2850 Lake Alfred Rd Winter Haven, FL 33881

This exceptional 7-unit apartment building in Winter Haven, Florida, presents a compelling value-add investment opportunity. Priced below recent appraisal at $625,000, this property boasts a 7.95% cap rate and a pro-forma cap rate of 8.51%. The 2,555 square foot complex, built in 1952 and extensively renovated in 2021, comprises two single-story buildings situated on a 0.47-acre lot. Recent improvements include new metal roofs, septic tanks, lift stations, and drain fields, along with substantial interior updates to all seven units. These updates encompass new cabinets, countertops, vanities, drywall, appliances, AC units, plumbing, and flooring, all complemented by fresh paint. The property currently generates a NOI of $49,686, with a pro-forma NOI of $53,178. Significant potential exists to further enhance cash flow by implementing monthly utility fees or a RUBS system. Additional features include a sizable garage storage area ideal for coin-operated laundry and ample space for common area amenities. Located in Polk County, the fastest-growing county in Florida, this property offers strong potential for appreciation and consistent cash flow. The property is offered fee simple. The price per unit is $89,286.