8-Unit Multifamily Property with
For Sale
$1,424,999
701 KEEN Road, Frostproof, FL 33843
Residential Income, FROSTPROOF, FL
Property Size5,908 SF
Lot Size3.95 Acres
Price / SF$241.20
Days on Market368
Property Features for 701 KEEN Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
XX
Bedrooms
15
Bathrooms
13
Full bathrooms
13
Rooms
Bathroom 2, Bathroom 1, Bedroom 14, Bathroom 5, Bedroom 15, Bedroom 6, Bedroom 7, Bathroom 7, Bathroom 11, Bathroom 12, Bedroom 9, Bedroom 12, Bedroom 10, Bedroom 4, Bathroom 8, Bathroom 4, Bedroom 13, Bathroom 3, Bathroom 13, Bedroom 11, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 6, Bathroom 10, Bedroom 5, Bathroom 9, Bedroom 8
Pool private
1
Interior features
Accessibility Features, Ceiling Fans(s)
Exterior features
Outbuildings, Private Mailbox
Accessibility
Accessible Approach with Ramp
Subdivision
CROOKED LAKE
View
Water, Lake
Directions
From US Highway 27 S to left onto 630A to left onto Keen Rd. Home is located on the left.
Standard status
Active
APN
27-31-25-000000-031020
Size
5,908 SF
Lot size
3.95 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
BEG NW COR OF SEC RN S 01 DEG 22 MIN 56 SEC E ALONG W SEC LINE 426 FT E 1233.13 FT TO POB RUN N 377.17 FT S 76 DEG 48 MIN 26 SEC E 556.59 FT S 253.23 FT W 545 FT TO POB
Tax Annual Amount
11329
Legal Description
BEG NW COR OF SEC RN S 01 DEG 22 MIN 56 SEC E ALONG W SEC LINE 426 FT E 1233.13 FT TO POB RUN N 377.17 FT S 76 DEG 48 MIN 26 SEC E 556.59 FT S 253.23 FT W 545 FT TO POB
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Well
Amenities
screened-in saltwater pool
garden pathways
shaded gathering areas
Internet tower
property-wide water softener system
Generac generator
two large sheds
6 smaller storage sheds
large chicken coop with run
fruit trees
carport
two open porches
RV 30 amp hook up
Building Details
Year built
1971
Number of units
8
Building materials
Stucco, Vinyl Siding
Roof type
Metal
Additional Structures
Storage, Outbuilding
Listing Agency:
KELLER WILLIAMS REALTY SMART
(863) 577-1234
Listed By:
Mindy Russo · License #3320423
(863) 812-1294
Added: Sep 15, 2025
Changed: Sep 16
Last Checked: Sep 17 at 2:06AM
MLS# L4955855
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.
This 8-unit multifamily property occupies 3.95 acres and contains 5,908 square feet across a main residence, four cottages, and a three-unit apartment building. The primary home has 3 bedrooms and 2 bathrooms, while each A-frame cottage offers 2 bedrooms and 2 bathrooms. The apartment building includes two 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. All units are currently leased on a month-to-month basis.
Property improvements include a private screened saltwater pool, parking, shaded outdoor areas, garden paths, two large sheds, six smaller storage sheds, a chicken coop with run, and fruit trees. The main residence was completed in 2015 and includes a metal roof, carport, two open porches, furnishings, and laundry equipment. The cottages received metal roofs in April 2025 and have new HVAC systems. The property is near a public boat ramp serving Crooked Lake and uses a well and septic tank.
Property improvements include a private screened saltwater pool, parking, shaded outdoor areas, garden paths, two large sheds, six smaller storage sheds, a chicken coop with run, and fruit trees. The main residence was completed in 2015 and includes a metal roof, carport, two open porches, furnishings, and laundry equipment. The cottages received metal roofs in April 2025 and have new HVAC systems. The property is near a public boat ramp serving Crooked Lake and uses a well and septic tank.
Key Highlights
- 8 units across a 3.95‑acre multifamily property
- 5,908 square feet with a 3‑bedroom main residence, 4 cottages, and 3 apartments
- Four A‑frame cottages each include 2 bedrooms and 2 bathrooms
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
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Open Analytics
Current Use
Lease Details
8
Residential units
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
Check the figures for this property
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?
Multifamily property - Eight rentable units include a main residence, cottages, and apartments across a private multi-building property.
Where is this multifamily property located?
The property is located at 701 KEEN Road 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: 8 units across a 3.95‑acre multifamily property; 5,908 square feet with a 3‑bedroom main residence, 4 cottages, and 3 apartments; Four A‑frame cottages each include 2 bedrooms and 2 bathrooms
