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    Renovated Duplex Investment Opportunity Title is generated by Realmo AI

    3220 COURTNEY DRIVE, Lake Wales, FL 33898

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    For Sale
    $349,000

    Duplex - LAKE WALES, FL

    Type:Duplex
    Property size:
    2,046 SF
    Lot size:
    0.51 Acres
    Price / SF:
    $170/SF
    Added:
    May 19, 2026
    Days on Market:
    4
    Last Refresh:
    May 21 at 11:06 pm

    Property Features for 3220 COURTNEY DRIVE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Bedrooms
    4
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Pets allowed
    Yes
    Interior features
    Ceiling Fans(s), Open Floorplan, Primary Bedroom Main Floor, Thermostat, Vaulted Ceiling(s), Walk-in Closet(s)
    Exterior features
    Fence, Private Mailbox
    Fencing
    Fenced
    Standard status
    Active
    APN
    28-29-17-937002-000280
    Size
    2,046 SF
    Lot size
    0.51 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3871.96
    Expense value
    92.540000915527
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Monthly

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1996
    Number of units
    2
    Building materials
    Stucco
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Eve McCullen

    Listing agent Eve McCullen License #3590605

    Listing office EXP REALTY LLC 10752 Deerwood Park Blvd., Suite 100, Jacksonville, FL

    Listing date May 19, 2026

    MLS# L4962002 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

    • Fully renovated duplex: Two units sold together as one income‑producing property.
    • Each unit features 2 bedrooms and 2 bathrooms, with 2,046 heated square feet.
    • One unit is vacant and move‑in ready, ideal for owner‑occupancy or immediate leasing.
    • The other unit is tenant‑occupied, providing immediate rental income.
    • Recent renovations provide attractive, low‑maintenance living spaces.
    • Built in 1996 with stucco construction and shingle roof.

    Overview

    This is an investment opportunity featuring a fully renovated duplex in Lake Wales. The property consists of two units, located at 3220 and 3224 Courtney Drive, being sold together as one income-producing property. Each unit offers 2 bedrooms and 2 bathrooms. The heated living space in each unit measures 2,046 square feet. Unit 3220 is currently vacant and move-in ready, suitable for either an owner-occupant or for leasing at current market rents. Unit 3224 is occupied by a month-to-month tenant, providing immediate rental income and flexibility for future adjustments. Both units have been recently renovated with updates throughout, creating attractive and low-maintenance living spaces. The property, situated on a lot of 0.51 acres, offers generous floor plans and strong rental potential, making it an excellent opportunity for investors and owner-occupants. This turnkey duplex is suitable to add to an investment portfolio.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $241.0K
    NOI $21,694 @ 9.00% cap · cautious / downside scenario
    Moderate
    $309.9K
    NOI $21,694 @ 7.00% cap · market / base-case scenario
    Aggressive
    $433.9K
    NOI $21,694 @ 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 Multifamily LT 5

    Component $ $/SF
    Gross rent $33.1k $16.20
    − Vacancy −$2.2k −$1.05
    EGI $31.0k $15.15
    − OpEx −$9.3k −$4.54
    NOI $21.7k $10.60
    2,046 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $309.9K
    $271.2K – $361.6K (±1% cap)
    NOI $21,694 @ 7.0% cap · market cap 6.22%
    Second Best
    Apartment 5plus
    $276.9K
    $242.3K – $323.0K (±1% cap)
    NOI $19,380 @ 7.0% cap · market cap 5.55%
    Theoretical Best
    Office A
    $491.7K
    $430.2K – $573.6K (±1% cap)
    NOI $34,417 @ 7.0% cap · market cap 9.86%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Big Box & Wholesale Store Hotel & Motel HVAC Service Electrical Service Furniture & Home Goods (Bike/Boat/Book/etc) Store Florist

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.536472
    Latitude
    27.954416

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    FAQs

    What type of property is this?
    Duplex - Fully renovated duplex in Lake Wales, ideal for investors.
    Where is this duplex located?
    The property is located at 3220 COURTNEY DRIVE Lake Wales, FL.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: Fully renovated duplex: Two units sold together as one income‑producing property.; Each unit features **2 bedrooms and 2 bathrooms**, with 2,046 heated square feet.; **One unit is vacant and move‑in ready**, ideal for owner‑occupancy or immediate leasing.
    (407) 756-0277
    We can help!
    Listing Contact
    Eve McCullen
    Real Estate License ID: 3590605
    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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