Lakefront Duplex With Guest
For Sale
$299,990
1120 S SCENIC HIGHWAY, Lake Wales, FL 33853
Two separate living spaces offer flexible use beside Lake Belle, with updated systems and direct water frontage.
Property Size1,149 SF
Price / SF$261.09
Days on Market58
Property Features for 1120 S SCENIC HIGHWAY
General Information
Standard status
Active
Size
1,149 SF
Property subtype
Duplex
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
screened-in front porch
Building Details
Year Built
1945
Buildings
2
Listing Agency:
KELLER WILLIAMS REALTY SMART 1
(863) 508-3000
Listed By:
David Small · License #3319175
(407) 601-8351
Source:
Endlesssummerrealty
Added: Aug 20
Changed: Oct 15
Last Checked: Oct 14 at 11:47PM
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
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Investment Insights
Based on property information with market context.
Classified as a duplex, this Lake Belle property includes a three-bedroom, two-bath main residence and a detached one-bedroom, one-bath guest house with its own kitchen. The primary home retains original hardwood floors, wood-paneled walls, exposed timber ceilings, a screened front porch, and a Jack-and-Jill bathroom. The guest house has refreshed flooring, an updated bathroom, and a mini-split installed in 2022.
Major improvements include complete replumbing, updated electrical service, and a 2021 roof on the main home. Public water serves the property, which also has separate septic systems for the main residence, guest house, and camping area, plus another septic system near the shed. A circular driveway provides access to both structures. Direct Lake Belle frontage, mature trees, and water views define the outdoor setting, while the location along S Scenic Highway offers access to downtown Lake Wales, shopping, dining, Bok Tower Gardens, nature trails, and Central Florida roadways.
The property was built in 1945 and includes a camper that is not part of the sale.
Major improvements include complete replumbing, updated electrical service, and a 2021 roof on the main home. Public water serves the property, which also has separate septic systems for the main residence, guest house, and camping area, plus another septic system near the shed. A circular driveway provides access to both structures. Direct Lake Belle frontage, mature trees, and water views define the outdoor setting, while the location along S Scenic Highway offers access to downtown Lake Wales, shopping, dining, Bok Tower Gardens, nature trails, and Central Florida roadways.
The property was built in 1945 and includes a camper that is not part of the sale.
Key Highlights
- Three‑bedroom, two‑bath main home with a detached one‑bedroom, one‑bath guest house
- Guest house includes its own kitchen, refreshed flooring, updated bathroom, and a mini‑split installed in 2022
- Main home has complete replumbing, updated electrical, and a 2021 roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,183
Cap Rate
4.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$243,660
$243.7K
Cap Rate 7%
$174,043
$174.0K
Cap Rate 9%
$135,367
$135.4K
Market Conditions
NOI Build-Up for 1,149 SF
Gross rent
$18.6K $16.20/SF
− Vacancy
−$1.2K −$1.05/SF
EGI
$17.4K $15.15/SF
− OpEx
−$5.2K −$4.54/SF
NOI
$12.2K $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 Rate 5%
$243,660
Cap Rate 7%
$174,043
Cap Rate 9%
$135,367
Alternative Uses
Best Use
Multifamily LT 5
$174.0K
$152.3K – $203.1K
NOI $12,183 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$155.5K
$136.0K – $181.4K
NOI $10,883 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$276.1K
$241.6K – $322.1K
NOI $19,328 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate living spaces offer flexible use beside Lake Belle, with updated systems and direct water frontage.
Where is this duplex located?
The property is located at 1120 S SCENIC HIGHWAY Lake Wales, FL.
What is the asking price?
The asking price for this property is $299,990.
What are key features of this property?
This property features: Three‑bedroom, two‑bath main home with a detached one‑bedroom, one‑bath guest house; Guest house includes its own kitchen, refreshed flooring, updated bathroom, and a mini‑split installed in 2022; Main home has complete replumbing, updated electrical, and a 2021 roof
