2023 Two-Unit
New
For Sale
$439,000
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$243.89
Days on Market6
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: Sep 12
Last Checked: Sep 12 at 5:17AM
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
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 = 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
$19,085
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
4.35%
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%
$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
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
$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 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%
$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 4.35%
Second Best
Apartment 5plus
$243.6K
$213.1K – $284.2K
NOI $17,049 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$432.6K
$378.5K – $504.7K
NOI $30,279 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $439,000.
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
