501 Ellerbe Way, Lakeland, FL 33801

Charming & Updated Home in Lakeland! 501 Ellerbe Way, Lakeland, FL 33801

Discover this delightful single-family home, perfectly nestled in a tranquil Lakeland neighborhood. Built in 1965, this well-maintained residence offers 936 sqft of comfortable living space, featuring 2 comfortable bedrooms and 2 full bathrooms – an ideal layout for individuals, couples, or those looking for an efficient and updated home.

This property presents a fantastic opportunity for accessible homeownership in a desirable area. With an estimated refinance payment of approximately $1,304/mo, owning a piece of Lakeland real estate is well within reach. The home boasts several desirable features, including tile floors throughout for easy maintenance, a spacious living room and kitchen, and convenient washer & dryer hookups. The property also features a large yard, providing ample outdoor space.

Experience the Lakeland Lifestyle

Lakeland, located in Polk County, offers a dense suburban feel with a relaxed atmosphere. It’s known for its many parks and a blend of young professionals and retirees. Living at 501 Ellerbe Way gives you convenient access to:

• Numerous Lakes: Lakeland boasts 38 gorgeous lakes, offering scenic views and opportunities for outdoor enjoyment.
• Historic Charm: Explore downtown Lakeland with its beautifully preserved historic architecture, including the world’s largest one-site collection of Frank Lloyd Wright architecture at Florida Southern College.
• Arts & Culture: Discover diverse art at the Polk Museum of Art, enjoy live performances at the Polk Theatre, or visit the Florida Children’s Museum.
• Outdoor Activities: Spend time at Hollis Gardens, Circle B Bar Reserve (known for wildlife), or explore Colt Creek State Park.
• Convenient Location: Situated along I-4, Lakeland is approximately 45 minutes from Tampa and an hour from Orlando, offering easy access to major cities, theme parks, and Gulf Coast beaches. This specific location on Ellerbe Way is conveniently located across from a Publix that was in the process of being remodeled (as of a previous resident review).

The area around Ellerbe Way is described by residents with mixed reviews, some noting it’s generally quiet, while others mention traffic and noise. However, there’s a strong positive sentiment about pet care in the neighborhood. The home is assigned to Crystal Lake Elementary School (PK-5), Crystal Lake Middle School (6-8), and Tenoroc High School (9-12).

Investment Outlook

Priced at $175,500, this property offers a competitive price point in the Lakeland market. The overall Lakeland housing market is currently considered a “buyer’s market” by some sources (June 2025 data), with a median sale price around $323,356 (up 2.4% year-over-year). Specifically for 2-bedroom homes in Lakeland, the median price increased by 6.9% year-over-year to $235,000 in June 2025. This suggests that while the overall market may be seeing some buyer advantage, 2-bedroom properties are showing healthy appreciation. Homes in Lakeland are taking an average of 65 days to sell, and 56.7% of homes sold below asking price last month, indicating that there might be room for negotiation. The median home value for the 33801 zip code (where this home is located) is around $232,899, which is down 5.1% over the past year (as of May 2025), but the median sale price for this zip code was up 16.5% year-over-year to $300,450 in May 2025, showing mixed signals but generally indicating an active market.

This well-maintained home with recent updates, a good price point for its size, and a desirable location presents a solid opportunity for an owner-occupant or an investor.