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    Income-Generating Multifamily Property in Lake Wales Title is generated by Realmo AI

    315 RIDGE MANOR DRIVE, Lake Wales, FL 33853

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    Claim this Listing
    Pending
    $799,000

    Quadruplex - LAKE WALES, FL

    Type:Quadruplex
    Property size:
    5,030 SF
    Lot size:
    0.79 Acres
    Added:
    Mar 20, 2026
    Days on Market:
    59
    Last Refresh:
    May 17 at 3:06 pm

    Property Features for 315 RIDGE MANOR DRIVE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Quadruplex
    Zoning
    R-2
    Bedrooms
    6
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Window Treatments
    Exterior features
    Storage
    Fireplace
    1
    Standard status
    Pending
    APN
    27-30-11-916000-011040
    Size
    5,030 SF
    Lot size
    0.79 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    9928

    Utilities

    Heating system
    Electric (Heating), Fireplace(s), Space Heater
    Cooling system
    Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1926
    Number of units
    11
    Building materials
    Frame, Stucco
    Roof type
    Shingle
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Dolores Vogel
    Dolores Vogel

    Listing agent Dolores Vogel License #621090

    Listing office LEGACY REAL ESTATE CENTER INC 218 East Park Avenue, Lake Wales, FL

    Listing date Mar 20, 2026

    MLS# K4903360 Listing URL

    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.

    HighLights

    • Immediate and stable income from 11 fully occupied units with long‑term leases.
    • Convenient location with easy access to schools, shopping, medical facilities, and major highways (Hwy 27 and SR 60).
    • Recent improvements: new roof and new septic drainfield.
    • Versatile mixed‑unit multifamily property designed to minimize vacancies.
    • Desirable rental location with easy commuting in all directions.
    • Durable stucco exterior and frame construction.

    Overview

    This multifamily property features a versatile unit mix designed to attract a wide range of tenants and minimize vacancies. All eleven units are currently occupied with long-term leases, providing immediate and stable income. The property is ideally located with convenient access to schools, shopping, medical facilities, and major travel routes including Hwy 27 and SR 60, offering tenants easy commuting options. Recent improvements include a new roof and a new septic drainfield. The property is located in Lake Wales, Florida, in Polk County. The lot size is 0.79 acres and the property size is 5030 square feet. The zoning is R-2. This property presents a solid, income-producing asset.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $529.4K
    NOI $47,644 @ 9.00% cap · cautious / downside scenario
    Moderate
    $680.6K
    NOI $47,644 @ 7.00% cap · market / base-case scenario
    Aggressive
    $952.9K
    NOI $47,644 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $92.4k $18.36
    − Vacancy −$5.7k −$1.14
    EGI $86.6k $17.22
    − OpEx −$39.0k −$7.75
    NOI $47.6k $9.47
    5,030 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $680.6K
    $595.6K – $794.1K (±1% cap)
    NOI $47,644 @ 7.0% cap · market cap 5.96%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.21M
    $1.06M – $1.41M (±1% cap)
    NOI $84,613 @ 7.0% cap · market cap 10.59%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    We Elderly Care Retirement Community

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.58503
    Latitude
    27.88577

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    FAQs

    What type of property is this?
    Apartment building - Eleven-unit multifamily property with long-term leases and convenient location.
    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 $799,000.
    What are key features of this property?
    This property features: Immediate and stable income from 11 fully occupied units with long‑term leases.; Convenient location with easy access to schools, shopping, medical facilities, and major highways (Hwy 27 and SR 60).; Recent improvements: new roof and new septic drainfield.
    (863) 632-5573
    We can help!
    Listing Contact
    Dolores Vogel
    Dolores Vogel
    Real Estate License ID: 621090
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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