Duplex with Updated Vacant
For Sale
$299,000
Pending
3228 COURTNEY Drive, Lake Wales, FL 33898
Residential Income, LAKE WALES, FL
Property Size2,046 SF
Lot Size0.51 Acres
Days on Market95
Property Features for 3228 COURTNEY Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 6, Dining Room, Bedroom 2, Bedroom 4, Bathroom 6, Bathroom 1, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Pets allowed
Yes
Interior features
Ceiling Fans(s), Living Room/Dining Room Combo, Open Floorplan, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Garden, Rain Gutters, Storage
Subdivision
MASTERPIECE PARK ESTATES
Directions
Drive west on Camp Mack Road. Bear right onto Mammoth Grove Road. Right to Masterpiece Gardens Road/CR 17A. Right to Courtney Drive. You have arrived at your destination.
Standard status
Pending
APN
28-29-17-937002-000260
Size
2,046 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MASTERPIECE PARK ESTATES PB 75 PG 10 LOTS 26 & 27
Tax Annual Amount
3872
Legal Description
MASTERPIECE PARK ESTATES PB 75 PG 10 LOTS 26 & 27
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
screened terrace
private backyard
Building Details
Year built
1996
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
BEYCOME OF FLORIDA LLC
(804) 656-5007
Listed By:
Steven Koleno · License #0779766
(804) 656-5007
Added: May 21
Changed: Aug 20
Last Checked: Aug 23 at 5:06AM
MLS# O6409873
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.
This duplex contains 2,046 square feet across two residences on a 0.51-acre parcel in Lake Wales. Each unit is described with two bedrooms, two bathrooms, a screened terrace, and a private backyard. One residence is vacant and has received new appliances, flooring, and paint, while the other has been occupied by the same tenant for 9 years. Interior features include open living and dining areas, walk-in closets, ceiling fans, and window treatments.
Built in 1996, the property uses block, concrete, and stucco construction with a shingle roof. Both units are served by central heating and central air conditioning. Public water and septic service are in place, with cable available. The property is situated on a private street and cul-de-sac within a community of 26 properties, with oak trees and garden areas surrounding the residences. HOA services include lawn care.
Built in 1996, the property uses block, concrete, and stucco construction with a shingle roof. Both units are served by central heating and central air conditioning. Public water and septic service are in place, with cable available. The property is situated on a private street and cul-de-sac within a community of 26 properties, with oak trees and garden areas surrounding the residences. HOA services include lawn care.
Key Highlights
- Duplex with 2,046 square feet on 0.51 acres
- One unit vacant with new appliances, flooring, and paint
- Second unit has had the same tenant for 9 years
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
$21,694
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
7.26%
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%
$433,880
$433.9K
Cap Rate 7%
$309,914
$309.9K
Cap Rate 9%
$241,044
$241.0K
Market Conditions
NOI Build-Up for 2,046 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
$33.1K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.0K $15.15/SF
− OpEx
−$9.3K −$4.54/SF
NOI
$21.7K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$433,880
Cap Rate 7%
$309,914
Cap Rate 9%
$241,044
Alternative Uses
Best Use
Multifamily LT 5
$309.9K
$271.2K – $361.6K
NOI $21,694 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$276.9K
$242.3K – $323.0K
NOI $19,380 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$491.7K
$430.2K – $573.6K
NOI $34,417 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 33898, FL
17,971
Population
10,080
Households
1.8
Avg Household Size
51
Median Age
17%
College-Educated
85%
High-School Grad
296.9 sq mi
ZIP Area
61
Density / Sq Mi
$54,778
Median Household Income
$32,414
Median Earnings
$1,122
Median Rent
$161,500
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?
Duplex - Two residences offer private outdoor areas, central systems, and flexible occupancy for rental or multigenerational living.
Where is this duplex located?
The property is located at 3228 COURTNEY Drive Lake Wales, FL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Duplex with 2,046 square feet on 0.51 acres; One unit vacant with new appliances, flooring, and paint; Second unit has had the same tenant for 9 years
