Fully Rented Winter Haven
For Sale
$550,000
Pending
3023 SAINT PAUL Dr, Winter Haven, FL 33880
Income-producing quadplex with month-to-month tenancies and upside potential.
Property Size3,456 SF
Days on Market111
Property Features for 3023 SAINT PAUL Dr
General Information
Standard status
Pending
Size
3,456 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,541
Building Details
Building Size
3,456 SF
Year Built
1983
Units
4
Listing Agency:
KELLER WILLIAMS REALTY SMART 1
(863) 508-3000
Listed By:
Katherine Montana - De Jesus · License #SL3065860
(863) 508-3000
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Jul 23 at 10:53AM
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.
This fully rented quadplex offers immediate cash flow, with all four units currently occupied under month-to-month tenancies. Each unit features 2 bedrooms, 1 bathroom, a spacious living and dining room combination, a dedicated laundry room with washer and dryer hookups, and gas stoves and hot water heaters. The property provides flexibility for a new owner to increase rents to market value or renovate units for added equity and higher returns. The roof is 5 years old. The property has a bike score of 33, indicating it is somewhat bikeable, and a walk score of 18, indicating car dependence.
Key Highlights
- Fully rented quadplex providing immediate cash flow.
- Month‑to‑month tenancies offer flexibility to increase rents or renovate.
- Each unit has 2 bedrooms / 1 bathroom and dedicated laundry room with washer/dryer hookups.
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
$36,644
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
6.66%
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%
$732,880
$732.9K
Cap Rate 7%
$523,486
$523.5K
Cap Rate 9%
$407,156
$407.2K
Market Conditions
NOI Build-Up for 3,456 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
$56.0K $16.20/SF
− Vacancy
−$3.6K −$1.05/SF
EGI
$52.3K $15.15/SF
− OpEx
−$15.7K −$4.54/SF
NOI
$36.6K $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%
$732,880
Cap Rate 7%
$523,486
Cap Rate 9%
$407,156
Alternative Uses
Best Use
Multifamily LT 5
$523.5K
$458.1K – $610.7K
NOI $36,644 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$467.6K
$409.2K – $545.6K
NOI $32,735 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$830.5K
$726.7K – $968.9K
NOI $58,135 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
Business Placement
Demographics for 33880, FL
42,005
Population
17,055
Households
2.5
Avg Household Size
38
Median Age
17%
College-Educated
84%
High-School Grad
32.4 sq mi
ZIP Area
1,296
Density / Sq Mi
$56,803
Median Household Income
$35,051
Median Earnings
$1,128
Median Rent
$200,900
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?
Quadplex - Income-producing quadplex with month-to-month tenancies and upside potential.
Where is this quadplex located?
The property is located at 3023 SAINT PAUL Dr Winter Haven, 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: Fully rented quadplex providing immediate cash flow.; Month‑to‑month tenancies offer flexibility to increase rents or renovate.; Each unit has 2 bedrooms / 1 bathroom and dedicated laundry room with washer/dryer hookups.
