Lakefront Multi-Family Income
1854 HIGHLAND PARK DRIVE S, Lake Wales, FL 33898
Multi-Family 5+ - LAKE WALES, FL
Property size:
4,264 SFLot size:
0.99 AcresPrice / SF:
$187/SF- Added:
- Mar 19, 2024
- Days on Market:
- 802
- Last Refresh:
- May 29 at 10:06 am
Property Features for 1854 HIGHLAND PARK DRIVE S
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-2
- Bedrooms
- 6
- Rooms
- Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Pets allowed
- Yes
- Interior features
- Ceiling Fans(s), Living Room/Dining Room Combo, Split Bedroom
- Exterior features
- Paved, Outbuildings, Balcony, Rain Gutters, Storage
- Appliances
- Dryer, Range, Refrigerator
- Standard status
- Active
- APN
- 27-30-13-927000-000690
- Size
- 4,264 SF
- Lot size
- 0.99 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 12067
Utilities
- Heating system
- Baseboard, Electric (Heating)
- Cooling system
- Multi Units, Wall/Window Unit(s), Window Unit(s)
- Water front features
- Lake Front, Waterfront
- Water front
- 1
Building Details
- Year built
- 1923
- Number of units
- 6
- Flooring type
- Carpet, Tile, Tile - Ceramic, Wood
- Building materials
- Frame, Stucco
- Roof type
- Shingle
- Architectural style
- Other
- Additional Structures
- Outbuilding, Storage
Listing agent Dolores Vogel License #621090 (863) 632-5573
Listing office LEGACY REAL ESTATE CENTER INC 218 East Park Avenue, Lake Wales, FL (863) 676-0200
Listing date Mar 19, 2024
MLS# K4902471
Listing URL
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Lakefront property with 100 feet of frontage on Lake Easy, offering fishing and recreational opportunities.
- Income‑generating multi‑family property with 6 units currently producing approximately $6850 per month.
- Large one‑acre lot in the walkable, nostalgic neighborhood of Highland Park.
- Two 2‑bedroom/2‑bath lakefront units and two 1‑bedroom/1‑bath lakefront units.
- Most units have been recently updated.
- Located in a quaint village with a community park and mature landscaping.
Overview
This multi-family property offers a unique opportunity with 100 feet of frontage on Lake Easy. Situated on a 0.99-acre lot, the property contains 4264+ square feet. Located in Highland Park, the area features a community park and walkable streets. Access to Lake Easy allows for fishing and recreation. The property consists of six units. There are two downstairs 2-bedroom, 2-bath units with lakefront views, two upstairs 1-bedroom, 1-bath units with lakefront views, and two studio units without lakefront views. The property is zoned R-2. Most units have been recently updated, with only one unit needing to be refreshed upon tenant turnover. The property generates approximately $6850 in monthly income.
Local Financial Insights For Apartment 5plus
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 | $78.3k | $18.36 |
| − Vacancy | −$4.9k | −$1.14 |
| EGI | $73.4k | $17.22 |
| − OpEx | −$33.0k | −$7.75 |
| NOI | $40.4k | $9.47 |
4,264 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$577.0K
$504.9K – $673.1K
NOI $40,388 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$896.6K – $1.20M
NOI $71,727 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Map
- City
- Lake Wales
- County
- Polk
- State
- Florida
- Longitude
- -81.559336
- Latitude
- 27.865639
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Unique lakefront 6-unit income property in Highland Park, Florida.
Where is this apartment building located?
The property is located at 1854 HIGHLAND PARK DRIVE S Lake Wales, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Lakefront property with **100 feet of frontage on Lake Easy**, offering fishing and recreational opportunities.; Income‑generating multi‑family property with 6 units currently producing approximately $6850 per month.; Large one‑acre lot in the walkable, nostalgic neighborhood of Highland Park.
