Five-Unit Apartment
For Sale
$755,000
520 S Main Ave, Lake Placid, FL 33852
Well-maintained five-unit building with a mix of 3-, 2-, and 1-bedroom apartments.
Property Size2,572 SF
Days on Market83
Property Features for 520 S Main Ave
General Information
Standard status
Active
Size
2,572 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Cap Rate
7.3%
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,611
Building Details
Building Size
2,572 SF
Year Built
1982
Stories
1
Units
4
Listed By:
Kimberly Donato
(954) 605-4176
Source:
Elliman
Added: Jun 17
Changed: Aug 27
Last Checked: Sep 7 at 7:06AM
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 Kimberly Donato
Investment Insights
Based on property information with market context.
This well-maintained five-unit apartment building features a unit mix designed for broad tenant appeal, including one 3-bedroom/1-bath unit, two 2-bedroom/1-bath units, and two 1-bedroom/1-bath units. The property is currently 100% occupied, and the owner is self-managing operations. Tenants pay rent and submit maintenance requests online, supporting an efficient, low-touch management workflow. The exterior has been freshly painted, and the building is topped with a durable metal roof. Individual window A/C units are also in place.
The property is located at 520 S Main Avenue in Lake Placid, Florida.
Rents have been adjusted at renewal, and the offering materials include income and expense details available in the attached Offering Memorandum.
The property is located at 520 S Main Avenue in Lake Placid, Florida.
Rents have been adjusted at renewal, and the offering materials include income and expense details available in the attached Offering Memorandum.
Key Highlights
- Well‑maintained 5‑unit multifamily building built in 1982
- Unit mix includes one 3BD/1BA, two 2BD/1BA, and two 1BD/1BA apartments
- 100% occupied and income‑producing per attached offering memorandum (see Income/Expenses)
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
$21,587
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
2.86%
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%
$431,740
$431.7K
Cap Rate 7%
$308,386
$308.4K
Cap Rate 9%
$239,856
$239.9K
Market Conditions
NOI Build-Up for 2,572 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
$41.7K $16.20/SF
− Vacancy
−$2.4K −$0.94/SF
EGI
$39.2K $15.26/SF
− OpEx
−$17.7K −$6.87/SF
NOI
$21.6K $8.39/SF
Area
Highlands County, FL
Vacancy
5.80%
Lease Rate
$16.20 /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%
$431,740
Cap Rate 7%
$308,386
Cap Rate 9%
$239,856
Alternative Uses
Best Use
Apartment 5plus
$308.4K
$269.8K – $359.8K
NOI $21,587 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$535.1K
$468.2K – $624.3K
NOI $37,457 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 33852, FL
21,635
Population
12,991
Households
1.7
Avg Household Size
55
Median Age
20%
College-Educated
85%
High-School Grad
293.4 sq mi
ZIP Area
74
Density / Sq Mi
$54,841
Median Household Income
$39,658
Median Earnings
$1,063
Median Rent
$205,800
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 - Well-maintained five-unit building with a mix of 3-, 2-, and 1-bedroom apartments.
Where is this apartment building located?
The property is located at 520 S Main Ave Lake Placid, FL.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Well‑maintained 5‑unit multifamily building built in 1982; Unit mix includes one 3BD/1BA, two 2BD/1BA, and two 1BD/1BA apartments; 100% occupied and income‑producing per attached offering memorandum (see Income/Expenses)
