Remodeled 18-Unit Apartment
New
For Sale
$2,798,987
1000 S LAKE ANOKA Boulevard, Avon Park, FL 33825
Two-parcel property offers consistent two-bedroom layouts and private lanais.
Property Size17,280 SF
Price / SF$161.98
Days on Market4
Property Features for 1000 S LAKE ANOKA Boulevard
General Information
Standard status
Active
Size
17,280 SF
Property subtype
Commercial
Zoning
R2
Net Operating Income
$185,154
Property Condition
Severity
Repairs Needed
Evidence
little deferred maintenance
Units
Unit Mix
18 x 2BR/1.5BA
Multifamily Units
18
Additional Details
Cap Rate
6.62%
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$16,526
Amenities
private lanai
Central air
Metal Roof
Central Air Cooling
Ceramic Tile Flooring
Common
Free Parking
Heat Strip Heating
Laminate Flooring
Building Details
Year Built
1980
Listing Agency:
SOLUTIONS REALTY, LLC
Listed By:
CODY MAX BECKER · License #B26070131
Source:
Corcoran
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 10:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SOLUTIONS REALTY, LLC
Investment Insights
Based on property information with market context.
This apartment portfolio contains 18 units across two parcels, with 17,280 square feet of building area. Every residence follows a two-bedroom, one-and-a-half-bath layout and includes an oversized private lanai. The improvements have undergone extensive remodeling, and metal roofing is installed throughout. The property was developed in 1985 according to the public remarks, while the separate year-built record lists 1980; the conflicting construction dates are not relied upon here.
Located in Lake Anoka Village in Avon Park, the property is addressed at 1000 and 1001 S Lake Anoka Boulevard. The parcels measure 0.49 acres each, carry R2 zoning, and are served by city water and city sewer. Current operations reflect a 6.62% cap rate. The uniform floor plans, outdoor private areas, and centralized utility service provide a consistent physical configuration across the portfolio.
Located in Lake Anoka Village in Avon Park, the property is addressed at 1000 and 1001 S Lake Anoka Boulevard. The parcels measure 0.49 acres each, carry R2 zoning, and are served by city water and city sewer. Current operations reflect a 6.62% cap rate. The uniform floor plans, outdoor private areas, and centralized utility service provide a consistent physical configuration across the portfolio.
Key Highlights
- 18‑unit apartment portfolio spanning two 0.49‑acre parcels
- All units feature 2 bedrooms, 1.5 baths, and an oversized private lanai
- 17,280 SF of building area
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
$145,035
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
5.18%
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%
$2,900,700
$2.9M
Cap Rate 7%
$2,071,929
$2.1M
Cap Rate 9%
$1,611,500
$1.6M
Market Conditions
NOI Build-Up for 17,280 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
$279.9K $16.20/SF
− Vacancy
−$16.2K −$0.94/SF
EGI
$263.7K $15.26/SF
− OpEx
−$118.7K −$6.87/SF
NOI
$145.0K $8.39/SF
Area
Highlands County, FL
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,900,700
Cap Rate 7%
$2,071,929
Cap Rate 9%
$1,611,500
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.42M
NOI $145,035 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.60M
$3.15M – $4.19M
NOI $251,652 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 33825, FL
24,943
Population
12,519
Households
2
Avg Household Size
49
Median Age
13%
College-Educated
83%
High-School Grad
112.8 sq mi
ZIP Area
221
Density / Sq Mi
$46,604
Median Household Income
$32,352
Median Earnings
$902
Median Rent
$152,400
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?
Apartment building - Two-parcel property offers consistent two-bedroom layouts and private lanais.
Where is this apartment building located?
The property is located at 1000 S LAKE ANOKA Boulevard Avon Park, FL.
What is the asking price?
The asking price for this property is $2,798,987.
What are key features of this property?
This property features: 18‑unit apartment portfolio spanning two 0.49‑acre parcels; All units feature 2 bedrooms, 1.5 baths, and an oversized private lanai; 17,280 SF of building area
