281 & 283 LEELON ROAD at

281 & 283 LEELON ROAD

For sale Days on market 8

$314,900

$171/sq ft

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Overview

Bedroom

Year Built

1981

Sqft

1842

Property Type

Duplex

Property Description

Under contract-accepting backup offers. One or more photo(s) has been virtually staged. Income-producing full duplex in the desirable Lake Gibson area of Lakeland. No HOA. This solid block property was built in 1981 and offers two separate 2-bedroom, 1-bath units totaling 1,842 square feet of living space. Each unit is separately metered, and tenants pay their own utilities, helping keep operating costs lower for the owner. The property currently generates $2,550 per month ($30,600 annually) in rental income with tenants paying $1,265 and $1,285 per month. Based on current rents and typical operating assumptions, the property produces an estimated Net Operating Income of approximately $21,600 annually, representing an estimated cap rate near 6.9% at the current list price of $314,900. All financial figures are estimates and should be verified by buyer. Current rents appear slightly below market for similar 2-bedroom units in the area, which commonly rent in the $1,250–$1,350 range, providing potential upside as leases renew. Existing leases run through December 2026 and January 2027, offering stable near-term income. Several improvements have already been completed to help minimize near-term capital expenses. New windows and front doors were installed in April 2024, and a third nail for wind mitigation was added in June 2023. Unit 281 features a renovated kitchen with updated counters (2019) and new LVP bathroom flooring (2024). Unit 283 includes a newer dishwasher (2019) and a replaced AC unit in 2020. Situated on a 0.25-acre lot in unincorporated Polk County, the property is conveniently located near Lake Gibson, shopping, dining, and major commuter routes. With stable tenants, block construction, recent improvements, individual utility metering, and potential rent growth, this duplex presents a strong opportunity for investors seeking current income with long-term upside.

Property Details

MLS#

L4959798

Address

281 & 283 LEELON

City

Lakeland

State/county

Zip/Postal Code

33809

Area

Lake Gibson Villas Ph 02

Country

United States

HOA

Assoc Fee

$--

Assoc Fee Pd

Tax Amount

$3,709

Maint Fee

$--

Tax Year

2025

Dishwasher

Electric Water Heater

Range

Range Hood

Refrigerator

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