Multifamily Property with Strong Rental
For Sale
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315 Ridge Manor Dr, Lake Wales, FL 33853
Eleven-unit multifamily property with long-term leases and convenient location.
Property Size5,030 SF
Price / SF$150.89
Days on Market143
Property Features for 315 Ridge Manor Dr
General Information
Standard status
Active
Size
5,030 SF
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Building Details
Year Built
1926
Buildings
2
Stories
1
Units
11
Tenancy
Multi
Listing Agency:
Legacy Real Estate Center Inc
(863) 632-5573
Listed By:
Dolores Vogel · License #FL BK621090
Source:
Crexi
Added: Mar 24
Changed: Aug 7
Last Checked: Aug 12 at 3:28PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$47,644
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
6.28%
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%
$952,880
$952.9K
Cap Rate 7%
$680,629
$680.6K
Cap Rate 9%
$529,378
$529.4K
Market Conditions
NOI Build-Up for 5,030 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
$92.4K $18.36/SF
− Vacancy
−$5.7K −$1.14/SF
EGI
$86.6K $17.22/SF
− OpEx
−$39.0K −$7.75/SF
NOI
$47.6K $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 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%
$952,880
Cap Rate 7%
$680,629
Cap Rate 9%
$529,378
Alternative Uses
Best Use
Apartment 5plus
$680.6K
$595.6K – $794.1K
NOI $47,644 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,613 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
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?
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 $759,000.
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.
