Two-Unit Duplex
For Sale
$320,000
2526 ELM Avenue, Lake Wales, FL 33898
Residential, LAKE WALES, FL
Property Size1,736 SF
Lot Size0.33 Acres
Price / SF$184.33
Days on Market70
Property Features for 2526 ELM Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Dining Room, Bedroom 3, Bathroom 1, Bathroom 2
Window features
Aluminum Frames
Patio and Porch features
Patio
Interior features
Ceiling Fans(s), Eat-in Kitchen
Exterior features
Garden
Fireplace
1
Appliances
Convection Oven, Dryer, Microwave
Subdivision
939210
Lot features
In County
View
City
Elementary school
Spook Hill Elem
Middle school
McLaughlin Academy Of Excellence
High school
Lake Wales Senior High
Directions
2526 ELM AVE LAKE WALES.From the North (Kissimmee / Orlando): Take US-192 West toward US-27 South. Drive south on US-27 until you reach Lake Wales, then turn onto the local roads connecting to the eastern/northern part of the city toward Elm Ave.
Standard status
Active
APN
28-30-05-939210-000010
Size
1,736 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SEC/TWN/RNG/MER:SEC 05 TWN 30S RNG 28E GRANT ESTATES PB 70 PG 41 LOT 1
Tax Annual Amount
4028
Legal Description
SEC/TWN/RNG/MER:SEC 05 TWN 30S RNG 28E GRANT ESTATES PB 70 PG 41 LOT 1
Utilities
Utilities
Electricity Available
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
LA ROSA REALTY KISSIMMEE
(407) 930-3530
Listed By:
Morelys Caraballo
(407) 452-7432
Added: Jul 20
Changed: Sep 22
Last Checked: Sep 27 at 7:06AM
MLS# S5150951
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.
Built in 1983, this duplex provides two independent residential units within approximately 1,736 square feet of living space. The layout includes four bedrooms and two bathrooms, with an eat-in kitchen, dining room, ceramic tile flooring, ceiling fans, and central air conditioning. Block construction, a shingle roof, electric heating, and public water service are also featured. Interior appliances include a convection oven, dryer, and microwave.
The property is located at 2526 Elm Avenue in Lake Wales, Florida, with access to shops, restaurants, schools, and major roadways. Exterior features include a patio and garden, while electricity is available at the property.
The property is located at 2526 Elm Avenue in Lake Wales, Florida, with access to shops, restaurants, schools, and major roadways. Exterior features include a patio and garden, while electricity is available at the property.
Key Highlights
- Two independent units in a duplex configuration
- Approximately 1,736 square feet with 4 bedrooms and 2 bathrooms
- Built in 1983 with block construction and a shingle roof
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
$18,407
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
5.75%
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%
$368,140
$368.1K
Cap Rate 7%
$262,957
$263.0K
Cap Rate 9%
$204,522
$204.5K
Market Conditions
NOI Build-Up for 1,736 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
$28.1K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$26.3K $15.15/SF
− OpEx
−$7.9K −$4.54/SF
NOI
$18.4K $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%
$368,140
Cap Rate 7%
$262,957
Cap Rate 9%
$204,522
Alternative Uses
Best Use
Multifamily LT 5
$263.0K
$230.1K – $306.8K
NOI $18,407 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$234.9K
$205.5K – $274.1K
NOI $16,443 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$417.2K
$365.0K – $486.7K
NOI $29,202 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
199
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences with central air, ceramic tile flooring, and public water service.
Where is this duplex located?
The property is located at 2526 ELM Avenue Lake Wales, FL.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two independent units in a duplex configuration; Approximately 1,736 square feet with 4 bedrooms and 2 bathrooms; Built in 1983 with block construction and a shingle roof
