Lakefront 6-Unit Apartment
For Sale
$725,000
1854 HIGHLAND PARK S A-F, Lake Wales, FL 33898
Leased apartment property with varied unit layouts and Lake Easy frontage on a sizable residential parcel.
Property Size4,264 SF
Lot Size1.00 Acre
Price / SF$155.58
Days on Market51
Property Features for 1854 HIGHLAND PARK S A-F
General Information
Standard status
Active
Size
4,264 SF
Lot size
1.00 Acre
Property subtype
Investment
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
needing to be refreshed
Units
Unit Mix
2 x 2BR/2BA, 2 x 1BR/1BA, 2 x studio
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$12,067
Amenities
lakefront
Building Details
Building Size
4,264 SF
Year Built
1923
Units
6
Listing Agency:
LEGACY REAL ESTATE CENTER INC
Listed By:
Dolores Vogel · License #621090
(863) 632-5573
Source:
Elliman
Added: Aug 30
Changed: Oct 5
Last Checked: Oct 19 at 8:11AM
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.
Built in 1923, this 6-unit apartment property contains approximately 4,660+ square feet on a one-acre parcel with 100 feet of Lake Easy frontage. The configuration includes two downstairs 2-bedroom/2-bath apartments and two upstairs 1-bedroom/1-bath apartments, all with lake views, plus two studio units without lake views. Most apartments have received recent updates, while one unit remains suitable for refreshing after tenant turnover.
Leases are in place across the property. The address is in Lake Wales, Florida, within the Highland Park community, where the surrounding setting includes a community park, walkable streets, and mature landscaping. Lake access supports fishing and recreation, with a sandy lake bottom and broad water views identified in the property information.
Leases are in place across the property. The address is in Lake Wales, Florida, within the Highland Park community, where the surrounding setting includes a community park, walkable streets, and mature landscaping. Lake access supports fishing and recreation, with a sandy lake bottom and broad water views identified in the property information.
Key Highlights
- 6‑unit apartment property with 4,660+ square feet on a 1‑acre parcel
- 100 feet of frontage on Lake Easy
- Two 2‑bedroom/2‑bath downstairs units and two 1‑bedroom/1‑bath upstairs units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,139
Cap Rate
6.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$882,780
$882.8K
Cap Rate 7%
$630,557
$630.6K
Cap Rate 9%
$490,433
$490.4K
Market Conditions
NOI Build-Up for 4,660 SF
Gross rent
$85.6K $18.36/SF
− Vacancy
−$5.3K −$1.14/SF
EGI
$80.3K $17.22/SF
− OpEx
−$36.1K −$7.75/SF
NOI
$44.1K $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 Rate 5%
$882,780
Cap Rate 7%
$630,557
Cap Rate 9%
$490,433
Alternative Uses
Best Use
Apartment 5plus
$630.6K
$551.7K – $735.7K
NOI $44,139 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$979.9K – $1.31M
NOI $78,389 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Leased apartment property with varied unit layouts and Lake Easy frontage on a sizable residential parcel.
Where is this apartment building located?
The property is located at 1854 HIGHLAND PARK 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: 6‑unit apartment property with 4,660+ square feet on a 1‑acre parcel; 100 feet of frontage on Lake Easy; Two 2‑bedroom/2‑bath downstairs units and two 1‑bedroom/1‑bath upstairs units
