Multifamily Property with Strong Rental
For Sale
$749,000
315 Ridge Manor Drive, Lake Wales, FL 33853
Eleven-unit multifamily property with long-term leases and convenient location.
Property Size5,030 SF
Price / SF$148.91
Days on Market229
Property Features for 315 Ridge Manor Drive
General Information
Standard status
Active
Size
5,030 SF
Property subtype
Residential Income / Quadruplex
Zoning
R-2
Taxes and HOA fees
Annual Taxes
$9,928
Amenities
Wall/Window Unit(s)
Electric, Space Heater
Yes
No
6
Common Area, Laundry Room, Outside
Window Treatments
Square Feet
Living Room
Public Records
Other, Shingle
One
Storage
Crawlspace
Stucco, Wood Frame (FSC Certified)
Patio, Porch, Screened
Building Details
Year Built
1926
Listing Agency:
LEGACY REAL ESTATE CENTER INC
Listed By:
Dolores Vogel · License #621090
(863) 632-5573
Source:
Compass
Added: Mar 20
Changed: Nov 3
Last Checked: Nov 1 at 8:47AM
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
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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 / Yr
$47,644
Cap Rate
6.36%
Suggested Prices Based on Cap Rates
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
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 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 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,613 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in South region
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 Drive Lake Wales, FL.
What is the asking price?
The asking price for this property is $749,000.
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.
