1125 Olive St Lakeland, FL 33815

Property Details for 1125 Olive St

Year built

1947

Lot size

0.40 lot acres

Property size

2,400 SF

Property type

Apartment buildings

Description

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.