Tenant-Occupied
For Sale
$500,000
980 S LAKE SHORE Way, Lake Alfred, FL 33850
Commercial Sale, LAKE ALFRED, FL
Property Size2,506 SF
Lot Size0.48 Acres
Price / SF$199.52
Days on Market154
Property Features for 980 S LAKE SHORE Way
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Subdivision
ROCHELLE TERRACE
Lot features
Sidewalk, Street Lights, Paved
Directions
Heading east on US Hwy 92 continue until road becomes US Hwy 17/ S Lake Shore Way. Destination will be on your right at the corner of Mackay Blvd.
Standard status
Active
APN
26-28-05-525000-003070
Size
2,506 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ROCHELLE TERRACE PB 8 PG 44 BLK 3 LOTS 7 & 8 LESS ST RD 600
Tax Annual Amount
1647
Legal Description
ROCHELLE TERRACE PB 8 PG 44 BLK 3 LOTS 7 & 8 LESS ST RD 600
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
Frame
Roof type
Metal
Listing Agency:
CENTURY 21 MYERS REALTY · Century 21 Real Estate
(863) 875-5656
Listed By:
Tony Acosta · License #3108388
(863) 224-5956
Added: Mar 25
Changed: Aug 24
Last Checked: Aug 25 at 6:06PM
MLS# S5145068
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 2,506-square-foot triplex contains three residential units that are currently occupied by tenants. The frame-built property dates to 1920 and includes a metal roof, ductless heating, window and wall/window cooling units, public water, and public sewer.
The 0.48-acre site is positioned at 980 S Lake Shore Way in Lake Alfred, along a divided highway through the city’s central corridor. C-1 zoning and the property’s placement near local businesses, dining, and community amenities provide a commercial setting for continued residential occupancy or future planning, subject to applicable approvals.
The 0.48-acre site is positioned at 980 S Lake Shore Way in Lake Alfred, along a divided highway through the city’s central corridor. C-1 zoning and the property’s placement near local businesses, dining, and community amenities provide a commercial setting for continued residential occupancy or future planning, subject to applicable approvals.
Key Highlights
- Three tenant‑occupied residential units
- 2,506 square feet on 0.48 acres
- C‑1 zoning
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
$26,571
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
5.31%
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%
$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
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
$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 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%
$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 5.31%
Second Best
Apartment 5plus
$339.1K
$296.7K – $395.6K
NOI $23,737 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$602.2K
$526.9K – $702.6K
NOI $42,155 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Yes
Paved road access
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with C-1 zoning, public utilities, and a prominent position 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 $500,000.
What are key features of this property?
This property features: Three tenant‑occupied residential units; 2,506 square feet on 0.48 acres; C‑1 zoning
