Based on property information with market context.
Built in 1948, this four-unit residential property has two apartments in the main house and two more in a detached structure behind it. Each residence includes one bedroom, one bathroom, a kitchen, and a living area. All four units are currently occupied under leases.
The property is in the Downtown Lakeland area, with access to shopping, dining, employment centers, major roadways, and urban amenities. Its Bike Score is 69, identified as Bikeable; its Walk Score is 49, identified as Car-Dependent.
The property is in the Downtown Lakeland area, with access to shopping, dining, employment centers, major roadways, and urban amenities. Its Bike Score is 69, identified as Bikeable; its Walk Score is 49, identified as Car-Dependent.
Key Highlights
- Four residential units, each with one bedroom and one bathroom
- Two units in the main house and two in a detached rear building
- Each unit has a kitchen and living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,715
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$434,300
$434.3K
Cap Rate 7%
$310,214
$310.2K
Cap Rate 9%
$241,278
$241.3K
Market Conditions
NOI Build-Up for 2,048 SF
Gross rent
$33.2K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.0K $15.15/SF
− OpEx
−$9.3K −$4.54/SF
NOI
$21.7K $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 Rate 5%
$434,300
Cap Rate 7%
$310,214
Cap Rate 9%
$241,278
Alternative Uses
Best Use
Multifamily LT 5
$310.2K
$271.4K – $361.9K
NOI $21,715 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$277.1K
$242.5K – $323.3K
NOI $19,399 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$492.2K
$430.6K – $574.2K
NOI $34,451 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,053
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - The residential units are split between the principal house and a separate rear structure.
Where is this quadplex located?
The property is located at 902 E LIME Lakeland, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Four residential units, each with one bedroom and one bathroom; Two units in the main house and two in a detached rear building; Each unit has a kitchen and living area
