Four-Unit Multifamily
For Sale
$486,460
303 E POLK AVENUE, Lake Wales, FL 33853
Residential income property with a primary house, detached unit, and two additional small homes.
Property Size3,669 SF
Price / SF$132.59
Days on Market846
Property Features for 303 E POLK AVENUE
General Information
Standard status
Active
Size
3,669 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 5BR/2BA, 1 x 1BR/2BA, 2 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$82,800
Taxes and HOA fees
Annual Taxes
$6,581
Building Details
Year Built
1925
Buildings
4
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
Changed: Aug 30
Last Checked: Aug 30 at 9:32PM
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 multifamily property includes a primary single-family residence, a detached one-bedroom, two-bathroom unit, and two additional one-bedroom, one-bathroom homes. The main residence contains nearly 2,300 living square feet, with five bedrooms and two bathrooms, and is currently used for student housing.
The property is located at 303 E Polk Avenue in Lake Wales, Florida, near downtown. Built in 1925, the configuration provides four separate residential structures with varied layouts, including the detached unit and two smaller homes. The source data identifies the overall property size as 3669.
The property is located at 303 E Polk Avenue in Lake Wales, Florida, near downtown. Built in 1925, the configuration provides four separate residential structures with varied layouts, including the detached unit and two smaller homes. The source data identifies the overall property size as 3669.
Key Highlights
- Four residential structures on one property
- Main house offers 5 bedrooms and 2 bathrooms
- Primary residence measures nearly 2,300 living sq. ft.
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
$34,752
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
7.14%
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%
$695,040
$695.0K
Cap Rate 7%
$496,457
$496.5K
Cap Rate 9%
$386,133
$386.1K
Market Conditions
NOI Build-Up for 3,669 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
$67.4K $18.36/SF
− Vacancy
−$4.2K −$1.14/SF
EGI
$63.2K $17.22/SF
− OpEx
−$28.4K −$7.75/SF
NOI
$34.8K $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%
$695,040
Cap Rate 7%
$496,457
Cap Rate 9%
$386,133
Alternative Uses
Best Use
Apartment 5plus
$496.5K
$434.4K – $579.2K
NOI $34,752 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$881.7K
$771.5K – $1.03M
NOI $61,718 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Residential income property with a primary house, detached unit, and two additional small homes.
Where is this multifamily property located?
The property is located at 303 E POLK AVENUE Lake Wales, FL.
What is the asking price?
The asking price for this property is $486,460.
What are key features of this property?
This property features: Four residential structures on one property; Main house offers 5 bedrooms and 2 bathrooms; Primary residence measures nearly 2,300 living sq. ft.
