Historic Multifamily Investment
428 E Johnson Ave Lake Wales, FL 33853
For Sale
$550,000
Two-story, six-unit property in Lake Wales, Florida.
Property Size4,408 SF
Price / SF$124.77
Days on Market241
Property Features for 428 E Johnson Ave
General Information
- Standard status
- Active
- Size
- 4,408 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1928
Listing Agency:
Lee & Associates Miami
(305) 484-4666
Listed By:
Michael Avendano · License #FL #SL3323947
(305) 484-4666
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Jul 6
Last Checked: Jul 25 at 3:15AM
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 Lee & Associates Miami
Investment Insights
Based on property information with market context.
Located at 428 E Johnson Ave, Lake Wales, FL 33853, this historic two-story multifamily property presents an investment opportunity. Constructed in 1928, the building spans 4,408 square feet and is situated on a 0.52-acre lot. The property features six units, each with one bedroom and one bathroom. Recent renovations have been initiated, offering value-add potential to maximize rental income. The property is located in Lake Wales, benefiting from proximity to local amenities and attractions. The area has a population of approximately 16,455 residents with a median age of 43.1 years. The location provides access to shopping centers, parks, and recreational facilities. The property is zoned R-1B and is close to the Historic Downtown District's shopping, dining, and cultural attractions. It is also near local amenities, parks, schools, and recreational facilities, making it ideal for investors seeking value-add opportunities.
Key Highlights
- Six spacious 1‑bedroom / 1‑bathroom units totaling 4,408 SF.
- Value‑add potential through further renovations to maximize rental income.
- Located in the heart of Lake Wales, close to historic downtown, shopping, dining, cultural attractions, parks, and schools.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $80.9k | $18.36 |
| − Vacancy | −$5.0k | −$1.14 |
| EGI | $75.9k | $17.22 |
| − OpEx | −$34.2k | −$7.75 |
| NOI | $41.8k | $9.47 |
4,408 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$596.5K
$521.9K – $695.9K
NOI $41,752 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$926.9K – $1.24M
NOI $74,150 @ 7.0% cap · market cap 13.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Two-story, six-unit property in Lake Wales, Florida.
Where is this apartment building located?
The property is located at 428 E Johnson Ave Lake Wales, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Six spacious 1‑bedroom / 1‑bathroom units totaling 4,408 SF.; Value‑add potential through further renovations to maximize rental income.; Located in the heart of Lake Wales, close to historic downtown, shopping, dining, cultural attractions, parks, and schools.
