Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Residential Land in Sun N Lakes Title is generated by Realmo AI

    507 Dreamland DRIVE, Lake Placid, FL 33852

    View on Map
    Claim this Listing
    Picture of Land at 507 Dreamland DRIVE, Lake Placid, FL
    For Sale
    Contact for pricing

    Land - LAKE PLACID, FL

    Lot size:
    0.24 Acres
    Added:
    Sep 12, 2018
    Days on Market:
    2820
    Last Refresh:
    Jun 1 at 5:06 am

    Property Features for 507 Dreamland DRIVE

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-1 Single Family Dwellin
    Standard status
    Active
    APN
    C 22 37 30 160 1670 0120
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2021
    Tax Annual Amount
    47.21

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Frank Falbo
    Frank Falbo

    Listing agent Frank Falbo License #3078460

    Listing office PLATINUM HOMES AND LAND REALTY 1701 NE 42nd Ave Suite 201, Ocala, FL

    Listing date Sep 12, 2018

    MLS# OM543118 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

    • Vacant land in the desirable Sun N Lakes area.
    • Owner financing available.
    • Opportunity to build a custom home.
    • Land values are increasing.
    • Affordably priced.
    • Located at coordinates: [-81.31372,27.254938].

    Overview

    This vacant land is located in the Sun N Lakes area of Lake Placid, Florida. The lot is zoned R-1 Single Family Dwelling and offers an opportunity to build a home. The lot size is 0.24 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Hotel & Motel HVAC Service Bar & Pub Garden Center Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Placid
    County
    Highlands
    State
    Florida
    Longitude
    -81.3136924
    Latitude
    27.2549636

    Nearby Similar for Sale

    • $850,000
      1,400 SF

      Prime Industrial Land in Lake Placid

      Almost 1.5 acres of industrial land for sale.
      204 Christine NW St, Lake Placid, FL 33852
      View Details
    • $20,000

      Commercial Lot in Growing Community

      B1-zoned commercial lot near businesses and golf course.
      784 WASHINGTON BOULEVARD NE, LAKE PLACID, FL 33852
      View Details
    • $1,500,000
      12,420 SF

      Prime Retail Space on US 27

      High-visibility retail space with strong traffic and established retail presence.
      417 US 27 Highway S, Lake Placid, FL 33852
      View Details
    • $235,000
      1,928 SF

      Duplex in Placid Lakes Community

      Full duplex with two bedrooms and two bathrooms per unit.
      608 Jupiter Avenue NW, Lake Placid, FL 33852
      View Details
    • $799,900
      3,919 SF

      Lake Placid Multi-Unit Home

      Spacious, furnished 6-bedroom duplex with lake views and rental potential.
      3389 Placid View Dr, Lake Placid, FL 33852
      View Details
    • $50,000

      Spacious Residential Lot Near Town

      Half-acre lot near Lake Placid, utilities available, residential zoning.
      106 Taylor Street, Lake Placid, FL 33852
      View Details
    • $249,500

      Lake Placid Duplex Investment Opportunity

      Two income-producing units in a growing Lake Placid community.
      573 Vanguard Avenue NW, Lake Placid, FL 33852
      View Details
    • $249,500

      Income-Producing Duplex in Lake Placid

      Duplex in growing Lake Placid, priced to sell!
      581 Vanguard Avenue NW, Lake Placid, FL 33852
      View Details
    • $55,000

      Land in Active Resort Community

      Land suitable for RV or home in Lake Placid, Florida.
      55 Oak Ridge Cir, Lake Placid, FL 33852
      View Details
    • $235,000

      Lake Placid Duplex Opportunity

      Full duplex in Placid Lakes, ideal for owner-occupant or investor.
      608 Jupiter Avenue NW, Lake Placid, FL 33852
      View Details
    • $65,000

      RV/Home Lot in Resort

      Resort lot suitable for RV or home with amenities.
      61 Beachfront Ln, Lake Placid, FL 33852
      View Details
    • $210,000
      1,568 SF

      Lake Placid Income-Producing Duplex

      Income-producing duplex with new roof in Lake Placid, Florida.
      139 Serenity Ave, Lake Placid, FL 33852
      View Details

    FAQs

    What type of property is this?
    Land - Vacant land in Sun N Lakes area, Lake Placid.
    Where is this land located?
    The property is located at 507 Dreamland DRIVE Lake Placid, FL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Vacant land in the desirable Sun N Lakes area.; Owner financing available.; Opportunity to build a custom home.
    (352) 565-7555
    We can help!
    Listing Contact
    Frank Falbo
    Frank Falbo
    Real Estate License ID: 3078460
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    507 Dreamland DRIVE, LAKE PLACID, FL 33852
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!