Lakeside Multi-Unit Investment
For Sale
Contact for pricing
1515 6TH STREET NW, Winter Haven, FL 33881
Versatile lakeside property with diverse units for rental income.
Property Size3,100 SF
Price / SF$250
Days on Market775
Property Features for 1515 6TH STREET NW
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Special Purpose, Land
Listing Agency:
Century 21 Myers Realty
Listed By:
Jay Myers · License #FL
(863) 967-8617
Source:
Crexi
Added: Sep 6, 2024
Changed: Oct 13
Last Checked: Oct 19 at 5:48AM
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 Century 21 Myers Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This lakeside investment property in Winter Haven, FL, presents an opportunity for generating rental income through a mix of unit types. There are four efficiency units, each approximately 275 square feet, featuring a single room with a private bath, a small kitchen sink, a refrigerator, and a microwave. Two of these efficiency units offer lake views. The bathrooms include a tub and shower combination, along with a linen closet. Additionally, there is a studio unit of approximately 500 square feet, which includes a combined living room and bedroom area, a bathroom with a shower, and a dining kitchen combo with a large pantry area that houses the AC compressor. The downstairs unit spans approximately 1,500 square feet and includes two bedrooms, one bathroom with a shower, and a kitchen equipped with an electric stove and refrigerator. The large living room features built-in cabinets, and there is an additional game room area, serving as an extension to the living space. This unit is cooled by three window AC units and includes a private deck overlooking the lake.
Key Highlights
- Lakeside location offers attractive views and enhances rental appeal.
- Diverse unit mix includes efficiency units, a studio, and a larger downstairs unit to cater to various tenant needs.
- Designed for generating rental income with multiple units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,363
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$587,260
$587.3K
Cap Rate 7%
$419,471
$419.5K
Cap Rate 9%
$326,256
$326.3K
Market Conditions
NOI Build-Up for 3,100 SF
Gross rent
$56.9K $18.36/SF
− Vacancy
−$3.5K −$1.14/SF
EGI
$53.4K $17.22/SF
− OpEx
−$24.0K −$7.75/SF
NOI
$29.4K $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 Rate 5%
$587,260
Cap Rate 7%
$419,471
Cap Rate 9%
$326,256
Alternative Uses
Best Use
Apartment 5plus
$419.5K
$367.0K – $489.4K
NOI $29,363 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$745.0K
$651.8K – $869.1K
NOI $52,147 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Explore this area
Business Placement
Demographics for 33881, FL
38,369
Population
17,948
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
85%
High-School Grad
21.9 sq mi
ZIP Area
1,752
Density / Sq Mi
$53,867
Median Household Income
$33,941
Median Earnings
$1,153
Median Rent
$177,400
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
Frequently Asked Questions
What type of property is this?
Multifamily property - Versatile lakeside property with diverse units for rental income.
Where is this multifamily property located?
The property is located at 1515 6TH STREET NW Winter Haven, FL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Lakeside location offers attractive views and enhances rental appeal.; Diverse unit mix includes efficiency units, a studio, and a larger downstairs unit to cater to various tenant needs.; Designed for generating rental income with multiple units.
