183 Lake Morton Dr
- The iconic Wilsonian Building in downtown Lakeland at 183 Lake Morton Drive. Sale also includes 120 E Palmetto St., the adjoining property.
- 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.
- Current income is $106,740 per year, however most units are well under market rates. Conservatively, the proforma income could reach close to $300,000 + annually.
- Presently, there are 6 vacancies at the Wilsonian. The Palmetto house/duplex is also vacant.
- The Wilsonian is split into two wings, with 8 apartments in each.
- There are jalousie windows, original wood floors, some murphy beds, and original layouts in each unit.
- There is 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.
- Only 6 tenants are on current leases, expiring between Jan 2026-April 2026. All other tenants are on month to month leases.
- All units have their own electric meters, and central HVAC. Water, sewer and electric is provided by the City of Lakeland. Owner pays for water and sewer on one bill.
- 120 E Palmetto currently on septic tank.
- Lake Morton is home to many of Lakeland's iconic and beautiful swans, first brought here at the courtesy of Her Majesty Queen Elizabeth II, in the 1950's.
- In addition, Lake Morton hosts the annual Mayfaire by the Lake Arts Fair, held every Mother's Day weekend.
- Current rent roll available.
- ** Note - the property has code enforcement issues that are currently being work on by the City and Trustee. Brokers can provide specific details.
Property Description
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 within 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 in the flyer. Contact listing agents for more information.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,900,000 |
| No. of Units: | 16 |
| Year Built: | 1925 |
| Lot Size: | 0.51 Acres |
| Opportunity Zone: | No |
| Price per unit: | $118,750 |
| Property Website | Click Here |
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