453 Westgate Ave, Lakeland, FL 33815

Property Details for 453 Westgate Ave

Year built

1979

Lot size

2.02 lot acres

Property type

Commercial real estate

Description

Westgate Villas presents a compelling investment opportunity in Lakeland, Florida. This portfolio sale comprises 28 two-bedroom, one-bathroom units, totaling 23,598 net rentable square feet across fourteen single-story buildings. Constructed between 1979 and 1985, these concrete block structures feature a mix of metal and pitched shingle roofs. Each unit boasts central HVAC and washer/dryer connections, with individual meters for water, sewer, and electricity, allowing for efficient utility cost pass-through to tenants. The property sits on a 2.02-acre lot, encompassing fourteen parcels, with three parcels containing four units each and eight parcels featuring single duplexes. Currently boasting a 95% occupancy rate, the property generates a Net Operating Income (NOI) of $217,795, with a pro-forma NOI of $255,592. The asking price is $3,400,000, representing $144.04 per square foot and $121,429 per unit, and a 6.41% cap rate. Its strategic location offers residents convenient access to major roadways, numerous employment opportunities, and the amenities of Lakeland. The property's proximity to Publix headquarters, downtown Lakeland, Interstate-4, and Lakeland Linder Airport further enhances its appeal. This value-add opportunity is situated less than half a mile from Publix Corporate Headquarters, 1.4 miles from Downtown Lakeland, and within two miles of Interstate-4, providing easy access throughout Central Florida. The property is also conveniently located near Lakeland Linder Airport and a major Amazon fulfillment center.

Location Insight

City

Lakeland

County

Polk

State

Florida

Longitude

-81.9820592

Latitude

28.03874