26-Unit Multifamily Apartment
For Sale
Contact for pricing
3618 North Scenic Highway, Lake Wales, FL 33898
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 Market149
Property Features for 3618 North Scenic Highway
General Information
Standard status
Active
Size
13,235 SF
Class
C
Property subtype
Multifamily
Occupancy
96%
Investment Type
Value Add
Net Operating Income
$143,436
Additional Details
Multifamily Units
26
Amenities
on-site laundry room
Building Details
Year Built
1953
Year Renovated
2021
Buildings
9
Stories
2
Units
26
Construction
concrete block
Listing Agency:
Colliers - Tampa, Florida
Listed By:
Luis Baez · License #FL BK3038581
(813) 470-4330
Source:
Crexi
Added: Apr 24
Changed: Sep 7
Last Checked: Sep 19 at 6:08AM
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
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
$125,361
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
6.62%
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%
$2,507,220
$2.5M
Cap Rate 7%
$1,790,871
$1.8M
Cap Rate 9%
$1,392,900
$1.4M
Market Conditions
NOI Build-Up for 13,235 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
$243.0K $18.36/SF
− Vacancy
−$15.1K −$1.14/SF
EGI
$227.9K $17.22/SF
− OpEx
−$102.6K −$7.75/SF
NOI
$125.4K $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 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%
$2,507,220
Cap Rate 7%
$1,790,871
Cap Rate 9%
$1,392,900
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 authorities.
Property Analytics
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Current Use
Lease Details
26
Residential units
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
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
