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 Market729
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: Aug 26
Last Checked: Sep 4 at 3:41AM
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
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 = 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
$29,363
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
3.79%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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.
