1619 Goodyear Ave - Apartments FOR SALE


Lakeland, FL 33801- City of Lakeland
$7,000,000 USD
813-577-3837
1619 Goodyear Ave, Lakeland, FL for Sale
$7,000,000 USD
Apartments - FOR SALE
1/14
null | Request Cap Rate

1619 Goodyear Ave
Lakeland, FL 33801
City of Lakeland


HIGHLIGHTS

  • 44-Units Across Two-Properties in Lakeland, FL that are Located Less than 0.7 Miles from Each Other
  • 70s, 80s, and 90s Concrete Block Construction with Pitched Roofs and Central HVAC’s Offer Low-Risk and Cost-Effective Operations
  • Value-Add Opportunity by Adding Washer/Dryer Machines in 2-Bed Units and Continuing Light Interior Renovations
  • Monthly Rental Upside of $185+ when Compared to Comparable Properties around Lakeland
  • 15 Minutes Away from Lakeland Linder International Airport, which Recently Expanded to Include Passenger Flights
  • Within Immediate Proximity to Southeastern University (1.5 Mi) and Florida Southern College (3.7 Mi)

OVERVIEW

Goodyear and Tom Watson Portfolio, a prime multifamily investment opportunity located in the heart of Lakeland, FL. This portfolio includes two well-maintained properties totaling 44 units, situated less than 0.7 miles apart. With 80% of the units featuring spacious two-bedroom floorplans equipped with washer/dryer connections, this portfolio offers an ideal mix for rental premiums and long-term tenant retention. The properties are built with durable concrete block construction, pitched roofs, and central HVAC systems, providing a low-risk and cost-effective operation. The value-add potential is substantial, with opportunities to further increase income through the addition of washer/dryer machines in select units and light interior renovations. Located in one of the fastest-growing cities in the U.S. (Lakeland ranked 18th in 2024), the Goodyear and Tom Watson Portfolio stands out with significant rental upside and a projected 24% increase in effective gross income (EGI) through Stabilizing both the Utility Reimbursement Program and Increasing Rents to Suggested Market Rents. Monthly rental income could increase by $185+ when compared to similar properties in the area. The portfolio's location offers excellent connectivity, just 15 minutes from Lakeland Linder International Airport, and within close proximity to top employers such as Publix, Lakeland Regional Health, Amazon, and Geico. With Southeastern University and Florida Southern College nearby, this property also provides a steady stream of potential student tenants. Don't miss out on this exceptional investment opportunity in a thriving market.

FOR SALE DETAILS

PRICE

$7,000,000 USD

PRICE/SF

$187 USD /SF

# OF UNITS

44

PRICE/UNIT

$159,091

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Goodyear & Tom Watson Portfolio

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1984

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.19 AC

LAND SF

138,956 SF

ZONING

-

APN/PARCEL ID

24-28-27-243542-000050

ASK ABOUT THIS PROPERTY

Mark SavareseFranklin StreetMore Info
813-577-3837

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Mark SavareseFranklin StreetMore Info
813-577-3837

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.