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    Lake Alfred Duplex Investment Title is generated by Realmo AI

    515-525 W CUMMINGS STREET, Lake Alfred, FL 33850

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    Pending
    $225,000

    Duplex - LAKE ALFRED, FL

    Type:Duplex
    Property size:
    1,064 SF
    Lot size:
    0.16 Acres
    Added:
    Apr 17, 2026
    Days on Market:
    31
    Last Refresh:
    May 17 at 10:06 pm

    Property Features for 515-525 W CUMMINGS STREET

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Zoning
    R-1A
    Bedrooms
    2
    Rooms
    Bedroom 1, Bedroom 2
    Pets allowed
    Cats OK, Dogs OK, Yes
    Interior features
    Ceiling Fans(s), Eat-in Kitchen, Open Floorplan
    Exterior features
    Corner Lot, Private Entrance
    Fireplace
    1
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
    Standard status
    Pending
    APN
    26-27-32-503000-047045
    Size
    1,064 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3105.4

    Utilities

    Heating system
    Central, Fireplace(s)
    Cooling system
    Central Air

    Building Details

    Year built
    1938
    Number of units
    2
    Building materials
    Concrete
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Jenn Manzella
    Jenn Manzella

    Listing agent Jenn Manzella License #3383985

    Listing office FLORIDA REALTY MARKETPLACE 2850 Deer Creek Commerce Ln, Davenport, FL

    Listing date Apr 17, 2026

    MLS# P4938536 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

    • 2019 Roof and No HOA: Enjoy significant cost savings and freedom.
    • FHA/VA Loan Friendly: Expands buyer pool and simplifies financing.
    • Income‑Generating Potential: One unit leased through February 2027 provides immediate cash flow; second unit offers flexibility.
    • Separate Electric Meters: Minimizes expenses.
    • Proximity to Lakes and Parks: Close to Lake Swoope and Lake Alfred with boat ramps and recreational areas.
    • Convenient Location: Under 7 miles to I‑4 for easy access to Tampa, Orlando, Davenport, and Posner Park retail hub.

    Overview

    This duplex in Lake Alfred, Florida, presents an investment opportunity for both investors and owner-occupants. One unit is currently leased through February 28, 2027, while the second unit is on a month-to-month agreement, with the tenant open to signing a new lease. Both units feature separate electric meters. The seller covers water at an average cost of less than $75 per month. The property has a 2019 roof and is FHA/VA loan friendly. Situated on a 0.16-acre lot, the property offers 1,064 square feet of living space. The zoning is R-1A. With no HOA, there is room to bring your RV, boat, or trailer. Nearby outdoor amenities for Lake Swoope include a public boat ramp, boardwalk, and picnic areas. It is also less than 0.5 miles from Lions Park, which features a public boat ramp for Lake Alfred, a 700-acre freshwater lake. The property is under 7 miles to I-4 for easy access to Tampa, Orlando, and Davenport’s Posner Park, an 80-acre retail hub with shopping, restaurants, and entertainment, including Target, Petsmart, Dick's Sporting Goods, Best Buy, Hobby Lobby, HomeGoods, Michaels, Books-A-Million, BJ's Wholesale Club, and Cinepolis IMAX Theater.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $125.3K
    NOI $11,281 @ 9.00% cap · cautious / downside scenario
    Moderate
    $161.2K
    NOI $11,281 @ 7.00% cap · market / base-case scenario
    Aggressive
    $225.6K
    NOI $11,281 @ 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 $17.2k $16.20
    − Vacancy −$1.1k −$1.05
    EGI $16.1k $15.15
    − OpEx −$4.8k −$4.54
    NOI $11.3k $10.60
    1,064 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $161.2K
    $141.0K – $188.0K (±1% cap)
    NOI $11,281 @ 7.0% cap · market cap 5.01%
    Second Best
    Apartment 5plus
    $144.0K
    $126.0K – $168.0K (±1% cap)
    NOI $10,078 @ 7.0% cap · market cap 4.48%
    Theoretical Best
    Office A
    $255.7K
    $223.7K – $298.3K (±1% cap)
    NOI $17,898 @ 7.0% cap · market cap 7.95%
    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

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Skin Care Clinic Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Alfred
    County
    Polk
    State
    Florida
    Longitude
    -81.73575
    Latitude
    28.088275

    Nearby Similar for Sale

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    • $459,000
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      New Duplex with Rental Income

      New construction duplex in Lake Alfred with tenants in place.
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      New Duplex with Rental Income

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    FAQs

    What type of property is this?
    Duplex - Duplex with flexible lease terms and no HOA.
    Where is this duplex located?
    The property is located at 515-525 W CUMMINGS STREET Lake Alfred, FL.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: 2019 Roof and No HOA: Enjoy significant cost savings and freedom.; FHA/VA Loan Friendly: Expands buyer pool and simplifies financing.; Income‑Generating Potential: One unit leased through February 2027 provides immediate cash flow; second unit offers flexibility.
    (863) 866-0335
    We can help!
    Listing Contact
    Jenn Manzella
    Jenn Manzella
    Real Estate License ID: 3383985
    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.

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