Lakeland Multifamily Investment Opportunity

915 E Palmetto Street, Lakeland, FL 33801

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For Sale

$1,390,000

Renovated 12-unit apartment building in Lake Morton Historic District.

Type:Multi-Family

Property size:

8,348 SF

Price / SF:

$166/SF

HighLights

Fully renovated units with brand‑new appliances and updated fixtures in the North Building.
Prime multifamily apartment investment opportunity in the Lake Morton Historic District.
Captivating Mediterranean Revival architecture.
Thoughtfully restored to preserve historical character while incorporating contemporary amenities.
On‑site laundry facility for tenant convenience.
Spacious courtyard for residents to relax and enjoy Florida’s climate.

We can help!

Listing Contact

Ben Becton

For Sale

$1,390,000

Renovated 12-unit apartment building in Lake Morton Historic District.

Type:Multi-Family

Property size:

8,348 SF

Price / SF:

$166/SF

Added:: Jan 15, 2025
Days on Market:: 513
Last Refresh:: May 13 at 8:40 pm

Property Features for 915 E Palmetto Street

General Information

Standard status: Active
Size: 8,348 SF
Property subtype: Multi-Family

Building Details

Year Built: 1926

We can help!

Listing Contact

Ben Becton

Listing agent Ben Becton

Listing office KELLER WILLIAMS REALTY SMART

Listing date Jan 15, 2025

Source Xome

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 KELLER WILLIAMS REALTY SMART

HighLights

Fully renovated units with brand‑new appliances and updated fixtures in the North Building.
Prime multifamily apartment investment opportunity in the Lake Morton Historic District.
Captivating Mediterranean Revival architecture.
Thoughtfully restored to preserve historical character while incorporating contemporary amenities.
On‑site laundry facility for tenant convenience.
Spacious courtyard for residents to relax and enjoy Florida’s climate.

Overview

This multifamily apartment building, located in the Lake Morton Historic District, presents an investment opportunity. The 12-unit building features Mediterranean Revival architecture and is a contributing property in the district. The North Building has been fully renovated, and the South Building has been partially remodeled. The property blends classic charm with modern updates, preserving its historical character while incorporating contemporary amenities. Each unit is fully renovated and includes new appliances and updated fixtures. An on-site laundry facility is available for tenant convenience. Residents can utilize a spacious courtyard to relax and enjoy the climate. The property has a size of 8348 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$153.3k	$18.36
− Vacancy	−$9.5k	−$1.14
EGI	$143.8k	$17.22
− OpEx	−$64.7k	−$7.75
NOI	$79.1k	$9.47

8,348 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.13M

$988.4K – $1.32M (±1% cap)

NOI $79,072 @ 7.0% cap · market cap 5.69%

Second Best

—

no second resolved use

Theoretical Best

Office A

$2.01M

$1.76M – $2.34M (±1% cap)

NOI $140,427 @ 7.0% cap · market cap 10.10%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Lakeland
County: Polk
State: Florida
Longitude: -81.946751
Latitude: 28.0365084

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For sale
Apartment buildings
FL
Lakeland
33801
915 E Palmetto Street

What type of property is this?

Apartment building - Renovated 12-unit apartment building in Lake Morton Historic District.

Where is this apartment building located?

The property is located at 915 E Palmetto Street Lakeland, FL.

What is the asking price?

The asking price for this property is $1,390,000.

What are key features of this property?

This property features: Fully renovated units with brand‑new appliances and updated fixtures in the North Building.; Prime multifamily apartment investment opportunity in the Lake Morton Historic District.; Captivating Mediterranean Revival architecture.