12-Unit Apartment
For Sale
$1,390,000
915 E Palmetto Street LAKELAND, Lakeland, FL 33801
Renovated 12-unit apartment building with on-site laundry and a courtyard.
Property Size8,348 SF
Price / SF$166.51
Days on Market116
Property Features for 915 E Palmetto Street LAKELAND
General Information
Standard status
Active
Size
8,348 SF
Zoning
RA-4
Site & Location
Neighborhood
South Lake Morton
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$5,845
Amenities
true
Public Records
Public
19497
0.45
false
Asphalt,Brick
Other
City Street
8348
2
Building Details
Building Size
8,348 SF
Year Built
1926
Buildings
2
Listed By:
Silmara Castilhos Saxena
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 6
Changed: Oct 25
Last Checked: Oct 7 at 9:40AM
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 Silmara Castilhos Saxena
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This is a 12-unit apartment building presented for sale. The property includes a fully renovated North Building and a partially remodeled South Building, with all units described as fully renovated and outfitted with brand-new appliances and updated fixtures.
The building is identified as a contributing property within the Lake Morton Historic District and is described as having Mediterranean Revival architecture. An on-site laundry facility is included, along with a spacious courtyard for resident use.
The property is offered as a residential income asset with both buildings under renovation/restoration, combining historical character with contemporary unit updates.
The building is identified as a contributing property within the Lake Morton Historic District and is described as having Mediterranean Revival architecture. An on-site laundry facility is included, along with a spacious courtyard for resident use.
The property is offered as a residential income asset with both buildings under renovation/restoration, combining historical character with contemporary unit updates.
Key Highlights
- 12‑unit apartment building in the Lake Morton Historic District (contributing property).
- North building fully renovated; South building partially remodeled.
- Year built 1926; Mediterranean Revival architecture.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,072
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 12-unit apartment building with on-site laundry and a courtyard.
Where is this apartment building located?
The property is located at 915 E Palmetto Street LAKELAND 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 building in the Lake Morton Historic District (contributing property).; North building fully renovated; South building partially remodeled.; Year built 1926; Mediterranean Revival architecture.
