Unique Multi-Unit Income
For Sale
$1,424,999
701 KEEN Rd, Frostproof, FL 33843
Income-producing property with main residence, cottages, and apartment building.
Property Size5,908 SF
Lot Size3.95 Acres
Days on Market166
Property Features for 701 KEEN Rd
General Information
Standard status
Active
Size
5,908 SF
Lot size
3.95 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,328
Building Details
Building Size
5,908 SF
Year Built
1971
Units
8
Listing Agency:
Smart Realty of Polk Inc dba Keller Williams Realty
(863) 529-7488
Listed By:
John Carter · License #3093835
(863) 529-7488
Source:
Elliman
Added: Mar 10
Changed: Aug 13
Last Checked: Aug 22 at 9:28AM
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 Smart Realty of Polk Inc dba Keller Williams Realty
Investment Insights
Based on property information with market context.
This multi-unit income-producing property features a total of 8 units, currently rented on a month-to-month basis. Situated on nearly 4 acres, the property includes a 3-bedroom, 2-bathroom main residence built in 2015 with a metal roof, carport, and two open porches, which comes furnished including a washer and dryer. There are also four architecturally distinct A-frame 2-bedroom, 2-bathroom cottages, and a multi-unit apartment building containing two 1-bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit. The 2-bedroom apartment has a bonus room with a loft and a private laundry room. The grounds are designed with privacy and community in mind, featuring a screened saltwater pool, garden pathways, shaded gathering areas, and parking. Amenities include an internet tower, a property-wide water softener system, a Generac generator for the apartment building, two large sheds, six smaller storage sheds, and a large chicken coop. There are also fruit trees, including mango, starfruit, cherry, lemon, lychee, pomegranate, and banana. All four A-frame cottages will have new metal roofs as of April 2025 and all new HVAC systems. There is also an RV 30 amp hook up. The property is zoned ARR and is located near a public boat ramp to Crooked Lake. Potential uses include short-term vacation rentals, wellness retreats, church camps, rehabilitation centers, RV expansion, corporate rentals, a live + earn model, or multi-generational living.
Key Highlights
- Multi‑unit income property featuring 8 units, including a main residence, A‑frame cottages, and an apartment building.
- Nearly 4 acres of land offering old Florida charm with garden pathways and shaded gathering areas.
- Enjoy the screened‑in saltwater pool with new pump and resurfaced finish.
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
$55,960
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
3.93%
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%
$1,119,200
$1.1M
Cap Rate 7%
$799,429
$799.4K
Cap Rate 9%
$621,778
$621.8K
Market Conditions
NOI Build-Up for 5,908 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
$108.5K $18.36/SF
− Vacancy
−$6.7K −$1.14/SF
EGI
$101.7K $17.22/SF
− OpEx
−$45.8K −$7.75/SF
NOI
$56.0K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,119,200
Cap Rate 7%
$799,429
Cap Rate 9%
$621,778
Alternative Uses
Best Use
Apartment 5plus
$799.4K
$699.5K – $932.7K
NOI $55,960 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,382 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 33843, FL
11,864
Population
5,930
Households
2
Avg Household Size
45
Median Age
15%
College-Educated
81%
High-School Grad
124.0 sq mi
ZIP Area
96
Density / Sq Mi
$51,358
Median Household Income
$28,857
Median Earnings
$864
Median Rent
$107,900
Median Home Value
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?
Apartment building - Income-producing property with main residence, cottages, and apartment building.
Where is this apartment building located?
The property is located at 701 KEEN Rd Frostproof, FL.
What is the asking price?
The asking price for this property is $1,424,999.
What are key features of this property?
This property features: Multi‑unit income property featuring 8 units, including a main residence, A‑frame cottages, and an apartment building.; Nearly 4 acres of land offering old Florida charm with garden pathways and shaded gathering areas.; Enjoy the screened‑in saltwater pool with new pump and resurfaced finish.
