Historic 12-Unit Apartment
For Sale
$1,390,000
915 E PALMETTO Street, Lakeland, FL 33801
Commercial Sale, LAKELAND, FL
Property Size8,348 SF
Lot Size0.45 Acres
Price / SF$166.51
Days on Market588
Property Features for 915 E PALMETTO Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RA-4
Subdivision
WINFREE SUB
Directions
: Turn east on palmetto st, south on Winfree, property is on the right.
Standard status
Active
APN
24-28-19-215500-002010
Size
8,348 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WINFREE SUB PB 6 PG 31 BLK B LOTS 1 TO 3
Tax Annual Amount
5846
Legal Description
WINFREE SUB PB 6 PG 31 BLK B LOTS 1 TO 3
Utilities
Sewer type
Public Sewer
Heating system
Central, Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Amenities
on-site laundry
courtyard
Building Details
Year built
1926
Number of units
12
Building materials
Frame
Roof type
Membrane
Listing Agency:
KELLER WILLIAMS REALTY SMART
(863) 577-1234
Listed By:
Ben Becton · License #3222078
(863) 617-0232
Added: Jan 16, 2025
Changed: Aug 26
Last Checked: Aug 27 at 2:06PM
MLS# L4950069
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.
Built in 1926, this 12-unit apartment property contains 8,348 square feet on a 0.45-acre site. The contributing building is characterized by Mediterranean Revival architecture, frame construction, and a membrane roof. The property includes a courtyard and on-site laundry facility, along with a mix of central and ductless heating and central and wall or window-unit cooling systems.
Located at 915 E Palmetto Street in Lakeland, the property is within the Lake Morton Historic District. It carries RA-4 zoning and is served by public water and public sewer. The North Building has undergone a full renovation, while the South Building has been partially remodeled; the source information also identifies updated appliances and fixtures within the units.
Located at 915 E Palmetto Street in Lakeland, the property is within the Lake Morton Historic District. It carries RA-4 zoning and is served by public water and public sewer. The North Building has undergone a full renovation, while the South Building has been partially remodeled; the source information also identifies updated appliances and fixtures within the units.
Key Highlights
- 12‑unit apartment property totaling 8,348 square feet
- 0.45‑acre site at 915 E Palmetto Street, Lakeland, FL 33801
- Located in Lakeland’s Lake Morton Historic District
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
$79,072
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
5.69%
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%
$1,581,440
$1.6M
Cap Rate 7%
$1,129,600
$1.1M
Cap Rate 9%
$878,578
$878.6K
Market Conditions
NOI Build-Up for 8,348 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
$153.3K $18.36/SF
− Vacancy
−$9.5K −$1.14/SF
EGI
$143.8K $17.22/SF
− OpEx
−$64.7K −$7.75/SF
NOI
$79.1K $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%
$1,581,440
Cap Rate 7%
$1,129,600
Cap Rate 9%
$878,578
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$988.4K – $1.32M
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
NOI $140,427 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,376
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Mediterranean Revival multifamily property with a courtyard and on-site laundry in Lakeland’s 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: 12‑unit apartment property totaling 8,348 square feet; 0.45‑acre site at 915 E Palmetto Street, Lakeland, FL 33801; Located in Lakeland’s Lake Morton Historic District
