Date
Details
Price
Change
Source
3/05/2026
Listed
$314,900
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
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1/22
$314,900 Sale Pending
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1/22
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.
Full Property Details
Full Property Details for 281 & 283 Leelon Rd
General
- Price: $314,900
- Taxes: $3,709 (2025)
- Status: Pending
- Type: Duplex
- Source: MidFloridaRegionalMLS
- MLS ID: L4959798
- Updated: 3/13/2026
- Added to Site: 30 day(s) ago
Rental Information
- Lease/Rent Term: 12 Months
Interior
- Interior Features: Thermostat
- Appliances: Dishwasher, Electric Water Heater, Range, Range Hood, Refrigerator
- Furnishings: Unfurnished
Rooms
Bathrooms
- Total Bathrooms: 2
Bedrooms
- Total Bedrooms: 4
Other Rooms
- Laundry: Laundry Closet
Exterior
- Exterior Features: Fenced, Private Yard, Storage
Parking
- Parking Features: Driveway
Location
- Area: 33809 - Lakeland / Polk City
- County: Polk
- Development Name: 33809 - Lakeland / Polk City
- Subdivision: LAKE GIBSON VILLAS PH 02
- Driving Directions: From I-4: Take Exit 32 (US-98 N). Head north on US-98 N for approximately 4 miles. Turn right onto Marcum Rd. Continue to Old Polk City Rd and turn left. Turn right onto Leelon Rd. Property will be on the right. From Downtown Lakeland: Head north on Florida Ave (US-98 N). Continue approximately 5–6 miles. Turn right onto Marcum Rd. Turn left onto Old Polk City Rd, then right onto Leelon Rd. Property will be on the right. From US-98 N / Socrum Loop Area: Travel south on US-98 N. Turn left onto Marcum Rd. Turn left onto Old Polk City Rd. Turn right onto Leelon Rd. Property on right.
School Information
- Elementary School: Padgett Elem
- Middle School: Lake Gibson Middle/Junio
- High School: Lake Gibson High
Community
- Community Name: 33809 - Lakeland / Polk City
- Number of Pets: 2
- Pet Restrictions: Per landlord discression
Heating & Cooling
- Cooling Type: Central Air
- Heating Type: Electric
Utilities
- Sewer: Septic Tank
- Water: Public
- Utility Description: BB/HS Internet Available, Cable TV Available, Electricity Connected, Phone Available, Public, Water Connected
Structural Information
- # Buildings: 1
- Exterior Const.: Block
- Roof: Shingle
- Stories/Levels: One
- Square Feet: 1,842
- Sq. Ft. Source: Public Records
- Year Built: 1981
Lot Features
- Lot Size (Acres): 0.25
- Lot Size (Sq. Ft.): 10,890
- Lot Size: 10890
- Lot Dimensions: 33 x 165
- Street/Road Desc.: Asphalt
Financial Considerations
- Tax Amount: $3,709.92
- Tax Year: 2025
Disclosures and Reports
- Ownership: Fee Simple
- Special Conditions: None
- Legal Description: LAKE GIBSON VILLAS PHASE 2 PB 71 PG 25 LOT 3
- Flood Zone Info: X
- APN: 242719161330000030
- Property ID: 242719161330000030
Listed by Keller Williams Realty Smart
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— 281 & 283 Leelon Rd —
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Schools
Schools serving 281 & 283 Leelon Rd
School District:Polk County School District
| Name | Grades | Distance |
|---|---|---|
Edgar L. Padgett Elementary School 110 Leelon Road, Lakeland, FL 33809 | PK-5 | 0.3 mi |
Lake Gibson Senior High School 7007 North Socrum Loop Road, Lakeland, FL 33809 | 9-12 | 0.9 mi |
Lake Gibson Middle School 6901 North Socrum Loop Road, Lakeland, FL 33809 | 6-8 | 0.7 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 281 & 283 Leelon Rd
Estimate the Cost
Estimate the Cost for 281 & 283 Leelon Rd
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281 & 283 Leelon Road, Lakeland, FL 33809 (MLS# L4959798) is a Duplex property with 4 bedrooms and 0 full bathrooms. 281 & 283 Leelon Road is currently listed for $314,900 and was received on March 05, 2026. Want to learn more about 281 & 283 Leelon Road? Do you have questions about finding other Duplex real estate for sale in Lakeland? You can browse all Lakeland real estate or contact a Coldwell Banker agent to request more information.