Triplex With Detached
26 W POLK AVENUE Lake Wales, FL 33853
26 W POLK AVENUE, Lake Wales, FL, 33853
$299,900
For Sale
$299,900
Three occupied rental units plus a detached 2-bedroom, 1-bath unit on an oversized lot in Lake Wales.
Property Size1,740 SF
Price / SF$172.36
Days on Market807
Property Features for 26 W POLK AVENUE
General Information
- Standard status
- Active
- Size
- 1,740 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1925
Listing agency
KELLER WILLIAMS REALTY SMART 1
(863) 224-6999
Listed by
Matt Mesimer · License #3333172
(863) 224-6999
Source
Exitrealty
Added: May 8, 2024 Updated: Jul 22 at 9:05AM Checked: Jul 23 at 3:59AM
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 for-sale triplex includes three occupied rental units and an additional detached unit on an oversized lot. The front unit offers 1 bedroom and 1 bathroom with nearly 500 living sq. ft., and the rear unit also provides 1 bedroom and 1 bathroom with nearly 500 living sq. ft. The third unit is a studio with roughly 400 living sq. ft. The detached unit contains 2 bedrooms and 1 bathroom and is just over 600 living sq. ft.
The property is located at 26 W Polk Avenue in Lake Wales, just minutes from downtown. All units are currently occupied, with total monthly rents of $3,995 and annual gross income of $47,940.
Overall, the mix of unit types—two 1-bedroom units, a studio, and the detached 2-bedroom unit—creates a straightforward residential income configuration under one ownership.
The property is located at 26 W Polk Avenue in Lake Wales, just minutes from downtown. All units are currently occupied, with total monthly rents of $3,995 and annual gross income of $47,940.
Overall, the mix of unit types—two 1-bedroom units, a studio, and the detached 2-bedroom unit—creates a straightforward residential income configuration under one ownership.
Key Highlights
- 1925‑built triplex with all units currently occupied
- Front unit: 1 bed / 1 bath with nearly 500 living SF
- Rear unit: 1 bed / 1 bath with nearly 500 living SF
Local Financial Insights For Multifamily LT 5
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 | $28.2k | $16.20 |
| − Vacancy | −$1.8k | −$1.05 |
| EGI | $26.4k | $15.15 |
| − OpEx | −$7.9k | −$4.54 |
| NOI | $18.4k | $10.60 |
1,740 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$263.6K
$230.6K – $307.5K
NOI $18,449 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$235.4K
$206.0K – $274.7K
NOI $16,481 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$418.1K
$365.9K – $487.8K
NOI $29,270 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Three occupied rental units plus a detached 2-bedroom, 1-bath unit on an oversized lot in Lake Wales.
Where is this quadplex located?
The property is located at 26 W POLK AVENUE Lake Wales, FL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1925‑built triplex with all units currently occupied; Front unit: 1 bed / 1 bath with nearly 500 living SF; Rear unit: 1 bed / 1 bath with nearly 500 living SF
