11-Unit Multifamily
315 RIDGE MANOR Drive Lake Wales, FL 33853
For Sale
$759,000
MULTI_FAMILY - LAKE WALES, FL
Property Size5,030 SF
Lot Size0.79 Acres
Price / SF$150.89
Days on Market132
Property Features for 315 RIDGE MANOR Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-2
Bedrooms
6
Bathrooms
12
Rooms
Bathroom 3, Bathroom 5, Bathroom 10, Bathroom 6, Bedroom 1, Bathroom 11, Bathroom 7, Bathroom 2, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 9, Bedroom 2, Bedroom 6, Bathroom 4, Bathroom 8, Bathroom 1, Bathroom 12
Patio and Porch features
Porch, Patio
Interior features
Window Treatments
Exterior features
Storage
Fireplace
1
Standard status
Active
APN
27-30-11-916000-011040
Size
5,030 SF
Lot size
0.79 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RIDGE MANOR SECOND UNIT PB 19 PG 16 BLK 11 LOTS 4 THRU 6 & PT OF LOT 7 DESC AS: BEG SE COR NLY TO NE COR W 30 FT SLY 151.95 FT TO POB
Tax Annual Amount
9928
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Electric (Heating), Space Heater
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1926
Floors in Building
1
Number of units
11
Building materials
Stucco, Frame
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #BK621090
(863) 632-5573
Added: Mar 20
Changed: Jul 29
Last Checked: Jul 29 at 2:06PM
MLS# K4903360
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.
Offering an 11-unit income property on 0.79 acres (5030 square feet total), configured as a mixed-unit multifamily building with all units currently occupied. Long-term leases are in place, supporting immediate rental continuity.
The property is located at 315 Ridge Manor Drive in Lake Wales, Florida, zoned R-2. The surrounding area provides convenient access to schools, shopping, medical facilities, and major travel routes including Hwy 27 and SR 60, supporting straightforward north/south and east/west commuting.
Recent improvements include a new roof and a new septic drainfield, which can help reduce near-term capital expense considerations for buyers evaluating an income-producing asset.
The property is located at 315 Ridge Manor Drive in Lake Wales, Florida, zoned R-2. The surrounding area provides convenient access to schools, shopping, medical facilities, and major travel routes including Hwy 27 and SR 60, supporting straightforward north/south and east/west commuting.
Recent improvements include a new roof and a new septic drainfield, which can help reduce near-term capital expense considerations for buyers evaluating an income-producing asset.
Key Highlights
- 11‑unit multifamily property with all 11 units currently occupied and long‑term leases in place
- Recent improvements include a new roof and a new septic drainfield
- Utilities include propane, with public water and a septic tank sewer system
Financial Insights For Apartment 5plus
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 | $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
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-unit multifamily with 11 occupied units and long-term leases; recent roof and septic drainfield improvements.
Where is this apartment building located?
The property is located at 315 RIDGE MANOR Drive 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: 11‑unit multifamily property with all 11 units currently occupied and long‑term leases in place; Recent improvements include a new roof and a new septic drainfield; Utilities include propane, with public water and a septic tank sewer system
