Renovated Fourplex with Submetered
For Sale
$599,999
107 E NORTHSIDE DRIVE, Lake Wales, FL 33853
Two duplex structures provide four consistent two-bedroom, one-bath units with recently completed interior renovations.
Property Size2,496 SF
Price / SF$240.38
Days on Market584
Property Features for 107 E NORTHSIDE DRIVE
General Information
Standard status
Active
Size
2,496 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,998
Building Details
Year Built
1964
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Source:
Exitrealty
Added: Jan 28, 2025
Changed: Sep 2
Last Checked: Sep 2 at 7:56PM
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 FLORIDA REALTY INVESTMENTS
Investment Insights
Based on property information with market context.
This fourplex comprises two concrete-block duplex buildings with pitched shingle roofs and a combined 2,496 square feet. Each of the four units has a two-bedroom, one-bath layout, and all units were renovated within the last two years. The buildings date to 1964, while the roofs remain in good condition and are within their active life cycle.
Electricity and water are sub-metered, allowing tenants to handle their own utility costs. Water service is provided by the city, and trash service is included in the property taxes paid by the landlord. The property is located at 107 E Northside Drive in Lake Wales, Florida.
Electricity and water are sub-metered, allowing tenants to handle their own utility costs. Water service is provided by the city, and trash service is included in the property taxes paid by the landlord. The property is located at 107 E Northside Drive in Lake Wales, Florida.
Key Highlights
- Four units, each with a 2‑bedroom, 1‑bathroom layout
- All units renovated within the last two years
- Two concrete‑block duplex buildings with pitched shingle roofs
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
$26,465
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
4.41%
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%
$529,300
$529.3K
Cap Rate 7%
$378,071
$378.1K
Cap Rate 9%
$294,056
$294.1K
Market Conditions
NOI Build-Up for 2,496 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
$40.4K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.8K $15.15/SF
− OpEx
−$11.3K −$4.54/SF
NOI
$26.5K $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%
$529,300
Cap Rate 7%
$378,071
Cap Rate 9%
$294,056
Alternative Uses
Best Use
Multifamily LT 5
$378.1K
$330.8K – $441.1K
NOI $26,465 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$337.7K
$295.5K – $394.0K
NOI $23,642 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$599.8K
$524.8K – $699.8K
NOI $41,987 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
75
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two duplex structures provide four consistent two-bedroom, one-bath units with recently completed interior renovations.
Where is this quadplex located?
The property is located at 107 E NORTHSIDE DRIVE Lake Wales, FL.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Four units, each with a 2‑bedroom, 1‑bathroom layout; All units renovated within the last two years; Two concrete‑block duplex buildings with pitched shingle roofs
