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.
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Contacts
Luis Baez
Miles Tombrink
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453 Westgate Ave, Lakeland, Florida, 33815
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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453 Westgate Ave
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