8-Unit Apartment
New
For Sale
$1,424,999
701 KEEN, Frostproof, FL 33843
Month-to-month occupancy spans a main residence, four cottages, and a three-unit apartment building.
Property Size5,908 SF
Days on Market4
Property Features for 701 KEEN
General Information
Standard status
Active
Size
5,908 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,328
Building Details
Building Size
5,908 SF
Year Built
1971
Units
8
Listing Agency:
Smart Realty of Polk Inc dba Keller Williams Realty
Listed By:
John Carter · License #3093835
(863) 529-7488
Source:
Elliman
Added: Sep 18
Last Checked: Sep 20 at 7:37AM
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 Smart Realty of Polk Inc dba Keller Williams Realty
Investment Insights
Based on property information with market context.
This 8-unit apartment property combines a 3bd/2ba main residence, four 2bd/2ba A-frame cottages, and a separate apartment building with two 1bd/1ba units and one 2bd/1ba unit. The units are rented on a month-to-month basis. The main home, built in 2015, includes a metal roof, carport, two open porches, furnishings, and a washer and dryer. The cottages received new metal roofs in April 2025 and have new HVAC systems. The 2/1 apartment includes a large bonus room with loft and a private laundry room.
Set on nearly 4 acres, the property includes a screened-in saltwater pool, garden paths, shaded gathering areas, parking, two large sheds, six smaller storage sheds, a chicken coop with run, fruit trees, and a property-wide water softener system. An Internet tower, a Generac generator for the apartment building, and an RV 30-amp hookup are also present. The property is located near a public boat ramp serving Crooked Lake and is grandfathered under ARR zoning.
Set on nearly 4 acres, the property includes a screened-in saltwater pool, garden paths, shaded gathering areas, parking, two large sheds, six smaller storage sheds, a chicken coop with run, fruit trees, and a property-wide water softener system. An Internet tower, a Generac generator for the apartment building, and an RV 30-amp hookup are also present. The property is located near a public boat ramp serving Crooked Lake and is grandfathered under ARR zoning.
Key Highlights
- 8 total units: 3bd/2ba main residence, four 2bd/2ba cottages, and a three‑unit apartment building
- Nearly 4 acres with a screened‑in saltwater pool, garden paths, shaded gathering areas, and parking
- Four A‑frame cottages received new metal roofs in April 2025 and have new HVAC systems
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
$55,960
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
3.93%
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%
$1,119,200
$1.1M
Cap Rate 7%
$799,429
$799.4K
Cap Rate 9%
$621,778
$621.8K
Market Conditions
NOI Build-Up for 5,908 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
$108.5K $18.36/SF
− Vacancy
−$6.7K −$1.14/SF
EGI
$101.7K $17.22/SF
− OpEx
−$45.8K −$7.75/SF
NOI
$56.0K $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%
$1,119,200
Cap Rate 7%
$799,429
Cap Rate 9%
$621,778
Alternative Uses
Best Use
Apartment 5plus
$799.4K
$699.5K – $932.7K
NOI $55,960 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,382 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
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Business Placement
Demographics for 33843, FL
11,864
Population
5,930
Households
2
Avg Household Size
45
Median Age
15%
College-Educated
81%
High-School Grad
124.0 sq mi
ZIP Area
96
Density / Sq Mi
$51,358
Median Household Income
$28,857
Median Earnings
$864
Median Rent
$107,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Month-to-month occupancy spans a main residence, four cottages, and a three-unit apartment building.
Where is this apartment building located?
The property is located at 701 KEEN Frostproof, FL.
What is the asking price?
The asking price for this property is $1,424,999.
What are key features of this property?
This property features: 8 total units: 3bd/2ba main residence, four 2bd/2ba cottages, and a three‑unit apartment building; Nearly 4 acres with a screened‑in saltwater pool, garden paths, shaded gathering areas, and parking; Four A‑frame cottages received new metal roofs in April 2025 and have new HVAC systems
