Renovated
For Sale
$239,000
Pending
2244 LUCERNE PARK ROAD, Winter Haven, FL 33881
Two one-bedroom units offer separate driveways, updated interiors, and individually metered electric and water service.
Property Size1,074 SF
Days on Market509
Property Features for 2244 LUCERNE PARK ROAD
General Information
Standard status
Pending
Size
1,074 SF
Property subtype
Multi Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,101
Building Details
Year Built
1931
Year Renovated
2024
Buildings
1
Listing Agency:
REAL BROKER, LLC
(727) 270-0912
Listed By:
Betsy Tinervin · License #3356969
(727) 270-0912
Source:
Exitrealty
Added: Apr 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:33PM
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 REAL BROKER, LLC
Investment Insights
Based on property information with market context.
This duplex contains two one-bedroom, one-bathroom units that have been renovated and remain vacant following the work. Interior improvements include granite countertops, stainless steel appliances installed in 2024, vinyl plank flooring, updated fixtures, ceiling fans, and new interior doors. The building and grounds received fresh interior and exterior paint and updated landscaping in 2024. A new roof was installed in 2024 with a transferable lifetime workmanship warranty.
Separate electric and water meters serve the units, and tenants are responsible for all utilities. Supporting property documentation includes a passing 4-point inspection, a 2024 wind mitigation report, and an insurance quote. Each unit has its own private driveway. The property is located near shopping, public transportation, local parks, and the Lake Connie boat ramp in Winter Haven, Florida.
Separate electric and water meters serve the units, and tenants are responsible for all utilities. Supporting property documentation includes a passing 4-point inspection, a 2024 wind mitigation report, and an insurance quote. Each unit has its own private driveway. The property is located near shopping, public transportation, local parks, and the Lake Connie boat ramp in Winter Haven, Florida.
Key Highlights
- Two 1‑bedroom, 1‑bathroom units
- New roof installed in 2024 with a transferable lifetime workmanship warranty
- Stainless steel appliances installed in 2024
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
$11,388
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
4.76%
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%
$227,760
$227.8K
Cap Rate 7%
$162,686
$162.7K
Cap Rate 9%
$126,533
$126.5K
Market Conditions
NOI Build-Up for 1,074 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
$17.4K $16.20/SF
− Vacancy
−$1.1K −$1.05/SF
EGI
$16.3K $15.15/SF
− OpEx
−$4.9K −$4.54/SF
NOI
$11.4K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$227,760
Cap Rate 7%
$162,686
Cap Rate 9%
$126,533
Alternative Uses
Best Use
Multifamily LT 5
$162.7K
$142.4K – $189.8K
NOI $11,388 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$145.3K
$127.2K – $169.6K
NOI $10,173 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$258.1K
$225.8K – $301.1K
NOI $18,066 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 33881, FL
38,369
Population
17,948
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
85%
High-School Grad
21.9 sq mi
ZIP Area
1,752
Density / Sq Mi
$53,867
Median Household Income
$33,941
Median Earnings
$1,153
Median Rent
$177,400
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?
Duplex - Two one-bedroom units offer separate driveways, updated interiors, and individually metered electric and water service.
Where is this duplex located?
The property is located at 2244 LUCERNE PARK ROAD Winter Haven, FL.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bathroom units; New roof installed in 2024 with a transferable lifetime workmanship warranty; Stainless steel appliances installed in 2024
