1125 Olive St Lakeland, FL 33815

This exceptional investment opportunity presents a four-unit apartment building situated on a 0.4-acre lot in Lakeland, Florida. The property, comprised of two buildings constructed in 1947 and 1954, boasts a total of 2,400 square feet and features a mix of two-bedroom and one-bedroom units. All units have undergone complete renovations, including new flooring, kitchens, and bathrooms. The current Net Operating Income (NOI) stands at $28,800, yielding a 5.01% cap rate. However, a pro-forma NOI of $41,873 projects a significantly higher 6.81% cap rate, reflecting the substantial upside potential. This potential is further enhanced by the possibility of developing an additional duplex on the existing lot, leveraging the property's RB-1 zoning. The property's location in Lakeland, Florida, a rapidly growing city, adds to its appeal. Lakeland's robust economy, fueled by major employers like Publix, and projected population growth contribute to a strong rental market and long-term investment stability. The property's address is 1125 Olive Street, Lakeland, FL 33815, with APN numbers 23-28-24-112000-004140 and 23-28-24-112000-004150. The asking price for this promising investment is $575,000.