For Sale
$3,400,000

453 Westgate AveLakeland, FL 33815

28-Unit Apartment Building, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
113
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.

Highlights

  • Single-story concrete block construction.
  • All units feature two bedrooms.
  • Tenants pay all utilities.
  • Significant value-add potential.
  • Half-mile proximity to Publix Corporate Headquarters.
  • 1.4 miles from Downtown Lakeland's amenities.

Property Details for 453 Westgate Ave

Property type
Apartment buildings
Class
C
Year Built
1979
Buildings
14
Stories
1
Lot Size (sq. ft)
87,991 SF
Units
28

Location Insight

City
Lakeland
County
Polk
State
Florida
Latitude
28.03874
Longitude
-81.9820592
453 Westgate Ave, Lakeland, Florida

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453 Westgate Ave
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