Brick Duplex with Fenced
New
For Sale
$275,000
646 BEVERLY DRIVE, Lake Wales, FL 33853
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 Market4
Property Features for 646 BEVERLY DRIVE
General Information
Standard status
Active
Size
1,782 SF
Property subtype
Half Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
fenced backyard
Building Details
Year Built
1983
Buildings
1
Construction
brick
Tenancy
Single
Listing Agency:
KELLER WILLIAMS REALTY SMART 1
(863) 508-3000
Listed By:
David Small · License #3319175
(904) 687-7876
Source:
Endlesssummerrealty
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 23 at 2:37AM
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
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 = 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
$18,894
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
6.87%
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%
$377,880
$377.9K
Cap Rate 7%
$269,914
$269.9K
Cap Rate 9%
$209,933
$209.9K
Market Conditions
NOI Build-Up for 1,782 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
$28.9K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.0K $15.15/SF
− OpEx
−$8.1K −$4.54/SF
NOI
$18.9K $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%
$377,880
Cap Rate 7%
$269,914
Cap Rate 9%
$209,933
Alternative Uses
Best Use
Multifamily LT 5
$269.9K
$236.2K – $314.9K
NOI $18,894 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$241.1K
$211.0K – $281.3K
NOI $16,879 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$428.2K
$374.7K – $499.6K
NOI $29,976 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
39
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - 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
