Waterfront Apartment
For Sale
$849,000
1210 STATE 17 Road S, Dundee, FL 33838
Residential Income, DUNDEE, FL
Property Size3,792 SF
Lot Size1.32 Acres
Price / SF$223.89
Days on Market98
Property Features for 1210 STATE 17 Road S
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
12
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 8, Bedroom 9, Bedroom 7, Bathroom 8, Bedroom 12, Bedroom 1, Bedroom 6, Bathroom 2, Bedroom 11, Bathroom 5, Bedroom 3, Bathroom 6, Bathroom 1, Bathroom 9, Bedroom 4, Bedroom 10, Bathroom 7
Interior features
Ninguno
Fireplace
1
Subdivision
FLA HIGHLANDS CO SUB
View
Lake
Directions
Dundee, FL
Standard status
Active
APN
27-28-27-835520-000054
Size
3,792 SF
Lot size
1.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FLA HIGHLANDS CO SUB OR LAKE JOSEPHINE VILLA LOTS PB 1 PG 87 LOTS 5 & 6 PART DES AS COMM SE COR LOT 6 RUN N 17 DEG 30 MIN 04 SEC W 130 FT S 72 DEG 25 MIN 43 SEC W 228.25 FT FOR POB RUN S 72 DEG 25 MIN 43 SEC W 246.34 FT N 01 DEG 37 MIN 51 SEC W 75.4 FT N 06 DEG 33 MIN 10 SEC W 133.81 FT N 63 DEG 18 MIN 04 SEC E 201.42 FT TO R/W SELY ALONG R/W 63.96 FT S 03 DEG 22 MIN 20 SEC E 228.36 FT TO POB
Tax Annual Amount
14861
Legal Description
FLA HIGHLANDS CO SUB OR LAKE JOSEPHINE VILLA LOTS PB 1 PG 87 LOTS 5 & 6 PART DES AS COMM SE COR LOT 6 RUN N 17 DEG 30 MIN 04 SEC W 130 FT S 72 DEG 25 MIN 43 SEC W 228.25 FT FOR POB RUN S 72 DEG 25 MIN 43 SEC W 246.34 FT N 01 DEG 37 MIN 51 SEC W 75.4 FT N 06 DEG 33 MIN 10 SEC W 133.81 FT N 63 DEG 18 MIN 04 SEC E 201.42 FT TO R/W SELY ALONG R/W 63.96 FT S 03 DEG 22 MIN 20 SEC E 228.36 FT TO POB
Utilities
Sewer type
Septic Needed
Heating system
Electric (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Water front features
Lake Front
Water front
1
Building Details
Year built
1947
Building materials
Concrete, Frame
Roof type
Shingle
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Added: Jun 1
Changed: Sep 4
Last Checked: Sep 6 at 3:06AM
MLS# TB8514488
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Lake Josephine Apartments is a 9-unit multifamily property positioned along the shoreline of Lake Josephine in Dundee, Florida. The 3,792-square-foot asset includes three studios, three 1BR/1BA units, and three 2BR/1BA units. Built in 1947, the property includes electric heating, wall and window cooling units, a shingle roof, and a fireplace. One unit is identified as non-conforming.
The property occupies 1.32 acres and is served by public water, with septic service noted as needed. Landlord-paid utilities include electric, water, sewer, and trash. The waterfront setting and unit variety provide a clearly defined multifamily configuration, while the recorded unit mix supports a range of apartment layouts within the property.
The property occupies 1.32 acres and is served by public water, with septic service noted as needed. Landlord-paid utilities include electric, water, sewer, and trash. The waterfront setting and unit variety provide a clearly defined multifamily configuration, while the recorded unit mix supports a range of apartment layouts within the property.
Key Highlights
- 9‑unit apartment property on Lake Josephine shoreline
- Unit mix includes three studios, three 1BR/1BA, and three 2BR/1BA units
- 3,792 SF of property size on a 1.32‑acre lot
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
$35,918
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
4.23%
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%
$718,360
$718.4K
Cap Rate 7%
$513,114
$513.1K
Cap Rate 9%
$399,089
$399.1K
Market Conditions
NOI Build-Up for 3,792 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
$69.6K $18.36/SF
− Vacancy
−$4.3K −$1.14/SF
EGI
$65.3K $17.22/SF
− OpEx
−$29.4K −$7.75/SF
NOI
$35.9K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$718,360
Cap Rate 7%
$513,114
Cap Rate 9%
$399,089
Alternative Uses
Best Use
Apartment 5plus
$513.1K
$449.0K – $598.6K
NOI $35,918 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$911.3K
$797.4K – $1.06M
NOI $63,788 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 33838, FL
5,243
Population
2,162
Households
2.4
Avg Household Size
38
Median Age
9%
College-Educated
80%
High-School Grad
7.3 sq mi
ZIP Area
718
Density / Sq Mi
$44,514
Median Household Income
$28,286
Median Earnings
$1,600
Median Rent
$230,100
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?
Apartment building - Nine-unit multifamily property with lake frontage, varied floor plans, and a 1.32-acre setting in Dundee.
Where is this apartment building located?
The property is located at 1210 STATE 17 Road S Dundee, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 9‑unit apartment property on Lake Josephine shoreline; Unit mix includes three studios, three 1BR/1BA, and three 2BR/1BA units; 3,792 SF of property size on a 1.32‑acre lot
