315 RIDGE MANOR DRIVE, Lake Wales, FL 33853
Quadruplex - LAKE WALES, FL
- Added:
- Mar 20, 2026
- Days on Market:
- 87
- Last Refresh:
- Jun 14 at 10:06 am
Property Features for 315 RIDGE MANOR DRIVE
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- Zoning
- R-2
- Bedrooms
- 6
- Rooms
- Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- 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 Annual Amount
- 9928
Utilities
- Heating system
- Electric (Heating), Fireplace(s), Space Heater
- Cooling system
- Multi Units, Wall/Window Unit(s), Window Unit(s)
Building Details
- Year built
- 1926
- Number of units
- 11
- Building materials
- Frame, Stucco
- Roof type
- Shingle
- Architectural style
- Other
- Additional Structures
- Storage
Listing agent Dolores Vogel License #621090 (863) 632-5573
Listing office LEGACY REAL ESTATE CENTER INC 218 East Park Avenue, Lake Wales, FL (863) 676-0200
Listing date Mar 20, 2026
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.
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
- Built in 1926 with frame and stucco construction and a shingle roof
- Multiple heating options including electric heat and fireplace(s)
- Cooling includes wall/window unit(s) and window unit(s)
- Interior features include window treatments; exterior includes storage
Overview
Located in Lake Wales, Florida, the property offers convenient access to schools, shopping, medical facilities, and major travel routes including Hwy 27 and SR 60, supporting straightforward commuting for residents.
For investors or owner-operators seeking an income-producing apartment building, the fully occupied unit mix and existing lease structure provide a foundation for immediate cash-flow operations. With the roof and septic drainfield recently updated, this property also presents a practical option for buyers focused on reducing near-term capital demands while maintaining a residential rental profile under an R-2 zoning designation.
Local 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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Lake Wales
- County
- Polk
- State
- Florida
- Longitude
- -81.58503
- Latitude
- 27.88577
