Duplex Villa with Enclosed Back
For Sale
$165,000
3 Hillcrest Street, Lake Placid, FL 33852
Residential, Single Story, Lake Placid, FL
Property Size1,320 SF
Lot Size0.15 Acres
Price / SF$125
Days on Market126
Property Features for 3 Hillcrest Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
M1FUD
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1
Parking features
Garage
Pets allowed
Yes
Exterior features
Brick
Appliances
Dishwasher, Dryer, Microwave, Refrigerator(s), Stove(s) / Range(s) Oven(s), Washer
Directions
Take US 27 to Lake Francis Road. Follow around to the entrance of Covered Bridge. Go straight to Hillcrest Road, make left, house is first corner villa on right.
Standard status
Active
APN
C-15-36-29-060-0100-0220
Size
1,320 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
VENETIAN VILLAGE REVISED PB 11-PG 12 LOT 22 BLK 10
Tax Annual Amount
2322
HOA Fee
$336 Quarterly
Legal Description
VENETIAN VILLAGE REVISED PB 11-PG 12 LOT 22 BLK 10
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Amenities
pool
pickleball
tennis
shuffleboard
club house
Building Details
Year built
1979
Floors in Building
1
Flooring type
Tile, Carpet, Linoleum
Building materials
Brick, Concrete Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Pipal Group
(863) 659-1451
Listed By:
Donna Favata-Pollard · License #3628320
(954) 444-0249
Added: May 1
Changed: Aug 19
Last Checked: Sep 3 at 11:06AM
MLS# 325065
Copyright © 2026 Heartland Multiple Listing Service, Inc. 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.
Welcome to Covered Bridge, a 55+ community villa situated on a corner lot. The home offers two bedrooms and 1.5 bathrooms, with an in-unit washer and dryer and a one-car garage for secure parking and additional storage. A standout feature is the finished, enclosed back room, well suited for a home office, hobby space, or a year-round Florida room.
Constructed with brick and concrete block and supported by central electric heating and central air conditioning, the residence includes tile, linoleum, and carpet flooring and a shingle roof. Appliances include a dishwasher, microwave, refrigerator, and range/oven, providing a functional setup for everyday living.
The property sits on a 0.15-acre lot and totals 1,320 square feet. Covered Bridge is described as a well-maintained community with amenities including a pool, pickleball, tennis, shuffleboard, and clubhouse, along with trash pickup once a week and lawn mowing. The property is zoned M1FUD.
Constructed with brick and concrete block and supported by central electric heating and central air conditioning, the residence includes tile, linoleum, and carpet flooring and a shingle roof. Appliances include a dishwasher, microwave, refrigerator, and range/oven, providing a functional setup for everyday living.
The property sits on a 0.15-acre lot and totals 1,320 square feet. Covered Bridge is described as a well-maintained community with amenities including a pool, pickleball, tennis, shuffleboard, and clubhouse, along with trash pickup once a week and lawn mowing. The property is zoned M1FUD.
Key Highlights
- 0.15‑acre corner lot in the Covered Bridge 55+ community
- 1,320 SF villa with two bedrooms and 1.5 bathrooms
- Finished, enclosed back room for office, hobby space, or Florida room use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,079
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$221,580
$221.6K
Cap Rate 7%
$158,271
$158.3K
Cap Rate 9%
$123,100
$123.1K
Market Conditions
NOI Build-Up for 1,320 SF
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.
Gross rent
$21.4K $16.20/SF
− Vacancy
−$1.2K −$0.94/SF
EGI
$20.1K $15.26/SF
− OpEx
−$9.1K −$6.87/SF
NOI
$11.1K $8.39/SF
Area
Highlands County, FL
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$221,580
Cap Rate 7%
$158,271
Cap Rate 9%
$123,100
Alternative Uses
Best Use
Apartment 5plus
$158.3K
$138.5K – $184.7K
NOI $11,079 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$274.6K
$240.3K – $320.4K
NOI $19,223 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 33852, FL
21,635
Population
12,991
Households
1.7
Avg Household Size
55
Median Age
20%
College-Educated
85%
High-School Grad
293.4 sq mi
ZIP Area
74
Density / Sq Mi
$54,841
Median Household Income
$39,658
Median Earnings
$1,063
Median Rent
$205,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Two-bedroom, 1.5-bath villa on a corner lot with a one-car garage and an enclosed back room in a 55+ community.
Where is this single family property located?
The property is located at 3 Hillcrest Street Lake Placid, FL.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 0.15‑acre corner lot in the Covered Bridge 55+ community; 1,320 SF villa with two bedrooms and 1.5 bathrooms; Finished, enclosed back room for office, hobby space, or Florida room use
