Tenant-Occupied
For Sale
$449,900
980 S Lake Shore Way, Lake Alfred, FL 33850
Three occupied residential units front a divided highway along Lake Alfred’s central commercial corridor.
Property Size2,506 SF
Price / SF$179.53
Days on Market47
Property Features for 980 S Lake Shore Way
General Information
Standard status
Active
Size
2,506 SF
Building Details
Year Built
1920
Listing Agency:
CENTURY 21 MYERS REALTY
Listed By:
Tony Acosta · License #3589261
(863) 224-5956
Source:
Livewelltampabay
Added: Sep 4
Changed: Oct 5
Last Checked: Oct 7 at 1:05PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This triplex contains three residential units, each currently occupied by a tenant. The property was built in 1920 and is positioned along a divided highway at 980 S Lake Shore Way in Lake Alfred, Florida.
The site occupies a central commercial corridor with access to nearby local businesses, dining, and community amenities. Its location provides a combination of existing residential occupancy and placement within an established part of the city.
The site occupies a central commercial corridor with access to nearby local businesses, dining, and community amenities. Its location provides a combination of existing residential occupancy and placement within an established part of the city.
Key Highlights
- Three residential units currently occupied by tenants
- Located on a divided highway through Lake Alfred’s central corridor
- Built in 1920
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,571
Cap Rate
5.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$531,420
$531.4K
Cap Rate 7%
$379,586
$379.6K
Cap Rate 9%
$295,233
$295.2K
Market Conditions
NOI Build-Up for 2,506 SF
Gross rent
$40.6K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$38.0K $15.15/SF
− OpEx
−$11.4K −$4.54/SF
NOI
$26.6K $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 Rate 5%
$531,420
Cap Rate 7%
$379,586
Cap Rate 9%
$295,233
Alternative Uses
Best Use
Multifamily LT 5
$379.6K
$332.1K – $442.9K
NOI $26,571 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$339.1K
$296.7K – $395.6K
NOI $23,737 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$602.2K
$526.9K – $702.6K
NOI $42,155 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
173
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three occupied residential units front a divided highway along Lake Alfred’s central commercial corridor.
Where is this triplex located?
The property is located at 980 S Lake Shore Way Lake Alfred, FL.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Three residential units currently occupied by tenants; Located on a divided highway through Lake Alfred’s central corridor; Built in 1920
