Lake Wales Duplex Investment
22 W POLK AVENUE Lake Wales, FL 33853
22 W POLK AVENUE, Lake Wales, FL, 33853
$203,754
For Sale
$203,754
Duplex in Lake Wales with $27,000 annual gross income.
Property Size1,369 SF
Lot Size0.25 Acres
Price / SF$148.83
Days on Market751
Property Features for 22 W POLK AVENUE
General Information
- Standard status
- Active
- Size
- 1,369 SF
- Lot size
- 0.25 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1925
Listing Agency
KELLER WILLIAMS REALTY SMART 1
(863) 224-6999
Listed by
Matt Mesimer · License #3333172
(863) 224-6999
Source
Exitrealty
Added: Jun 26, 2024 Checked: Jul 15 at 10:58 pm
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 KELLER WILLIAMS REALTY SMART 1
Investment Insights
Based on property information with market context.
This duplex is situated on an oversized lot in Lake Wales, near downtown. The front unit features 2 bedrooms and 1 bathroom, with a living area of over 900 square feet. The rear unit includes 1 bedroom and 1 bathroom, offering nearly 500 square feet of living space. Both units are currently occupied, generating a total monthly rental income of $2,250.00, resulting in an annual gross income of $27,000.00.
Key Highlights
- Investment opportunity with existing tenants and monthly rents totaling $2,250.00.
- Annual gross income of $27,000.00.
- Duplex property.
Local Financial Insights For Multifamily LT 5
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 | $22.2k | $16.20 |
| − Vacancy | −$1.4k | −$1.05 |
| EGI | $20.7k | $15.15 |
| − OpEx | −$6.2k | −$4.54 |
| NOI | $14.5k | $10.60 |
1,369 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$207.4K
$181.4K – $241.9K
NOI $14,515 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$185.2K
$162.1K – $216.1K
NOI $12,967 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$329.0K
$287.9K – $383.8K
NOI $23,029 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Duplex in Lake Wales with $27,000 annual gross income.
Where is this duplex located?
The property is located at 22 W POLK AVENUE Lake Wales, FL.
What is the asking price?
The asking price for this property is $203,754.
What are key features of this property?
This property features: Investment opportunity with existing tenants and monthly rents totaling $2,250.00.; Annual gross income of $27,000.00.; Duplex property.
