Four-Unit Rental
For Sale
$397,000
1021 COHASSETT Ave, Lake Wales, FL 33853
Quadplex-style rental property with four income-producing units, with tenants paying their own electric and water.
Property Size2,188 SF
Days on Market50
Property Features for 1021 COHASSETT Ave
General Information
Standard status
Active
Size
2,188 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,811
Building Details
Building Size
2,188 SF
Year Built
1950
Listing Agency:
KELLER WILLIAMS REALTY SMART 1
(863) 206-8278
Listed By:
David Reyes · License #679127
(863) 206-8278
Source:
Elliman
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 11 at 11:50AM
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 KELLER WILLIAMS REALTY SMART 1
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes three apartment units and one detached cottage, each currently leased. The unit mix consists of a 3-bedroom unit and two 2-bedroom/1-bedroom configurations plus the detached cottage. According to the current information provided, monthly rents are $1,200 for the 3-bedroom unit and $850 per month for each of the other three leased units. Tenants are responsible for their own electric and water utilities, which can help reduce owner-paid operating expenses.
The property is located in Lake Wales just off State Road 60, an east-west corridor connecting Lake Wales with Lakeland and the broader Polk County market. It is also described as minutes from US Highway 27, with practical access to Lakeland and northbound routes toward Davenport, Interstate 4, Celebration, and Kissimmee.
For investors or buyers seeking a small, manageable rental setup, this quadplex offers a straightforward income structure with all four units under lease. The tenant-paid utilities model supports easier expense budgeting from the owner perspective, while the unit mix can appeal to renters across multiple household sizes.
The property is located in Lake Wales just off State Road 60, an east-west corridor connecting Lake Wales with Lakeland and the broader Polk County market. It is also described as minutes from US Highway 27, with practical access to Lakeland and northbound routes toward Davenport, Interstate 4, Celebration, and Kissimmee.
For investors or buyers seeking a small, manageable rental setup, this quadplex offers a straightforward income structure with all four units under lease. The tenant-paid utilities model supports easier expense budgeting from the owner perspective, while the unit mix can appeal to renters across multiple household sizes.
Key Highlights
- Four rental units (quadplex‑style) with one 3‑bedroom unit and three smaller units (2‑bedroom, 1‑bedroom, and a detached cottage).
- Current rents: 3‑bedroom $1,200/month; 2‑bedroom $850/month; 1‑bedroom $850/month; detached cottage $850/month.
- Year built: 1950.
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
$23,199
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
5.84%
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%
$463,980
$464.0K
Cap Rate 7%
$331,414
$331.4K
Cap Rate 9%
$257,767
$257.8K
Market Conditions
NOI Build-Up for 2,188 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
$35.4K $16.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$33.1K $15.15/SF
− OpEx
−$9.9K −$4.54/SF
NOI
$23.2K $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%
$463,980
Cap Rate 7%
$331,414
Cap Rate 9%
$257,767
Alternative Uses
Best Use
Multifamily LT 5
$331.4K
$290.0K – $386.7K
NOI $23,199 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$296.1K
$259.1K – $345.4K
NOI $20,725 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$525.8K
$460.1K – $613.4K
NOI $36,806 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
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?
Quadplex - Quadplex-style rental property with four income-producing units, with tenants paying their own electric and water.
Where is this quadplex located?
The property is located at 1021 COHASSETT Ave Lake Wales, FL.
What is the asking price?
The asking price for this property is $397,000.
What are key features of this property?
This property features: Four rental units (quadplex‑style) with one 3‑bedroom unit and three smaller units (2‑bedroom, 1‑bedroom, and a detached cottage).; Current rents: 3‑bedroom $1,200/month; 2‑bedroom $850/month; 1‑bedroom $850/month; detached cottage $850/month.; Year built: 1950.
