Three-Unit Rental
New
For Sale
$389,900
Pending
875 S LAKE SHORE, Lake Alfred, FL 33850
Grandfathered rental units support an established residential income property.
Property Size1,609 SF
Days on Market5
Property Features for 875 S LAKE SHORE
General Information
Standard status
Pending
Size
1,609 SF
Property subtype
Investment
Additional Details
Gross Income
$68,400
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,043
Building Details
Building Size
1,609 SF
Year Built
1945
Listing Agency:
Joseph La Rosa
(407) 883-5297
Listed By:
Christopher Rivera Alamo · License #3484310
(407) 883-5297
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 6:56AM
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 Joseph La Rosa
Investment Insights
Based on property information with market context.
Built in 1945, this triplex includes 3 grandfathered rental units and is positioned as a residential income property. The asset is located at 875 S Lake Shore in Lake Alfred, Florida, along a corridor identified with commercial-area potential and high traffic. Walk Score is 17, indicating a car-dependent setting, while the Bike Score is 26, classified as somewhat bikeable.
Key Highlights
- 3 grandfathered rental units
- Built in 1945
- 875 S Lake Shore, Lake Alfred, FL 33850
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
$17,060
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
4.38%
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%
$341,200
$341.2K
Cap Rate 7%
$243,714
$243.7K
Cap Rate 9%
$189,556
$189.6K
Market Conditions
NOI Build-Up for 1,609 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
$26.1K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.4K $15.15/SF
− OpEx
−$7.3K −$4.54/SF
NOI
$17.1K $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%
$341,200
Cap Rate 7%
$243,714
Cap Rate 9%
$189,556
Alternative Uses
Best Use
Multifamily LT 5
$243.7K
$213.3K – $284.3K
NOI $17,060 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$217.7K
$190.5K – $254.0K
NOI $15,240 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$386.7K
$338.3K – $451.1K
NOI $27,066 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
241
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Grandfathered rental units support an established residential income property.
Where is this triplex located?
The property is located at 875 S LAKE SHORE Lake Alfred, FL.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 3 grandfathered rental units; Built in 1945; 875 S Lake Shore, Lake Alfred, FL 33850
