Newly Built
New
For Sale
$439,000
640 E GRAPEFRUIT Avenue, Lake Alfred, FL 33850
Residential Income, LAKE ALFRED, FL
Property Size1,836 SF
Lot Size0.17 Acres
Price / SF$239.11
Days on Market7
Property Features for 640 E GRAPEFRUIT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 2, Family Room
Window features
Blinds, Drapes, Window Treatments
Interior features
Ceiling Fans(s), Crown Molding, Eat-in Kitchen, High Ceilings, Kitchen/Family Room Combo, Open Floorplan, Primary Bedroom Main Floor, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Fence, Sidewalk
Fencing
Fenced
Fireplace
1
Appliances
Dishwasher, Dryer, Gas Water Heater, Microwave, Range, Refrigerator, Washer
Subdivision
HIGHLAND SUB
Directions
Lakeland east toward Auburndale/Lake Alfred using Hwy 92e. Connect on US 17/92to E Main St. Left N 3rd st right to Grapefruit Ave. Continue to 640 E Grapefruit Ave Lake Alfred FL
Standard status
Active
APN
26-27-28-493500-001130
Size
1,836 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIGHLAND SUB PB 4 PG 2 BLK A LOT 13
Tax Annual Amount
5987
Legal Description
HIGHLAND SUB PB 4 PG 2 BLK A LOT 13
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
Big Yard
Building Details
Year built
2023
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Listing Agency:
BOKORS CORNER REALTY LLC
(813) 708-2266
Listed By:
Sharon Bokor
(239) 989-7128
Added: Sep 3
Changed: Sep 9
Last Checked: Sep 9 at 8:06AM
MLS# R4911803
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.
Completed in 2023, this 1,836-square-foot duplex sits on a 0.17-acre lot and is zoned R-2. The interior includes ceramic tile flooring, high ceilings, crown molding, ceiling fans, an open floor plan, eat-in kitchen space, and a kitchen-family room combination. Each residence is represented in the room data with two bedrooms and two bathrooms, while the property also includes central heating and central air. Upgraded stainless steel appliances complement the kitchens, with a range, microwave, refrigerator, dishwasher, washer, and dryer included. The site has a fenced yard, sidewalk access, shingle roofing, block construction, public water, public sewer, and cable availability. An additional parcel is identified at 650 E Grapefruit Ave.
Key Highlights
- Built in 2023 with 1,836 square feet of property size
- 0.17‑acre lot zoned R‑2
- Duplex configuration with two bedrooms and two bathrooms per residence
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
$19,467
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
4.43%
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%
$389,340
$389.3K
Cap Rate 7%
$278,100
$278.1K
Cap Rate 9%
$216,300
$216.3K
Market Conditions
NOI Build-Up for 1,836 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
$29.7K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.8K $15.15/SF
− OpEx
−$8.3K −$4.54/SF
NOI
$19.5K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$389,340
Cap Rate 7%
$278,100
Cap Rate 9%
$216,300
Alternative Uses
Best Use
Multifamily LT 5
$278.1K
$243.3K – $324.5K
NOI $19,467 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$248.4K
$217.4K – $289.8K
NOI $17,390 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$441.2K
$386.1K – $514.7K
NOI $30,884 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 33850, FL
9,119
Population
4,947
Households
1.8
Avg Household Size
45
Median Age
24%
College-Educated
89%
High-School Grad
16.8 sq mi
ZIP Area
543
Density / Sq Mi
$53,877
Median Household Income
$36,563
Median Earnings
$1,072
Median Rent
$215,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with fenced outdoor space, upgraded appliances, and public water and sewer service.
Where is this duplex located?
The property is located at 640 E GRAPEFRUIT Avenue Lake Alfred, FL.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Built in 2023 with 1,836 square feet of property size; 0.17‑acre lot zoned R‑2; Duplex configuration with two bedrooms and two bathrooms per residence
