Duplex with Balcony Under
For Sale
$380,000
Pending
315 DORSETT Avenue, Lake Wales, FL 33853
MULTI_FAMILY - LAKE WALES, FL
Property Size1,672 SF
Lot Size0.15 Acres
Days on Market331
Property Features for 315 DORSETT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
IND
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 6, Bedroom 7, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 7, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 5, Bathroom 6, Bedroom 1
Interior features
Ceiling Fans(s), Open Floorplan
Exterior features
Balcony
Subdivision
THULBERRYS SECOND SUB
Directions
Drive west on West Central Ave. Right to North Walker St. Right to Dorsett Ave. Property is on the right.
Standard status
Pending
APN
27-30-02-899000-008100
Size
1,672 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
THULBERRYS SECOND SUB PB 24 PG 21 BLK 8 LOT 10
Tax Annual Amount
2000
Legal Description
THULBERRYS SECOND SUB PB 24 PG 21 BLK 8 LOT 10
Utilities
Utilities
Cable Available
Sewer type
Private Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Number of units
2
Building materials
Block
Roof type
Shingle
Listing Agency:
BEYCOME OF FLORIDA LLC
(804) 656-5007
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Added: Sep 17, 2025
Changed: Aug 10
Last Checked: Aug 13 at 5:06AM
MLS# O6344998
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.
Under construction duplex at 315 DORSETT Avenue in Lake Wales, FL. The plan includes a spacious 3-bedroom, 2-bath single-family home alongside a 2-bedroom, 1-bath accessory dwelling unit. Estimated completion is January 2026, with Year Built listed as 2025. Interior features include an open floorplan and ceiling fans. Exterior features include a balcony.
The property is built with block construction and a shingle roof, heated with natural gas and cooled with central air. Utilities include cable available, with public water and private sewer. The lot size is 0.15 acres, and the property size is 1,672 square feet, zoned IND in Polk County.
The property is built with block construction and a shingle roof, heated with natural gas and cooled with central air. Utilities include cable available, with public water and private sewer. The lot size is 0.15 acres, and the property size is 1,672 square feet, zoned IND in Polk County.
Key Highlights
- Zoned IND duplex under construction, with estimated completion January 2026
- Planned layout includes a 3‑bedroom, 2‑bath home plus a 2‑bedroom, 1‑bath accessory dwelling unit
- 0.15‑acre lot and 1,672 square feet total property size
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
$17,728
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
4.67%
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%
$354,560
$354.6K
Cap Rate 7%
$253,257
$253.3K
Cap Rate 9%
$196,978
$197.0K
Market Conditions
NOI Build-Up for 1,672 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
$27.1K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$25.3K $15.15/SF
− OpEx
−$7.6K −$4.54/SF
NOI
$17.7K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$354,560
Cap Rate 7%
$253,257
Cap Rate 9%
$196,978
Alternative Uses
Best Use
Multifamily LT 5
$253.3K
$221.6K – $295.5K
NOI $17,728 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$226.2K
$198.0K – $264.0K
NOI $15,837 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$401.8K
$351.6K – $468.8K
NOI $28,126 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Under-construction duplex zoned IND with block construction, natural gas heat, central air, and a balcony.
Where is this duplex located?
The property is located at 315 DORSETT Avenue Lake Wales, FL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Zoned IND duplex under construction, with estimated completion January 2026; Planned layout includes a 3‑bedroom, 2‑bath home plus a 2‑bedroom, 1‑bath accessory dwelling unit; 0.15‑acre lot and 1,672 square feet total property size
