Renovated Duplex with Private
New
For Sale
$300,000
405 Avenue M NE, Winter Haven, FL 33881
Both one-bedroom residences are leased for one-year terms, with residents paying their own electric service.
Property Size1,350 SF
Price / SF$222.22
Days on Market5
Property Features for 405 Avenue M NE
General Information
Standard status
Active
Size
1,350 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
individual front porches
private driveways
personal outdoor storage units
shared rear laundry room
fully fenced yard
Building Details
Year Built
1955
Year Renovated
2024
Buildings
1
Construction
block
Listing Agency:
Realty Experts
(727) 888-1000
Listed By:
Alan Atchley
(941) 556-9100
Source:
Atchleyrealty
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 18 at 7:00AM
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 Realty Experts
Investment Insights
Based on property information with market context.
This 1,350-square-foot block duplex in Winter Haven contains two one-bedroom, one-bathroom residences and was built in 1955. The property underwent extensive renovation in 2024, including a new roof, mini-split A/C systems, tankless water heaters, updated kitchens and bathrooms, interior and exterior paint, luxury vinyl plank flooring, modern lighting, ceiling fans, and closet organizers.
Both units are occupied under 1-year leases, and each resident has separate electric service. Exterior features include individual front porches, private driveways, personal outdoor storage, and a shared rear laundry room with a washer and dryer. The fully fenced grounds also received new landscaping in 2024. The roof includes a transferable 10-year workmanship warranty and a 15-year unlimited wind rating.
Both units are occupied under 1-year leases, and each resident has separate electric service. Exterior features include individual front porches, private driveways, personal outdoor storage, and a shared rear laundry room with a washer and dryer. The fully fenced grounds also received new landscaping in 2024. The roof includes a transferable 10-year workmanship warranty and a 15-year unlimited wind rating.
Key Highlights
- Two 1‑bedroom, 1‑bathroom units in a 1,350‑square‑foot duplex
- Fully occupied with 1‑year leases
- Extensively renovated in 2024 with updated kitchens, bathrooms, flooring, paint, and fixtures
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
$14,314
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
4.77%
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%
$286,280
$286.3K
Cap Rate 7%
$204,486
$204.5K
Cap Rate 9%
$159,044
$159.0K
Market Conditions
NOI Build-Up for 1,350 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
$21.9K $16.20/SF
− Vacancy
−$1.4K −$1.05/SF
EGI
$20.4K $15.15/SF
− OpEx
−$6.1K −$4.54/SF
NOI
$14.3K $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%
$286,280
Cap Rate 7%
$204,486
Cap Rate 9%
$159,044
Alternative Uses
Best Use
Multifamily LT 5
$204.5K
$178.9K – $238.6K
NOI $14,314 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$182.7K
$159.8K – $213.1K
NOI $12,787 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$324.4K
$283.9K – $378.5K
NOI $22,709 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 33881, FL
38,369
Population
17,948
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
85%
High-School Grad
21.9 sq mi
ZIP Area
1,752
Density / Sq Mi
$53,867
Median Household Income
$33,941
Median Earnings
$1,153
Median Rent
$177,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Both one-bedroom residences are leased for one-year terms, with residents paying their own electric service.
Where is this duplex located?
The property is located at 405 Avenue M NE Winter Haven, FL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bathroom units in a 1,350‑square‑foot duplex; Fully occupied with 1‑year leases; Extensively renovated in 2024 with updated kitchens, bathrooms, flooring, paint, and fixtures
