Lakefront Six-Unit Apartment
For Sale
$799,000
1854 HIGHLAND PARK Drive S, Lake Wales, FL 33898
MULTI_FAMILY - LAKE WALES, FL
Property Size4,264 SF
Lot Size0.99 Acres
Price / SF$187.38
Days on Market878
Property Features for 1854 HIGHLAND PARK Drive S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Bedrooms
6
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bathroom 8, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 5, Bathroom 6, Bathroom 1, Bathroom 2, Bathroom 7, Dining Room
Patio and Porch features
Porch, Deck, Patio
Pets allowed
Yes
Interior features
Ceiling Fans(s), Living Room/Dining Room Combo, Split Bedroom
Exterior features
Outbuildings, Balcony, Rain Gutters, Storage
Appliances
Dryer, Electric Water Heater, Range, Range Hood, Refrigerator, Washer
Subdivision
HIGHLAND PARK SUB
Lot features
Gentle Sloping, In County, Landscaped, Street Dead- End, Paved
View
Lake, Water
Directions
From Lake Wales, travel south on Scenic Hwy, turn left into Village of Highland Park, road forks, stay right. Continue through neighborhood keeping right, property is on the right side of the road.
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 Description
HIGHLAND PARK SUB PB 4 PG 70 S13 T30 R27 IN SEC 24 T30 R27 IN SEC 18 T30 R28 IN SEC 19 T30 R28 LOT 69 & ST SOUTH OF SAME & RIPARIAN RIGHTS
Tax Annual Amount
12067
Legal Description
HIGHLAND PARK SUB PB 4 PG 70 S13 T30 R27 IN SEC 24 T30 R27 IN SEC 18 T30 R28 IN SEC 19 T30 R28 LOT 69 & ST SOUTH OF SAME & RIPARIAN RIGHTS
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Baseboard, Electric (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Private
Water front features
Lake Front
Water front
1
Building Details
Year built
1923
Floors in Building
2
Number of units
6
Flooring type
Tile - Ceramic, Carpet, Wood
Building materials
Stucco, Frame
Roof type
Shingle
Additional Structures
Outbuilding, Storage
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #BK621090
(863) 632-5573
Added: Mar 19, 2024
Changed: Aug 2
Last Checked: Aug 13 at 6:06AM
MLS# K4902471
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.
Lakefront six-unit apartment building on a 0.99-acre lot with approximately 100 feet of frontage on Lake Easy. The property is served by private water and a septic tank and was built in 1923 with a shingle roof. Building features include outbuildings, balconies, rain gutters, and additional storage.
All units have leases in place. The current unit mix includes two 2-bedroom/2-bath downstairs units (both lakefront), two upstairs 1-bedroom/1-bath units (both lakefront), and two studio units (no lakefront views). Interior features include ceiling fans and a mix of living room/dining room layouts, and the home is heated with electric baseboard heating and cooled with wall/window unit(s).
Outside and at the units, residents benefit from outdoor living spaces such as porches, decks, and patios, along with interior appliances including a refrigerator, range, range hood, washer, and dryer. The property also lists cable available service.
All units have leases in place. The current unit mix includes two 2-bedroom/2-bath downstairs units (both lakefront), two upstairs 1-bedroom/1-bath units (both lakefront), and two studio units (no lakefront views). Interior features include ceiling fans and a mix of living room/dining room layouts, and the home is heated with electric baseboard heating and cooled with wall/window unit(s).
Outside and at the units, residents benefit from outdoor living spaces such as porches, decks, and patios, along with interior appliances including a refrigerator, range, range hood, washer, and dryer. The property also lists cable available service.
Key Highlights
- Approximately 100 feet of frontage on Lake Easy
- 0.99‑acre lot with lakefront designation
- Zoned R‑2
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
Lease Details
6
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Lakefront six-unit property zoned R-2 with long-term leases in place and a private lot on Lake Easy.
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: Approximately 100 feet of frontage on Lake Easy; 0.99‑acre lot with lakefront designation; Zoned R‑2
