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183 Lake Morton Dr - Iconic Wilsonian Building-16 Units + Duplex 18 Unit Apartment Building Offered at $2,250,000 Lakeland, FL 33801
Investment Highlights
- The iconic Wilsonian Building in downtown Lakeland at 183 Lake Morton Drive. Sale also includes 120 E Palmetto St., the adjoining property.
- Current income is $106,740 per year, however most units are well under market rates. The proforma income could reach close to $300K
- Current rent roll available.
- 16 Units - (8) studios with den/1 bath and (8) 1 bed/1 bath in the Wilsonian Building and (2) 2 bed/1 bath units at Palmetto.
- Ample parking in the rear of the building. Carports are currently in place, however a re-vamp of the parking space would provide much more efficiency
- The adjacent 0.56 acre lot to the north is also for sale, please refer to the "Additional Lot" page. Contact listing agents for more information.
Executive Summary
We are delighted to present the iconic Wilsonian Building on prestigious Lake Morton in downtown Lakeland. Built in 1922 by Temples and Floyd Construction and designed by B.C. Bonfoey, it is one of the most recognizable properties in Lakeland. Its location on Lake Morton places it in the center of Lakeland’s vibrant downtown and along the city’s most heavily traveled walking and recreational areas.
Zoned O-1, City of Lakeland, the building is currently set up as two wings, with 8 apartments in each wing, 4 on each floor. There is a mix of (8) studios with den/ 1 bathroom and (8) 1 bedroom with den/ 1 bathroom. There are stairways on the east and west sides of the building. The building would greatly benefit from some cosmetic and structural upgrades. The next owner could bring this building back to its original glory and reputation as one of Lakeland's most desirable assets.
The sale also includes the adjoining property at 120 E. Palmetto St, located directly behind the Wilsonian. It's a former 2 story single family home converted into a duplex, with 2 x 2 bedroom /1 bath units. Until recently, the property had two tenants, however sits vacant currently.
The property is walking distance to downtown, and Lake Hollingsworth, Lakeland's 3 mile lake, known for its magnificent homes and trail path.
*The adjacent 0.56 acre lot to the north is also for sale, please refer to the "Additional Lot" page. Contact listing agents for more information.
Zoned O-1, City of Lakeland, the building is currently set up as two wings, with 8 apartments in each wing, 4 on each floor. There is a mix of (8) studios with den/ 1 bathroom and (8) 1 bedroom with den/ 1 bathroom. There are stairways on the east and west sides of the building. The building would greatly benefit from some cosmetic and structural upgrades. The next owner could bring this building back to its original glory and reputation as one of Lakeland's most desirable assets.
The sale also includes the adjoining property at 120 E. Palmetto St, located directly behind the Wilsonian. It's a former 2 story single family home converted into a duplex, with 2 x 2 bedroom /1 bath units. Until recently, the property had two tenants, however sits vacant currently.
The property is walking distance to downtown, and Lake Hollingsworth, Lakeland's 3 mile lake, known for its magnificent homes and trail path.
*The adjacent 0.56 acre lot to the north is also for sale, please refer to the "Additional Lot" page. Contact listing agents for more information.
Property Facts
| Price | $2,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Sale Condition | Deferred Maintenance | Building Size | 15,796 SF |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1925 |
| Zoning | O-1 - O-1, City of Lakeland is an office based classification which allows apartments. | ||
| Price | $2,250,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Sale Condition | Deferred Maintenance |
| No. Units | 18 |
| Property Type | Multifamily |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 15,796 SF |
| No. Stories | 2 |
| Year Built | 1925 |
| Zoning | O-1 - O-1, City of Lakeland is an office based classification which allows apartments. |
Walk Score®
Very Walkable (79)
Property Taxes
| Parcel Number | 24-28-19-235000-000072 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $479,555 |
Property Taxes
Parcel Number
24-28-19-235000-000072
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$479,555
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183 Lake Morton Dr - Iconic Wilsonian Building-16 Units + Duplex
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