Multifamily Property with Strong Rental Appeal

315 Ridge Manor Dr, Lake Wales, FL 33853

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For Sale

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Eleven-unit multifamily property with long-term leases and convenient location.

Type:Multifamily

Property size:

5,030 SF

Price / SF:

$158/SF

HighLights

Immediate and stable income from 11 currently occupied units with long‑term leases.
Versatile mixed‑unit multifamily property designed to minimize vacancies.
Convenient location with easy access to schools, shopping, medical facilities, Hwy 27, and SR 60.
Recent improvements include a new roof.
Recent improvements include a new septic drainfield.
Built in 1926.

We can help!

Contact an agent

Dolores Vogel

For Sale

Contact for pricing

Eleven-unit multifamily property with long-term leases and convenient location.

Type:Multifamily

Property size:

5,030 SF

Price / SF:

$158/SF

Added:: Mar 24, 2026
Days on Market:: 98
Last Refresh:: Mar 25 at 8:45 pm

Property Features for 315 Ridge Manor Dr

General Information

Standard status: Active
Size: 5,030 SF
Property subtype: Multifamily

Building Details

Year Built: 1926

We can help!

Contact an agent

Dolores Vogel

Listing office Legacy Real Estate Center Inc

Listing date Mar 24, 2026

Source Crexi

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

HighLights

Immediate and stable income from 11 currently occupied units with long‑term leases.
Versatile mixed‑unit multifamily property designed to minimize vacancies.
Convenient location with easy access to schools, shopping, medical facilities, Hwy 27, and SR 60.
Recent improvements include a new roof.
Recent improvements include a new septic drainfield.
Built in 1926.

Overview

This mixed-unit multifamily property features 11 units, designed to attract a wide range of tenants. All units are currently occupied with long-term leases in place, providing immediate and stable income. The property is located with convenient access to schools, shopping, medical facilities, and major travel routes including Hwy 27 and SR 60, facilitating commuting in all directions. Recent improvements include a new roof and a new septic drainfield. The property size is 5030 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$92.4k	$18.36
− Vacancy	−$5.7k	−$1.14
EGI	$86.6k	$17.22
− OpEx	−$39.0k	−$7.75
NOI	$47.6k	$9.47

5,030 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$680.6K

$595.6K – $794.1K (±1% cap)

NOI $47,644 @ 7.0% cap · market cap 5.96%

Second Best

—

no second resolved use

Theoretical Best

Office A

$1.21M

$1.06M – $1.41M (±1% cap)

NOI $84,613 @ 7.0% cap · market cap 10.59%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

We Elderly Care Retirement Community

Suggested Use

Location Insight

Map
Local Demand

City: Lake Wales
County: Polk
State: Florida
Longitude: -81.58503
Latitude: 27.88577

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For sale
Apartment buildings
FL
Lake Wales
33853
315 Ridge Manor Dr

What type of property is this?

Apartment building - Eleven-unit multifamily property with long-term leases and convenient location.

Where is this apartment building located?

The property is located at 315 Ridge Manor Dr 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: Immediate and stable income from 11 currently occupied units with long‑term leases.; Versatile mixed‑unit multifamily property designed to minimize vacancies.; Convenient location with easy access to schools, shopping, medical facilities, Hwy 27, and SR 60.