Three-Unit Property with
New
For Sale
Under Contract
$345,000
421 E CENTRAL Avenue, Lake Wales, FL 33853
Residential Income, LAKE WALES, FL
Property Size2,679 SF
Lot Size0.40 Acres
Price / SF$128.78
Days on Market6
Property Features for 421 E CENTRAL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-2
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Dining Room, Bedroom 3, Bathroom 4, Bedroom 2
Patio and Porch features
Porch, Deck
Interior features
Living Room/Dining Room Combo, Window Treatments
Exterior features
Outbuildings, Sidewalk, Storage
Appliances
Dryer, Electric Water Heater, Range, Refrigerator
Subdivision
LAKE WALES
Lot features
Historic District, City Limits
Directions
From Hwy 27, turn East onto Central Ave into Lake Wales, continue several blocks, the property is on the left.
Standard status
Active Under Contract
APN
27-30-01-883000-034140
Size
2,679 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LAKE WALES PB 1 PG 88A 88B S1&2 T30 R27 BLK 34 LOT 14
Tax Annual Amount
3817
Legal Description
LAKE WALES PB 1 PG 88A 88B S1&2 T30 R27 BLK 34 LOT 14
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Flooring type
Wood, Carpet, Vinyl
Building materials
Concrete
Roof type
Shingle
Additional Structures
Guest House, Storage, Outbuilding
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel
(863) 632-5573
Added: Oct 23
Changed: Oct 28
Last Checked: Oct 28 at 9:06AM
MLS# K4903920
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.
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Investment Insights
Based on property information with market context.
This three-unit property includes a duplex and a detached cottage. The duplex has one 2-bedroom, 1-bathroom unit and one 2-bedroom, 1.5-bathroom unit. The cottage is configured as a 1-bedroom unit. The buildings contain a combined 2,679 square feet on a 0.4-acre lot and date to 1955.
The property is zoned R-2 and has central heating and central air conditioning. Public water and sewer serve the site. Exterior features include storage, a porch, a deck, and a sidewalk.
The property is zoned R-2 and has central heating and central air conditioning. Public water and sewer serve the site. Exterior features include storage, a porch, a deck, and a sidewalk.
Key Highlights
- Three rental units: a duplex and a detached cottage
- Duplex includes 2‑bedroom/1‑bath and 2‑bedroom/1.5‑bath units; cottage has 1 bedroom
- 2,679 square feet of building area on a 0.4‑acre lot
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.
How Realmo checks its estimates
Property Analytics
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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 - Two units occupy the main building, with a separate cottage providing the third rental unit.
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 rental units: a duplex and a detached cottage; Duplex includes 2‑bedroom/1‑bath and 2‑bedroom/1.5‑bath units; cottage has 1 bedroom; 2,679 square feet of building area on a 0.4‑acre lot
