2023 Two-Unit
For Sale
$409,000
640 E GRAPEFRUIT AVENUE, Lake Alfred, FL 33850
Built in 2023 with tenants in place, separate two-bedroom residences, and a fenced outdoor area without HOA restrictions.
Property Size1,800 SF
Lot Size0.17 Acres
Price / SF$227.22
Days on Market51
Property Features for 640 E GRAPEFRUIT AVENUE
General Information
Standard status
Active
Size
1,800 SF
Lot size
0.17 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
fully fenced yard
Building Details
Year Built
2023
Buildings
1
Listing Agency:
BOKORS CORNER REALTY LLC
(813) 708-2266
Listed By:
Sharon Bokor · License #685689
(239) 989-7128
Source:
Endlesssummerrealty
Added: Sep 8
Changed: Oct 27
Last Checked: Oct 28 at 7:19AM
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 BOKORS CORNER REALTY LLC
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Investment Insights
Based on property information with market context.
This 1,800 SF duplex was completed in 2023 and contains two residences, each arranged with 2 bedrooms and 2 bathrooms. Both units feature open-plan interiors, fresh paint, durable low-maintenance flooring, and stainless steel appliances. Tenants are already in place, and the property includes a private, fully fenced yard on an approximately 0.17-acre lot. There is no HOA.
The property is located in Lake Alfred with access to US-17/92 and I-4, connecting residents with Orlando and Tampa. Local lakes, the Chain of Lakes Trail, and a planned Publix-anchored development are also nearby. The duplex may be acquired individually or together with the matching duplex next door at 650 E Grapefruit Ave.
The property is located in Lake Alfred with access to US-17/92 and I-4, connecting residents with Orlando and Tampa. Local lakes, the Chain of Lakes Trail, and a planned Publix-anchored development are also nearby. The duplex may be acquired individually or together with the matching duplex next door at 650 E Grapefruit Ave.
Key Highlights
- 1,800 SF duplex completed in 2023
- Two 2‑bedroom, 2‑bathroom units with open‑concept layouts
- Tenants already in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,085
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$381,700
$381.7K
Cap Rate 7%
$272,643
$272.6K
Cap Rate 9%
$212,056
$212.1K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$29.2K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.3K $15.15/SF
− OpEx
−$8.2K −$4.54/SF
NOI
$19.1K $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%
$381,700
Cap Rate 7%
$272,643
Cap Rate 9%
$212,056
Alternative Uses
Best Use
Multifamily LT 5
$272.6K
$238.6K – $318.1K
NOI $19,085 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$243.6K
$213.1K – $284.2K
NOI $17,049 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$432.6K
$378.5K – $504.7K
NOI $30,279 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
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Business Placement
Demographics for 33850, FL
9,119
Population
4,947
Households
1.8
Avg Household Size
45
Median Age
24%
College-Educated
89%
High-School Grad
16.8 sq mi
ZIP Area
543
Density / Sq Mi
$53,877
Median Household Income
$36,563
Median Earnings
$1,072
Median Rent
$215,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Built in 2023 with tenants in place, separate two-bedroom residences, and a fenced outdoor area without HOA restrictions.
Where is this duplex located?
The property is located at 640 E GRAPEFRUIT AVENUE Lake Alfred, FL.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: 1,800 SF duplex completed in 2023; Two 2‑bedroom, 2‑bathroom units with open‑concept layouts; Tenants already in place
