Lakefront Six-Unit Multifamily
1854 HIGHLAND PARK Drive S Lake Wales, FL 33898
For Sale
$799,000
MULTI_FAMILY - LAKE WALES, FL
Property Size4,264 SF
Lot Size0.99 Acres
Price / SF$187.38
Days on Market860
Property Features for 1854 HIGHLAND PARK Drive S
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-2
- Bedrooms
- 6
- Bathrooms
- 8
- Rooms
- Bathroom 1, Bedroom 2, Bedroom 4, Dining Room, Bathroom 7, Bedroom 6, Bedroom 3, Bathroom 6, Bathroom 4, Bathroom 8, Bedroom 1, Bathroom 5, Bedroom 5, Bathroom 3, Bathroom 2
- Patio and Porch features
- Deck, Patio, Porch
- Pets allowed
- Yes
- Interior features
- Ceiling Fans(s), Living Room/Dining Room Combo, Split Bedroom
- Exterior features
- Outbuildings, Balcony, Rain Gutters, Storage
- Appliances
- Dryer, Electric Water Heater, Range, Range Hood, Refrigerator, Washer
- Standard status
- Active
- APN
- 27-30-13-927000-000690
- Size
- 4,264 SF
- Lot size
- 0.99 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- HIGHLAND PARK SUB PB 4 PG 70 S13 T30 R27 IN SEC 24 T30 R27 IN SEC 18 T30 R28 IN SEC 19 T30 R28 LOT 69 & ST SOUTH OF SAME & RIPARIAN RIGHTS
- Tax Annual Amount
- 12067
Utilities
- Utilities
- Cable Available
- Sewer type
- Septic Tank
- Heating system
- Baseboard, Electric (Heating)
- Cooling system
- Wall/Window Unit(s), Window Unit(s)
- Water source
- Private
- Water front features
- Lake Front
- Water front
- 1
Building Details
- Year built
- 1923
- Floors in Building
- 2
- Number of units
- 6
- Flooring type
- Wood, Tile - Ceramic, Carpet
- Building materials
- Stucco, Frame
- Roof type
- Shingle
- Additional Structures
- Storage, Outbuilding
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #BK621090
(863) 632-5573
Added: Mar 19, 2024
Changed: Jul 20
Last Checked: Jul 26 at 10:06PM
MLS# K4902471
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-unit multifamily income property offers a total of leased residential units with a unit mix consisting of two 2-bedroom/2-bath downstairs units, two upstairs 1-bedroom/1-bath units, and two studio units. The lakefront units include the two downstairs 2-bedroom/2-bath homes and the two upstairs 1-bedroom/1-bath homes, while the two studio units do not have lakefront views. The property includes approximately 100 feet of frontage on Lake Easy and is sited on an approximately one-acre lot, with access to the lake for fishing and recreation. Most units have been recently updated, with only one unit identified as needing refresh during a tenant turnover.
Zoned R-2, the property is located at 1854 Highland Park Drive S in Lake Wales, Florida, within Highland Park. The current lease status and stated total monthly income of approximately $6,850 are factors for buyers and brokers evaluating current cash flow and occupancy.
Tenants are distributed across the building as described above, with lakefront and non-lakefront configurations among the unit types.
Zoned R-2, the property is located at 1854 Highland Park Drive S in Lake Wales, Florida, within Highland Park. The current lease status and stated total monthly income of approximately $6,850 are factors for buyers and brokers evaluating current cash flow and occupancy.
Tenants are distributed across the building as described above, with lakefront and non-lakefront configurations among the unit types.
Key Highlights
- Lakefront 6‑unit multifamily with 100 ft of frontage on Lake Easy
- Approximately 4,660 SF property on a 1‑acre lot with lake access for fishing and recreation
- Unit mix: two 2BD/2BA downstairs lakefront units, two 1BD/1BA upstairs lakefront units, and two studio units (no lakefront views)
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $78.3k | $18.36 |
| − Vacancy | −$4.9k | −$1.14 |
| EGI | $73.4k | $17.22 |
| − OpEx | −$33.0k | −$7.75 |
| NOI | $40.4k | $9.47 |
4,264 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$577.0K
$504.9K – $673.1K
NOI $40,388 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$896.6K – $1.20M
NOI $71,727 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Six leased units with about 100 feet of frontage on Lake Easy, offering a mix of lakefront and non-lakefront homes.
Where is this apartment building located?
The property is located at 1854 HIGHLAND PARK Drive S Lake Wales, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Lakefront 6‑unit multifamily with 100 ft of frontage on Lake Easy; Approximately 4,660 SF property on a 1‑acre lot with lake access for fishing and recreation; Unit mix: two 2BD/2BA downstairs lakefront units, two 1BD/1BA upstairs lakefront units, and two studio units (no lakefront views)
