Triplex with Detached
New
For Sale
$345,000
Pending
421 E CENTRAL AVENUE, Lake Wales, FL 33853
The 1955 property includes two duplex units and a separate one-bedroom residence.
Property Size2,679 SF
Days on Market5
Property Features for 421 E CENTRAL AVENUE
General Information
Standard status
Pending
Size
2,679 SF
Property subtype
Triplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
3
Amenities
0.4 acres, Dimensions: 80x217, Historic District, City Limits
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 27-30-01-883000-034140, Public Survey Range: 27, Public Survey Section: 01, Annual Amount: $3,816.78, Tax Block: 34, Tax Book Number: 1-88A, Legal Description: LAKE WALES PB 1 PG 88A 88B S1&2 T30 R27 BLK 34 LOT 14, Lot: 14, Year: 2026, Zoning: R-2
Carpet, Vinyl, Wood
Central Air, Mini-Split Unit(s)
Central
Corridor Access, Laundry Room, Outside
Listing ID: MFRK4903920, Standard Status: Active Under Contract, MLS Status: Pending, Property Subtype: Triplex, On market as of 2026-10-24, Off market as of 2026-10-24, Special Conditions: None
5 total bedrooms
Built in 1955, Living area: 2679, Living area units: Square Feet, Levels: One, Construction Materials: Concrete
Subdivision: LAKE WALES, MLS Area (Major): 33853 - Lake Wales South, County/Parish: Polk
Other structures: Guest House
4 total bathrooms
BB/HS Internet Available, Electricity Connected, Natural Gas Available, Sewer Connected, Water Connected, Water Source: Public
Crawlspace
Close Of Escrow
Road Surface: Asphalt
Patio/Porch Features: Deck, Enclosed, Front Porch, Outbuildings, Sidewalk, Storage
Living Room/Dining Room Combo, Window Treatments
Dryer, Electric Water Heater, Range, Refrigerator
Building Details
Year Built
1955
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #621090
(863) 632-5573
Source:
Miharaandassociates
Added: Oct 24
Changed: Oct 26
Last Checked: Oct 28 at 8:01AM
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 LEGACY REAL ESTATE CENTER INC
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Investment Insights
Based on property information with market context.
This Lake Wales triplex consists of a duplex and a detached cottage. The duplex has two two-bedroom apartments: one with one bathroom and the other with one and a half bathrooms. The cottage contains one bedroom and one bathroom. The property was built in 1955 and is located on East Central Avenue in Lake Wales, Florida.
Key Highlights
- Three residential units: a duplex and a detached cottage
- Duplex apartments have two bedrooms each; one has 1 bathroom and the other has 1.5 bathrooms
- Detached cottage includes 1 bedroom and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,405
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$568,100
$568.1K
Cap Rate 7%
$405,786
$405.8K
Cap Rate 9%
$315,611
$315.6K
Market Conditions
NOI Build-Up for 2,679 SF
Gross rent
$43.4K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$40.6K $15.15/SF
− OpEx
−$12.2K −$4.54/SF
NOI
$28.4K $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 Rate 5%
$568,100
Cap Rate 7%
$405,786
Cap Rate 9%
$315,611
Alternative Uses
Best Use
Multifamily LT 5
$405.8K
$355.1K – $473.4K
NOI $28,405 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$362.5K
$317.2K – $422.9K
NOI $25,375 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$643.8K
$563.3K – $751.1K
NOI $45,065 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
920
Businesses Nearby
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Business Placement
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - The 1955 property includes two duplex units and a separate one-bedroom residence.
Where is this triplex located?
The property is located at 421 E CENTRAL AVENUE Lake Wales, FL.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Three residential units: a duplex and a detached cottage; Duplex apartments have two bedrooms each; one has 1 bathroom and the other has 1.5 bathrooms; Detached cottage includes 1 bedroom and 1 bathroom
