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 Market12
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
Source:
Endlesssummerrealty
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 30 at 5:49PM
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.
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 = 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
$12,183
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
4.06%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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?
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
