Brick Duplex with Fenced
646 BEVERLY DRIVE, Lake Wales, FL 33853
For Sale
$275,000
Two two-bedroom, one-bath units with private driveways, recent system upgrades, and one currently vacant unit.
Property Size1,782 SF
Price / SF$154.32
Days on Market50
Property Features for 646 BEVERLY DRIVE
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Amenities
fenced backyard
Building Details
Year Built
Buildings
Construction
Tenancy
Listing Agency:
KELLER WILLIAMS REALTY SMART 1
(863) 508-3000
Listed By:
David Small · License FL #3319175
(407) 601-8351
Source:
Endlesssummerrealty
Added: Sep 21
Changed: Nov 8
Last Checked: Nov 8 at 5:47AM
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 KELLER WILLIAMS REALTY SMART 1
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Investment Insights
Based on property information with market context.
Built in 1983, this 1,782-square-foot brick duplex includes two 2-bedroom, 1-bath residences. Each unit has an oversized driveway for off-street parking and access to a fenced backyard. One residence is occupied, while the other is vacant and available for renovation or leasing. Updates include an AC system, water heater, and luxury vinyl plank flooring in Unit 648, along with newer plumbing throughout the property. The septic tank and drain field have also been replaced.
The property is located in Lake Wales with access to local shopping, dining, schools, parks, and major roadways. Its two-unit layout, existing improvements, and separate residential spaces support continued rental use with one unit currently producing occupancy and the other available for additional leasing activity.
The property is located in Lake Wales with access to local shopping, dining, schools, parks, and major roadways. Its two-unit layout, existing improvements, and separate residential spaces support continued rental use with one unit currently producing occupancy and the other available for additional leasing activity.
Key Highlights
- Two‑unit duplex with two 2‑bedroom, 1‑bath residences
- 1,782 SF brick property built in 1983
- One unit occupied and one unit vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,961
Cap Rate
6.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$379,220
$379.2K
Cap Rate 7%
$270,871
$270.9K
Cap Rate 9%
$210,678
$210.7K
Market Conditions
NOI Build-Up for 1,782 SF
Gross rent
$28.9K $16.20/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$27.1K $15.20/SF
− OpEx
−$8.1K −$4.56/SF
NOI
$19.0K $10.64/SF
Area
Polk County, FL
Vacancy
6.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$379,220
Cap Rate 7%
$270,871
Cap Rate 9%
$210,678
Alternative Uses
Best Use
Multifamily LT 5
$270.9K
$237.0K – $316.0K
NOI $18,961 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$249.8K
$218.6K – $291.4K
NOI $17,485 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$455.0K
$398.1K – $530.9K
NOI $31,851 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
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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
$198,100
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Polk County, FL
Properties on Market for Duplexes in Polk County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two two-bedroom, one-bath units with private driveways, recent system upgrades, and one currently vacant unit.
Where is this duplex located?
The property is located at 646 BEVERLY DRIVE Lake Wales, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit duplex with two 2‑bedroom, 1‑bath residences; 1,782 SF brick property built in 1983; One unit occupied and one unit vacant
