Lakefront 6-Unit Income
For Sale
Contact for pricing
1854 Highland Park Drive S #A-F, Lake Wales, FL 33898
Lakefront 6-unit property on one acre in Highland Park.
Property Size4,264 SF
Lot Size1.00 Acre
Price / SF$187.38
Days on Market143
Property Features for 1854 Highland Park Drive S #A-F
General Information
Standard status
Active
Size
4,264 SF
Lot size
1.00 Acre
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Building Details
Year Built
1923
Stories
2
Units
6
Listing Agency:
Legacy Real Estate Center Inc
(863) 632-5573
Listed By:
Dolores Vogel · License #FL BK621090
Source:
Crexi
Added: Mar 24
Changed: Aug 10
Last Checked: Aug 12 at 2:41PM
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
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 = 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
$40,388
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
5.05%
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%
$807,760
$807.8K
Cap Rate 7%
$576,971
$577.0K
Cap Rate 9%
$448,756
$448.8K
Market Conditions
NOI Build-Up for 4,264 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
$78.3K $18.36/SF
− Vacancy
−$4.9K −$1.14/SF
EGI
$73.4K $17.22/SF
− OpEx
−$33.0K −$7.75/SF
NOI
$40.4K $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%
$807,760
Cap Rate 7%
$576,971
Cap Rate 9%
$448,756
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 $799,000.
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.
