Four-Unit Multifamily
New
For Sale
$499,000
902 E LIME Street, Lakeland, FL 33801
Residential Income, LAKELAND, FL
Property Size2,048 SF
Lot Size0.23 Acres
Price / SF$243.65
Days on Market3
Property Features for 902 E LIME Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
MF-22
Parking features
Driveway, Off Street
Window features
Blinds
Patio and Porch features
Porch
Pets allowed
Dogs OK, Cats OK
Interior features
Ceiling Fans(s)
Exterior features
Fence, Sidewalk
Fencing
Fenced
Appliances
Microwave, Range, Refrigerator
Subdivision
MORTONS ADD
Lot features
Historic District, City Limits, Sidewalk, Paved
Elementary school
Philip O'Brien Elementary
Middle school
Sleepy Hill Middle
High school
Lakeland Senior High
Directions
From I4, take exit 33 for CR-582 toward FL-33/Lakeland. Turn left onto N Socrum Loop Rd. Turn right onto FL-33 S. Continue straight onto N Massachusetts Ave. Use the left 2 lanes to turn left onto Bartow Rd. Turn right onto E Lime St. Destination will be on the right
Standard status
Active
APN
24-28-18-205000-007212
Size
2,048 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MORTONS ADD DB Q PG 79 BLK G LOT 21 W1/2
Tax Annual Amount
2187
Legal Description
MORTONS ADD DB Q PG 79 BLK G LOT 21 W1/2
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Propane (Heating)
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Flooring type
Tile - Ceramic, Laminate, Carpet
Building materials
Frame
Roof type
Shingle
Listing Agency:
CENTURY 21 MYERS REALTY · Century 21 Real Estate
(863) 875-5656
Listed By:
Tony Acosta · License #3589261
(863) 224-5956
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 3 at 3:06PM
MLS# L4965488
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.
The 2,048-square-foot property contains four one-bedroom, one-bathroom residences, each with a kitchen and living area. Two units are in the main residence; the other two occupy a detached rear building. All four units are currently leased. Built in 1948, the property sits on a 0.23-acre lot and is zoned MF-22.
At 902 E Lime Street in Lakeland, the property is in the Downtown Lakeland area. Site features include a fenced yard, sidewalk, porch, and off-street parking with a driveway. Public water and sewer serve the property.
At 902 E Lime Street in Lakeland, the property is in the Downtown Lakeland area. Site features include a fenced yard, sidewalk, porch, and off-street parking with a driveway. Public water and sewer serve the property.
Key Highlights
- Four residential units, each with 1 bedroom, 1 bathroom, a kitchen, and living area
- Two units in the main residence and two in a detached rear building
- 2,048 square feet on a 0.23‑acre lot
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
$21,715
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
4.35%
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%
$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
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
$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 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%
$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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two buildings hold the leased residences, with a pair of units in each structure.
Where is this quadplex located?
The property is located at 902 E LIME Street 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 1 bedroom, 1 bathroom, a kitchen, and living area; Two units in the main residence and two in a detached rear building; 2,048 square feet on a 0.23‑acre lot
