For Sale
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Property summary
This exceptional 11-unit apartment building located at 315 Ridge Manor Dr, Lake Wales, FL 33853, presents a compelling investment opportunity. The property boasts a total of 4,670 square feet and is priced at $875,000, translating to a price per square foot of $187.37 and a price per unit of $79,545.45. Built in 1926, the building offers a diverse unit mix including seven studios, three one-bedroom, one-bathroom units, and one two-bedroom, one-bathroom unit. Convenience is enhanced by an on-site coin laundry facility. Recent improvements include a newly replaced roof, significantly reducing future maintenance concerns. The property's current cap rate stands at 6.96%, with an estimated 26% rental upside potential, indicating significant room for increased profitability. Situated in Polk County, Florida, this property benefits from a desirable location and strong rental demand. This is a rare opportunity to acquire a well-maintained multifamily property with substantial upside potential in a growing market. Financial records and further details are available upon request. This property is being offered as-is.
Property profile
VerifiedCap rate & NOI
Current use
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Retirement Community Nursing Home
Value estimations
Owner & transaction history
Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
from $99/month
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Derived from the Lake Wales market rent, vacancy and expense benchmarks for this use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Property description
Physical attributes from public recordsZoning & alternative use
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
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