Lakefront Multi-Family Income
1854 HIGHLAND PARK DRIVE S Lake Wales, FL 33898
1854 HIGHLAND PARK DRIVE S, Lake Wales, FL, 33898
$799,000
For Sale
$799,000
Multi-Family 5+ - LAKE WALES, FL
Property Size4,264 SF
Lot Size0.99 Acres
Price / SF$187.38
Days on Market854
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 Agency
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
218 East Park Avenue, Lake Wales, FL
Listed by
Dolores Vogel · License #621090
(863) 632-5573
Added: Mar 19, 2024 Checked: Jul 20 at 11:06 am
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.
Investment Insights
Based on property information with market context.
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.
Key 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.
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 Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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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.
