1619 Goodyear AveLakeland, FL 33801

Property Details for 1619 Goodyear Ave

Year built

1984

Lot size

3.19 AC

Property size (Sq ft)

37,516 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity encompasses a portfolio of two properties totaling 44 units in Lakeland, Florida. Strategically located less than 0.7 miles apart, at 1619 Goodyear Ave and 1308 Tom Watson Rd, the portfolio offers significant value-add potential. The properties boast 37,516 square feet across 18 buildings, all single-story structures built between 1977 and 1984, featuring durable concrete block construction, pitched roofs, and central HVAC systems. The unit mix is ideal, with 80% consisting of two-bedroom floorplans, each equipped with washer/dryer connections, promoting high occupancy and rental premiums. Significant rental upside exists, with a projected monthly increase of $185+ per unit compared to similar Lakeland properties. A 24% increase in Effective Gross Income (EGI) is achievable by stabilizing the utility reimbursement program and raising rents to market rates. Lakeland's robust growth (ranked 18th fastest-growing US city in 2024) and proximity to major employers like Publix, Lakeland Regional Health, Amazon, and Geico, along with nearby universities, ensures strong tenant demand. The 3.19-acre lot provides ample space, and the asking price is $7,000,000, translating to $186.59 per square foot and $159,090.91 per unit. This portfolio presents a compelling investment opportunity in a thriving market with substantial upside potential. The properties are conveniently located 15 minutes from Lakeland Linder International Airport.

Location Insight

City

Lakeland

County

Polk

State

Florida

Latitude

28.0233

Longitude

-81.9009

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