26-Unit Multifamily Apartment
3618 North Scenic Highway Lake Wales, FL 33898
For Sale
Contact for pricing
Two communities total 26 units across from each other, with well and septic servicing all residences.
Property Size13,235 SF
Price / SF$143.18
Days on Market102
Property Features for 3618 North Scenic Highway
General Information
- Standard status
- Active
- Size
- 13,235 SF
- Property subtype
- Multifamily
Listing Agency:
Colliers - Tampa, Florida
(813) 470-4330
Listed By:
Luis Baez · License #FL BK3038581
Source:
Crexi
Added: Apr 13
Changed: Jul 23
Last Checked: Jul 23 at 1:34AM
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 Colliers - Tampa, Florida
Investment Insights
Based on property information with market context.
This 26-unit multifamily portfolio includes two apartment communities, Lakeview and Big Oaks, located across the street from each other. The majority of the buildings are single-story concrete block construction, built between 1954 and 1977. Unit mix includes 15 studios, 3 one-bedroom/one-bath, 5 two-bedroom/one-bath, 1 two-bedroom/two-bath, and 2 additional three-bedroom floor plans (one with one bath and one with two baths). Lakeview offers an on-site laundry room. Both properties use well and septic, and well, septic, and trash pickup are included in the rent for all units.
Currently, 10 units pay for their own electric. Ten units have cable and internet included in the rent. The portfolio is located along US-Highway 17 at 3618 North Scenic Highway in Lake Wales, Florida. The surrounding area includes proximity to Polk State College, Warner University, Florida Polytechnic, Winter Haven Hospital, and AdventHealth Lake Wales, as well as shopping, dining, and entertainment.
The portfolio benefits from shared operations across the two communities, with utilities structure and current resident bill-back arrangements creating a clear basis for potential future income optimization.
Currently, 10 units pay for their own electric. Ten units have cable and internet included in the rent. The portfolio is located along US-Highway 17 at 3618 North Scenic Highway in Lake Wales, Florida. The surrounding area includes proximity to Polk State College, Warner University, Florida Polytechnic, Winter Haven Hospital, and AdventHealth Lake Wales, as well as shopping, dining, and entertainment.
The portfolio benefits from shared operations across the two communities, with utilities structure and current resident bill-back arrangements creating a clear basis for potential future income optimization.
Key Highlights
- 26‑unit Lake Wales portfolio made up of Lakeview and Big Oaks apartments, located across the street from each other
- Healthy unit mix: 15 studios, 3 one‑bed/1‑bath, 5 two‑bed/1‑bath, 1 two‑bed/2‑bath, and 2 three‑bed units (1/1 and 1/2)
- Majority single‑story concrete block construction built between 1954‑1977
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 | $243.0k | $18.36 |
| − Vacancy | −$15.1k | −$1.14 |
| EGI | $227.9k | $17.22 |
| − OpEx | −$102.6k | −$7.75 |
| NOI | $125.4k | $9.47 |
13,235 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,361 @ 7.0% cap · market cap 6.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.18M
$2.78M – $3.71M
NOI $222,634 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Big Oak Motel
Hotel & Motel
FAQs
What type of property is this?
Apartment building - Two communities total 26 units across from each other, with well and septic servicing all residences.
Where is this apartment building located?
The property is located at 3618 North Scenic Highway Lake Wales, FL.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 26‑unit Lake Wales portfolio made up of Lakeview and Big Oaks apartments, located across the street from each other; Healthy unit mix: 15 studios, 3 one‑bed/1‑bath, 5 two‑bed/1‑bath, 1 two‑bed/2‑bath, and 2 three‑bed units (1/1 and 1/2); Majority single‑story concrete block construction built between 1954‑1977
