116 Northside Dr Lake Wales, FL 33853

Property Details for 116 Northside Dr

Year built

1964

Property size

11,937 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity encompasses a 19-unit portfolio spread across three properties in Polk County, Florida. The portfolio includes seven buildings totaling 11,937 square feet, constructed between 1964 and 1984. The properties feature a mix of one- and two-bedroom units, offering diverse rental options. The portfolio boasts a combined Net Operating Income (NOI) of approximately $206,886, resulting in an attractive 7.96% capitalization rate. Sub-metering of utilities in most units significantly reduces operational costs for the owner. All properties benefit from central air conditioning, with recent replacements in many units. The properties are currently fully leased, ensuring consistent income. City water and sewer connections are present in key locations, minimizing maintenance concerns. The portfolio's location in Polk County, a region experiencing consistent population growth, ensures strong rental demand and long-term stability. This presents a compelling opportunity for investors seeking stable returns in a thriving market. The portfolio includes properties in Lake Wales and Winter Haven, offering a diverse geographic footprint within Polk County. Roofing is in good condition across the portfolio, minimizing maintenance expenses. The properties are a blend of concrete block and wood-frame construction, reflecting the building eras. This well-maintained portfolio offers a stable and high-potential investment opportunity for multifamily investors seeking to capitalize on the growing rental market in Polk County.