Historic Multifamily Investment
428 E Johnson Ave, Lake Wales, FL 33853
Two-story, six-unit property in Lake Wales, Florida.
Type:Multifamily
Property size:
4,408 SFPrice / SF:
$124/SF- Added:
- Nov 26, 2025
- Days on Market:
- 178
- Last Refresh:
- Apr 5 at 9:19 pm
Property Features for 428 E Johnson Ave
General Information
- Standard status
- Active
- Size
- 4,408 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1928
Listing agent Michael Avendano License #FL #SL3323947 (305) 484-4666
Listing office Lee & Associates | Miami (305) 484-4666
Listing date Nov 26, 2025
Source Lee-associates
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 Lee & Associates | Miami
HighLights
- Six spacious 1‑bedroom / 1‑bathroom units totaling 4,408 SF.
- Value‑add potential through further renovations to maximize rental income.
- Located in the heart of Lake Wales, close to historic downtown, shopping, dining, cultural attractions, parks, and schools.
- Generous 0.52‑acre lot zoned R‑1B.
- Historic multifamily property constructed in 1928 with preserved architectural details and historic charm.
- Strong demand for well‑maintained multifamily rentals in the area.
Overview
Located at 428 E Johnson Ave, Lake Wales, FL 33853, this historic two-story multifamily property presents an investment opportunity. Constructed in 1928, the building spans 4,408 square feet and is situated on a 0.52-acre lot. The property features six units, each with one bedroom and one bathroom. Recent renovations have been initiated, offering value-add potential to maximize rental income. The property is located in Lake Wales, benefiting from proximity to local amenities and attractions. The area has a population of approximately 16,455 residents with a median age of 43.1 years. The location provides access to shopping centers, parks, and recreational facilities. The property is zoned R-1B and is close to the Historic Downtown District's shopping, dining, and cultural attractions. It is also near local amenities, parks, schools, and recreational facilities, making it ideal for investors seeking value-add opportunities.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$463.9K
NOI $41,752 @ 9.00% cap · cautious / downside scenario
Moderate
$596.5K
NOI $41,752 @ 7.00% cap · market / base-case scenario
Aggressive
$835.0K
NOI $41,752 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $80.9k | $18.36 |
| − Vacancy | −$5.0k | −$1.14 |
| EGI | $75.9k | $17.22 |
| − OpEx | −$34.2k | −$7.75 |
| NOI | $41.8k | $9.47 |
4,408 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$596.5K
$521.9K – $695.9K
NOI $41,752 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$926.9K – $1.24M
NOI $74,150 @ 7.0% cap · market cap 13.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Lake Wales
- County
- Polk
- State
- Florida
- Longitude
- -81.5824
- Latitude
- 27.8987
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Two-story, six-unit property in Lake Wales, Florida.
Where is this apartment building located?
The property is located at 428 E Johnson Ave Lake Wales, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Six spacious 1‑bedroom / 1‑bathroom units totaling 4,408 SF.; Value‑add potential through further renovations to maximize rental income.; Located in the heart of Lake Wales, close to historic downtown, shopping, dining, cultural attractions, parks, and schools.
