1050 Spirit Lake Rd Winter Haven, FL 33880
- Commercial real estate
- 11,192 SF
- 1.15 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 1050 Spirit Lake Rd
- Year built
- 1985
- Lot size
- 1.15 lot acres
- Property size
- 11,192 SF
- Property type
- Commercial real estate
Description
Exceptional investment opportunity: This 10-unit apartment building in Winter Haven, Florida, presents a compelling return on investment. Boasting a 6.50% cap rate and a strong NOI of $103,937, this property offers significant potential for growth. The 11,192 square foot complex, situated on a spacious 1.15-acre lot, comprises two two-story buildings constructed in 1985. Each of the ten units features washer/dryer connections and screened patios, enhancing tenant appeal. Recent upgrades include new roofs (December 2021), exterior painting (2021), and new A/C units in five units since 2017. The property benefits from a desirable C-3 zoning and enjoys lake views of Lake Sears. Located in a gated community, it offers convenient access to Lakeland, Bartow, the Polk Parkway, and I-4. Current rents are below market value, presenting an opportunity to increase monthly revenue by $100-$250 per unit. The property is well-maintained and in excellent condition, with tenants subject to thorough background checks and month-to-month leases. A single water meter currently averages $195 monthly for all units
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Winter Haven
- County
- Polk
- State
- Florida
- Longitude
- -81.77777762
- Latitude
- 28.00645434
