Remodeled Duplex with Expansion
For Sale
$300,000
627 Washington Avenue, Lake Wales, FL 33853
Completely remodeled corner duplex with two 2-bedroom, 1-bath apartments, private laundry, and fenced patio areas.
Property Size2,096 SF
Price / SF$143.13
Days on Market188
Property Features for 627 Washington Avenue
General Information
Standard status
Active
Size
2,096 SF
Total Parking Spaces
4
Property subtype
Multi-Family Income / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,070
Building Details
Year Built
1966
Listing Agency:
Most Trusted Investments LLC
Listed By:
Kathiuzka Chiquito · License #3411571
(786) 316-5850
Source:
Compass
Added: Mar 7
Changed: Sep 10
Last Checked: Sep 9 at 8:01PM
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 Most Trusted Investments LLC
Investment Insights
Based on property information with market context.
A completely remodeled corner duplex set on nearly 6,000 sq. ft. of land. The property features two apartments, each offering two bedrooms and one bathroom, plus a fenced patio and garden area. Each unit also includes a private laundry room with a washer and dryer, and the duplex is served by separate electrical and water meters. Off-street parking is available with four spaces.
Zoning indicates the ability to build two additional apartments, allowing the structure to be converted into a triplex or fourplex. This makes the property adaptable for buyers looking to add dwelling units within the current zoning framework.
The layout supports comfortable, unit-level privacy with separate laundry spaces and outdoor areas, while the on-site parking and metering help streamline day-to-day operations.
Zoning indicates the ability to build two additional apartments, allowing the structure to be converted into a triplex or fourplex. This makes the property adaptable for buyers looking to add dwelling units within the current zoning framework.
The layout supports comfortable, unit-level privacy with separate laundry spaces and outdoor areas, while the on-site parking and metering help streamline day-to-day operations.
Key Highlights
- Completely remodeled corner duplex built in 1966
- 2 units total, each with 2 bedrooms and 1 bathroom
- Fenced patio and garden areas plus 4 parking spaces
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
$22,224
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
7.41%
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%
$444,480
$444.5K
Cap Rate 7%
$317,486
$317.5K
Cap Rate 9%
$246,933
$246.9K
Market Conditions
NOI Build-Up for 2,096 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
$34.0K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.7K $15.15/SF
− OpEx
−$9.5K −$4.54/SF
NOI
$22.2K $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%
$444,480
Cap Rate 7%
$317,486
Cap Rate 9%
$246,933
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,224 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$283.6K
$248.2K – $330.9K
NOI $19,853 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$503.7K
$440.7K – $587.6K
NOI $35,258 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Duplex - Completely remodeled corner duplex with two 2-bedroom, 1-bath apartments, private laundry, and fenced patio areas.
Where is this duplex located?
The property is located at 627 Washington Avenue Lake Wales, 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: Completely remodeled corner duplex built in 1966; 2 units total, each with 2 bedrooms and 1 bathroom; Fenced patio and garden areas plus 4 parking spaces
