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    701 Keen Rd Frostproof, FL 33843

    Sponsored
    For Sale
    $1,499,999

    Multi Family - FROSTPROOF, FL

    Property size:
    5,908 SF
    Lot size:
    3.95 Acres
    Days on Market:
    39
    Last Refresh:
    Feb 17 at 12:06 pm

    Property Features for 701 Keen Rd

    General Information

    Property type
    Residential Multi Family
    Standard status
    Active
    Zoning
    XX
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    15
    APN
    27-31-25-000000-031020
    Parking features
    Carport
    Pool private
    1
    Interior features
    Accessibility Features, Ceiling Fans(s)
    Exterior features
    Outbuildings, Private Mailbox, Pool
    Size
    5,908 SF
    Lot size
    3.95 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1971
    Number of units
    8
    Building materials
    Stucco, Vinyl Siding
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Mindy Russo
    Mindy Russo

    Smart Realty of Polk Inc dba Keller Williams Realty (863) 577-1234

    Listing agent Mindy Russo (863) 577-1234 License #3320423

    Listing date Jan 10, 2026

    MLS# L4955855 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.

    Learn more

    Property Insight Report

    Overview

    Income Property Near Crooked Lake

    This multi-unit income-producing property features a total of 8 units, currently rented on a month-to-month basis. Situated on nearly 4 acres, the property includes a 3-bedroom, 2-bathroom main residence, four 2-bedroom, 2-bathroom A-frame cottages, and a multi-unit apartment building with two 1-bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit. The grounds feature a screened-in saltwater pool, garden pathways, shaded gathering areas, and parking. A public boat ramp to Crooked Lake is nearby. Additional features include an Internet tower, a property-wide water softener system, a Generac generator for the apartment building, two large sheds, six smaller storage sheds, and a large chicken coop with run. Fruit trees include mango, starfruit, cherry, lemon, lychee, pomegranate, and banana. The main home, built in 2015, has a metal roof, carport, two open porches, and comes furnished including a washer and dryer. The A-frame cottages will have new metal roofs as of April 2025 and all new HVAC systems. The 2-bedroom, 1-bathroom apartment also has a bonus room with a loft and a private laundry room. There is also a RV 30 amp hook up with space for up to 9+ more RV pads. The property is suitable for short-term vacation rentals, wellness retreats, church camps, rehabilitation centers, RV expansion, corporate rentals, or multi-generational living. The property size is 5908 square feet and the lot size is 3.95 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Restaurant Gym & Fitness Center Hotel & Motel Skin Care Clinic Garden Center Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Frostproof
    County
    Polk
    State
    Florida
    Longitude
    -81.576057
    Latitude
    27.761988

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    FAQs

    What type of property is this?
    Apartment building - Multi-unit property with main residence, cottages, and apartment building.
    Where is this apartment building located?
    The property is located at 701 Keen Rd Frostproof, FL.
    What is the asking price?
    The asking price for this property is $1,499,999.
    What are key features of this property?
    This property features: - Multi-unit income property featuring 8 units: a 3bd/2ba main residence, four 2bd/2ba A-frame cottages, and an apartment building with two 1bd/1ba units and one 2bd/1ba unit, all currently rented month-to-month.; - Nearly 4 acres of land exuding old Florida charm, complete with a screened-in saltwater pool, garden pathways, and shaded gathering areas.; - Grandfathered under ARR zoning, offering potential for short-term rentals, retreats, RV expansion, or multi-generational living.
    (863) 812-1294
    Request Owner's contact information
    701 Keen Rd Frostproof, FL 33843
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    Frostproof, FL 33843
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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
    701 Keen Rd Frostproof, FL 33843
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    We can help!
    Listing Contact
    Mindy Russo
    Mindy Russo
    Real Estate License ID: 3320423
    (863) 812-1294 (863) 577-1234
    Learn more
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