Lakefront 6-Unit Income
1854 Highland Park Drive S #A-F, Lake Wales, FL 33898
For Sale
Contact for pricing
Lakefront 6-unit property on one acre in Highland Park.
Property Size4,264 SF
Lot Size1.00 Acre
Price / SF$170.03
Days on Market234
Property Features for 1854 Highland Park Drive S #A-F
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Occupancy
Building Details
Year Built
Stories
Units
Listing Agency:
Legacy Real Estate Center Inc
Listed By:
Dolores Vogel · License FL BK621090
(863) 632-5573
Source:
Crexi
Added: Mar 24
Changed: Oct 30
Last Checked: Nov 10 at 7:38AM
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 Legacy Real Estate Center Inc
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Investment Insights
Based on property information with market context.
This multifamily property offers a unique opportunity with 100 feet of frontage on Lake Easy and is situated on a one-acre lot. Located in Highland Park, the property is near a community park and walkable streets. The property includes two downstairs 2-bedroom, 2-bath lakefront units; two upstairs 1-bedroom, 1-bath lakefront units; and two studio units without lakefront views. The total square footage of the property is over 4660 square feet. Most of the units have been recently updated, with only one unit needing refreshing upon tenant turnover. The property provides access to Lake Easy for fishing and recreation. The property generates approximately $6850 in monthly income.
Key Highlights
- Lakefront property with 100 feet of frontage on Lake Easy.
- Six‑unit income property generating approximately $6850 monthly.
- Large one‑acre lot in Highland Park.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,838
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$836,760
$836.8K
Cap Rate 7%
$597,686
$597.7K
Cap Rate 9%
$464,867
$464.9K
Market Conditions
NOI Build-Up for 4,264 SF
Gross rent
$81.4K $19.08/SF
− Vacancy
−$5.3K −$1.24/SF
EGI
$76.1K $17.84/SF
− OpEx
−$34.2K −$8.03/SF
NOI
$41.8K $9.81/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$836,760
Cap Rate 7%
$597,686
Cap Rate 9%
$464,867
Alternative Uses
Best Use
Apartment 5plus
$597.7K
$523.0K – $697.3K
NOI $41,838 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$952.7K – $1.27M
NOI $76,214 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
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Business Placement
Demographics for 33898, FL
17,971
Population
10,080
Households
1.8
Avg Household Size
51
Median Age
17%
College-Educated
85%
High-School Grad
296.9 sq mi
ZIP Area
61
Density / Sq Mi
$54,778
Median Household Income
$32,414
Median Earnings
$1,122
Median Rent
$161,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Polk County, FL
Properties on Market for Apartment buildings in Polk County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Lakefront 6-unit property on one acre in Highland Park.
Where is this apartment building located?
The property is located at 1854 Highland Park Drive S #A-F Lake Wales, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Lakefront property with **100 feet of frontage on Lake Easy.**; Six‑unit income property generating approximately $6850 monthly.; Large one‑acre lot in Highland Park.
