11-Unit Apartment
For Sale
$749,000
315 RIDGE MANOR Drive, Lake Wales, FL 33853
Residential Income, LAKE WALES, FL
Property Size5,030 SF
Lot Size0.79 Acres
Price / SF$148.91
Days on Market175
Property Features for 315 RIDGE MANOR Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-2
Bedrooms
6
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 5, Bathroom 7, Bathroom 1, Bathroom 11, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 6, Bedroom 6, Bathroom 8, Bathroom 12, Bathroom 9, Bathroom 3, Bathroom 10, Bedroom 4, Bathroom 4, Bedroom 5
Patio and Porch features
Patio, Porch
Interior features
Window Treatments
Exterior features
Storage
Fireplace
1
Subdivision
RIDGE MANOR
Directions
From Hwy 27 travel south to Lake Wales, turn east onto Central Ave, turn right onto First Street, turn left onto Ridge Manor Drive, property is on the corner of Exmor and Ridge Manor Drive.
Standard status
Active
APN
27-30-11-916000-011040
Size
5,030 SF
Lot size
0.79 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RIDGE MANOR SECOND UNIT PB 19 PG 16 BLK 11 LOTS 4 THRU 6 & PT OF LOT 7 DESC AS: BEG SE COR NLY TO NE COR W 30 FT SLY 151.95 FT TO POB
Tax Annual Amount
9928
Legal Description
RIDGE MANOR SECOND UNIT PB 19 PG 16 BLK 11 LOTS 4 THRU 6 & PT OF LOT 7 DESC AS: BEG SE COR NLY TO NE COR W 30 FT SLY 151.95 FT TO POB
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Electric (Heating), Space Heater
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1926
Floors in Building
1
Number of units
11
Building materials
Stucco, Frame
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #BK621090
(863) 632-5573
Added: Mar 20
Changed: Sep 3
Last Checked: Sep 10 at 5:06AM
MLS# K4903360
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 11-unit apartment property encompasses 5,030 square feet on 0.79 acres and carries R-2 zoning. Built in 1926, the improvements feature stucco and frame construction, shingle roofing, patios, porches, storage, window treatments, and a fireplace. Cooling is provided by window or wall/window units, while heating includes electric systems and space heaters.
All 11 units are occupied under long-term leases. The property uses public water, a septic tank, and propane service. Recent work includes a new roof and a new septic drainfield. The property is located at 315 Ridge Manor Drive in Lake Wales, with access to schools, shopping, medical facilities, Hwy 27, and SR 60.
All 11 units are occupied under long-term leases. The property uses public water, a septic tank, and propane service. Recent work includes a new roof and a new septic drainfield. The property is located at 315 Ridge Manor Drive in Lake Wales, with access to schools, shopping, medical facilities, Hwy 27, and SR 60.
Key Highlights
- 11 units, all currently occupied with long‑term leases
- 5,030 square feet on 0.79 acres
- R‑2 zoning in Lake Wales, FL
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
$47,644
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
6.36%
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%
$952,880
$952.9K
Cap Rate 7%
$680,629
$680.6K
Cap Rate 9%
$529,378
$529.4K
Market Conditions
NOI Build-Up for 5,030 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
$92.4K $18.36/SF
− Vacancy
−$5.7K −$1.14/SF
EGI
$86.6K $17.22/SF
− OpEx
−$39.0K −$7.75/SF
NOI
$47.6K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /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%
$952,880
Cap Rate 7%
$680,629
Cap Rate 9%
$529,378
Alternative Uses
Best Use
Apartment 5plus
$680.6K
$595.6K – $794.1K
NOI $47,644 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,613 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
160
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-unit multifamily property with occupied units, long-term leases, and recent roof and septic drainfield improvements.
Where is this apartment building located?
The property is located at 315 RIDGE MANOR Drive Lake Wales, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 11 units, all currently occupied with long‑term leases; 5,030 square feet on 0.79 acres; R‑2 zoning in Lake Wales, FL
