Historic Mixed-Use Apartment
244 E PARK Avenue Lake Wales, FL 33853
For Sale
$1,650,000
MULTI_FAMILY - LAKE WALES, FL
Property Size8,480 SF
Lot Size0.12 Acres
Price / SF$194.58
Days on Market376
Property Features for 244 E PARK Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- C-1
- Bedrooms
- 6
- Bathrooms
- 10
- Rooms
- Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 7, Bedroom 6, Bedroom 3, Bathroom 6, Bathroom 4, Bathroom 8, Bathroom 10, Bedroom 1, Bathroom 9, Bathroom 5, Bedroom 5, Bathroom 3, Bathroom 2
- Parking features
- On Street
- Interior features
- Ceiling Fans(s), Elevator, High Ceilings, Walk-In Closet(s)
- Exterior features
- Lighting, Sidewalk
- Fireplace
- 1
- Accessibility
- Accessible Elevator Installed
- Appliances
- Dishwasher, Disposal, Dryer, Gas Water Heater, Microwave, Range, Refrigerator, Washer
- Standard status
- Active
- APN
- 27-30-01-883000-028020
- Size
- 8,480 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- LAKE WALES PB 1 PG 88A 88B S1&2 T30 R27 BLK 28 LOTS 2 & 3
- Tax Annual Amount
- 8697
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1915
- Number of units
- 6
- Flooring type
- Tile, Wood
- Building materials
- Brick
- Roof type
- Built-Up
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #BK621090
(863) 632-5573
Added: Jul 16, 2025
Changed: Jul 20
Last Checked: Jul 26 at 9:06PM
MLS# K4903012
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.
Built in 1915, this historic mixed-use building features two commercial suites on the first floor and four residential apartments on the upper level. The property totals approximately 8,480 square feet, and it sits on a 0.12-acre lot.
The listing notes that long-term tenants are in place for the downstairs commercial suites. The building is located in Lake Wales and is zoned C-1, supporting a downtown mixed-use setup.
As presented, the residential units include in-unit laundry and updated kitchens with appliances, while maintaining original hardwood flooring, high ceilings, and historic character in the apartments.
The listing notes that long-term tenants are in place for the downstairs commercial suites. The building is located in Lake Wales and is zoned C-1, supporting a downtown mixed-use setup.
As presented, the residential units include in-unit laundry and updated kitchens with appliances, while maintaining original hardwood flooring, high ceilings, and historic character in the apartments.
Key Highlights
- J.T. Rhodes Building built in 1915 with brick construction, tile and wood flooring, and high ceilings
- Mixed‑use downtown building with 2 commercial suites and 4 upstairs apartments
- Accessible elevator installed plus an elevator inside the building
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 | $155.7k | $18.36 |
| − Vacancy | −$9.7k | −$1.14 |
| EGI | $146.0k | $17.22 |
| − OpEx | −$65.7k | −$7.75 |
| NOI | $80.3k | $9.47 |
8,480 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,322 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,647 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Green Boppo Disposal ...
Corporate Office
Brian Harris Florida ...
Real Estate Agency
T & Z CLEANING ...
Hardware & Home Improvement
Shaw Hugh
Insurance Agency
FAQs
What type of property is this?
Apartment building - Built in 1915, the property includes two ground-floor commercial suites and four residential apartments.
Where is this apartment building located?
The property is located at 244 E PARK Avenue Lake Wales, FL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: J.T. Rhodes Building built in 1915 with brick construction, tile and wood flooring, and high ceilings; Mixed‑use downtown building with 2 commercial suites and 4 upstairs apartments; Accessible elevator installed plus an elevator inside the building
