2023 Duplex with Fenced
New
For Sale
$439,000
650 E GRAPEFRUIT Avenue, Lake Alfred, FL 33850
Residential Income, LAKE ALFRED, FL
Property Size1,800 SF
Lot Size0.17 Acres
Price / SF$243.89
Days on Market7
Property Features for 650 E GRAPEFRUIT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1
Window features
Blinds
Interior features
Ceiling Fans(s), Crown Molding, Primary Bedroom Main Floor, Walk-In Closet(s), Window Treatments
Exterior features
Fence, Sidewalk
Fencing
Fenced
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
HIGHLAND SUB
Directions
US-17 N, Lake Alfred from S Lake Shore Way/US-92 E/US-17 N Turn left onto N Dakota Ave Turn right onto E Tangerine Ave Turn left onto Lake Swoope Dr Turn right onto E Grapefruit Ave 650 E Grapefruit Ave, Lake Alfred, FL 33850
Standard status
Active
APN
26-27-28-493500-001141
Size
1,800 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIGHLAND SUB PB 4 PG 2 BLK A LOT 14
Tax Annual Amount
5987
Legal Description
HIGHLAND SUB PB 4 PG 2 BLK A LOT 14
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private fully fenced yard
Building Details
Year built
2023
Floors in Building
1
Flooring type
Tile, Laminate
Building materials
Block
Roof type
Shingle
Listing Agency:
BOKORS CORNER REALTY LLC
(813) 708-2266
Listed By:
Sharon Bokor
(239) 989-7128
Added: Sep 3
Changed: Sep 9
Last Checked: Sep 9 at 6:06PM
MLS# R4911947
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains 1,800 square feet on a 0.17-acre lot at 650 E Grapefruit Avenue in Lake Alfred. Each unit is arranged with two bedrooms and two bathrooms in an open-concept layout, with tile and laminate flooring, fresh paint, ceiling fans, crown molding, walk-in closets, and window treatments. Central heating and central air serve the property, while block construction and a shingle roof provide the primary building envelope. Each side includes a range, refrigerator, dishwasher, microwave, washer, and dryer.
The property includes a private fenced yard, sidewalk access, public water, public sewer, and cable availability. It is zoned R-2 and has no HOA. The location provides access to US-17/92 and I-4, with local lakes, the Chain of Lakes Trail, and a planned Publix-anchored development identified nearby. Tenants are already in place, and the property may be acquired individually or bundled with the matching duplex next door.
The property includes a private fenced yard, sidewalk access, public water, public sewer, and cable availability. It is zoned R-2 and has no HOA. The location provides access to US-17/92 and I-4, with local lakes, the Chain of Lakes Trail, and a planned Publix-anchored development identified nearby. Tenants are already in place, and the property may be acquired individually or bundled with the matching duplex next door.
Key Highlights
- Built in 2023 with 1,800 square feet on a 0.17‑acre lot
- Duplex configuration with two 2‑bedroom, 2‑bathroom units
- Private fully fenced yard with sidewalk access
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 - Two-bedroom units offer open-concept layouts, stainless steel appliances, and separate primary bedrooms on the main floor.
Where is this duplex located?
The property is located at 650 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: Built in 2023 with 1,800 square feet on a 0.17‑acre lot; Duplex configuration with two 2‑bedroom, 2‑bathroom units; Private fully fenced yard with sidewalk access
