Modern Two-Unit
New
For Sale
$439,000
650 E GRAPEFRUIT AVE, Lake Alfred, FL 33850
Built in 2023 with two-bedroom, two-bath layouts and a private fenced yard.
Property Size1,800 SF
Lot Size0.17 Acres
Days on Market7
Property Features for 650 E GRAPEFRUIT AVE
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
Taxes and HOA fees
Annual Taxes
$5,987
Amenities
private fully fenced yard
Building Details
Building Size
1,800 SF
Year Built
2023
Buildings
1
Tenancy
Multi
Listing Agency:
BOKORS CORNER REALTY LLC
Listed By:
Sharon Bokor · License #685689
(239) 989-7128
Source:
Kingofrealestate
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 14 at 9:49AM
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 2023-built duplex contains two residential units, each arranged with two bedrooms and two bathrooms. The interiors feature open-concept living areas, fresh paint, durable low-maintenance flooring, and stainless steel appliances. A private, fully fenced yard serves the property, and there is no HOA. Tenants are already in place, providing an established occupancy profile.
The property is located at 650 E Grapefruit Ave in Lake Alfred, with access to US-17/92 and I-4. The surrounding area includes local lakes, the Chain of Lakes Trail, and a planned Publix-anchored development. The duplex sits on an approximately 0.17-acre lot and may be acquired individually or together with the neighboring duplex at 640 E Grapefruit Ave.
The property is located at 650 E Grapefruit Ave in Lake Alfred, with access to US-17/92 and I-4. The surrounding area includes local lakes, the Chain of Lakes Trail, and a planned Publix-anchored development. The duplex sits on an approximately 0.17-acre lot and may be acquired individually or together with the neighboring duplex at 640 E Grapefruit Ave.
Key Highlights
- Two‑unit duplex built in 2023
- Both units offer 2 bedrooms and 2 bathrooms
- Approximately ~0.17‑acre lot with a private, fully fenced yard
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
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
82
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
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Frequently Asked Questions
What type of property is this?
Duplex - Built in 2023 with two-bedroom, two-bath layouts and a private fenced yard.
Where is this duplex located?
The property is located at 650 E GRAPEFRUIT AVE 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: Two‑unit duplex built in 2023; Both units offer 2 bedrooms and 2 bathrooms; Approximately ~0.17‑acre lot with a private, fully fenced yard
