Lakefront Duplex on Lake
For Sale
$279,000
Pending
602 AVENUE F NE, Winter Haven, FL 33881
Two-bedroom units provide private entrances, waterfront views, and flexible owner-occupant or rental use.
Property Size1,621 SF
Lot Size0.33 Acres
Days on Market544
Property Features for 602 AVENUE F NE
General Information
Standard status
Pending
Size
1,621 SF
Lot size
0.33 Acres
Property subtype
Multi Family
Occupancy
50%
Property Condition
Severity
Repairs Needed
Evidence
Property needs some TLC
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,579
Building Details
Year Built
1955
Buildings
1
Construction
concrete block
Listing Agency:
JACK KELLER INC
(727) 586-1497
Listed By:
John Keller · License #127800
(727) 586-1497
Source:
Exitrealty
Added: Mar 4, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:31PM
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 JACK KELLER INC
Investment Insights
Based on property information with market context.
This duplex sits on a 0.33-acre Lake Martha parcel and contains two matching residential units, each with 2 bedrooms and 1 bathroom. The left unit includes a large garage, while both sides have private entrances and views over the water. Built in 1955 with concrete block construction, the property has received some electrical and plumbing repairs and requires additional work.
City confirmation indicates the site may support a 75-foot dock with a maximum area of 1,000 SF. The structure may also be converted to a single-family residence. One unit is vacant, and the other is occupied under a lease expiring 9/30/25. Polk State College is 3 blocks away, Winter Haven Hospital is 8 blocks away, and downtown Winter Haven is less than 1 mile from the property.
City confirmation indicates the site may support a 75-foot dock with a maximum area of 1,000 SF. The structure may also be converted to a single-family residence. One unit is vacant, and the other is occupied under a lease expiring 9/30/25. Polk State College is 3 blocks away, Winter Haven Hospital is 8 blocks away, and downtown Winter Haven is less than 1 mile from the property.
Key Highlights
- Lakefront setting on Lake Martha with 0.33‑acre parcel
- Two 2‑bedroom, 1‑bath units with private entrances
- Left unit includes a large garage
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
$17,187
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
6.16%
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%
$343,740
$343.7K
Cap Rate 7%
$245,529
$245.5K
Cap Rate 9%
$190,967
$191.0K
Market Conditions
NOI Build-Up for 1,621 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
$26.3K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.6K $15.15/SF
− OpEx
−$7.4K −$4.54/SF
NOI
$17.2K $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%
$343,740
Cap Rate 7%
$245,529
Cap Rate 9%
$190,967
Alternative Uses
Best Use
Multifamily LT 5
$245.5K
$214.8K – $286.5K
NOI $17,187 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$219.3K
$191.9K – $255.9K
NOI $15,354 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$389.5K
$340.9K – $454.5K
NOI $27,268 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,306
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units provide private entrances, waterfront views, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 602 AVENUE F NE Winter Haven, FL.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Lakefront setting on Lake Martha with 0.33‑acre parcel; Two 2‑bedroom, 1‑bath units with private entrances; Left unit includes a large garage
