Two-Home Short-Term Rental
For Sale
$279,000
907 N Wabash Ave, Lakeland, FL 33815
Two fully renovated homes on one lot, each with private patio space and separate indoor layouts.
Property Size1,480 SF
Price / SF$188.51
Days on Market53
Property Features for 907 N Wabash Ave
General Information
Standard status
Active
Size
1,480 SF
Property subtype
Residential Income
Building Details
Year Renovated
2022
Buildings
2
Listing Agency:
ASSOCIATE REALTY
(863) 618-4000
Listed By:
Chrissi Jasso · License #3253299
(863) 618-4000
Source:
Exprealty
Added: Jun 16
Changed: Jul 31
Last Checked: Jul 31 at 3:46PM
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 ASSOCIATE REALTY
Investment Insights
Based on property information with market context.
Two homes on one lot at 907 N Wabash Ave in Lakeland, FL, both fully renovated in 2022. The main home offers an open floor plan with four bedrooms and two bathrooms and 1,480 square feet of living space. The second home features open living, dining, and kitchen space with three bedrooms and 1 1/2 bathrooms.
Each home includes its own private patio space, supporting separate outdoor downtime. A large, expansive driveway provides space for parking.
The property is currently used as an Airbnb.
Each home includes its own private patio space, supporting separate outdoor downtime. A large, expansive driveway provides space for parking.
The property is currently used as an Airbnb.
Key Highlights
- Fully renovated in 2022
- Two homes on one lot
- Main home: 1,480 SF with 4 bedrooms and 2 bathrooms, open floor plan
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
$14,018
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
5.02%
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%
$280,360
$280.4K
Cap Rate 7%
$200,257
$200.3K
Cap Rate 9%
$155,756
$155.8K
Market Conditions
NOI Build-Up for 1,480 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
$27.2K $18.36/SF
− Vacancy
−$1.7K −$1.14/SF
EGI
$25.5K $17.22/SF
− OpEx
−$11.5K −$7.75/SF
NOI
$14.0K $9.47/SF
Area
Lakeland, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$280,360
Cap Rate 7%
$200,257
Cap Rate 9%
$155,756
Alternative Uses
Best Use
Apartment 5plus
$200.3K
$175.2K – $233.6K
NOI $14,018 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$355.7K
$311.2K – $414.9K
NOI $24,896 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 33815, FL
15,681
Population
7,646
Households
2.1
Avg Household Size
40
Median Age
11%
College-Educated
80%
High-School Grad
7.4 sq mi
ZIP Area
2,119
Density / Sq Mi
$36,445
Median Household Income
$32,637
Median Earnings
$1,078
Median Rent
$42,700
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?
Short term rental property - Two fully renovated homes on one lot, each with private patio space and separate indoor layouts.
Where is this short term rental property located?
The property is located at 907 N Wabash Ave Lakeland, FL.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Fully renovated in 2022; Two homes on one lot; Main home: 1,480 SF with 4 bedrooms and 2 bathrooms, open floor plan
