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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    315 Ridge Manor Dr Lake Wales, FL 33853

    • Commercial real estate
    • 4,670 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0252840
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • We Elderly Care / Retirement Community / Nursing Home

    Property Details for 315 Ridge Manor Dr

    Year built
    1926
    Property size
    4,670 SF
    Property type
    Commercial real estate

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.5850682
    Latitude
    27.885706

    Comparable in this City

    • $12,000,000
      76.95 Acres

      Lake Wales Residential Development Land

      76 Acres, 520 Units, Prime Location
      0 Burns Ave, Lake Wales, FL 33853
      View Details
    • $550,000
      4,408 SF

      Historic Multifamily Investment Opportunity

      Two-story, six-unit property in Lake Wales, Florida.
      428 E Johnson Ave, Lake Wales, FL 33853
      View Details
    • New
      $399,000
      2,880 SF

      Lake Wales Multi-Family Investment

      Six-unit multi-family property in Lake Wales, Florida.
      107 A St, Lake Wales, FL 33853
      View Details
    • $253,999

      Downtown Duplex with Spacious Yard

      Charming duplex in downtown Lake Wales with private amenities.
      405 N Wetmore St, Lake Wales, FL 33853
      View Details
    • $500,000

      Four-Unit Multifamily Property For Sale

      Four-unit multifamily property near City Hall and downtown.
      240 Dr M L King Jr Blvd, Lake Wales, FL 33853
      View Details
    • $214,900

      Renovated Duplex Near Highways

      Completely renovated duplex in Lake Wales, move-in ready.
      622 Booker Ave, Lake Wales, FL 33853
      View Details

    Similar Nearby for Sale

    • New
      $399,000
      2,880 SF

      Lake Wales Multi-Family Investment

      Six-unit multi-family property in Lake Wales, Florida.
      107 A St, Lake Wales, FL 33853
      View Details
    • $12,000,000
      76.95 Acres

      Lake Wales Residential Development Land

      76 Acres, 520 Units, Prime Location
      0 Burns Ave, Lake Wales, FL 33853
      View Details
    • $550,000
      4,408 SF

      Historic Multifamily Investment Opportunity

      Two-story, six-unit property in Lake Wales, Florida.
      428 E Johnson Ave, Lake Wales, FL 33853
      View Details
    • $253,999

      Downtown Duplex with Spacious Yard

      Charming duplex in downtown Lake Wales with private amenities.
      405 N Wetmore St, Lake Wales, FL 33853
      View Details
    • $500,000

      Four-Unit Multifamily Property For Sale

      Four-unit multifamily property near City Hall and downtown.
      240 Dr M L King Jr Blvd, Lake Wales, FL 33853
      View Details
    • $210,056

      Lake Wales Duplex Investment Opportunity

      Duplex in Lake Wales, oversized lot, great investment opportunity.
      22 W Polk Ave, Lake Wales, FL 33853
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      10 SF

      Renovated Office Suite For Rent

      Recently renovated ground-floor office suite in Lake Wales.
      100 W Stuart Ave, Lake Wales, FL 33853
      View Details
    • $13 SF/Yr
      4,953 SF

      Versatile Retail Building in Lake Wales

      4,953 SF C2-zoned building suitable for diverse retail opportunities.
      1110 State Road 60 E, Lake Wales, FL 33853
      View Details
    • Contact for pricing

      Former Restaurant Building For Lease

      3,288 SF former restaurant building available for lease.
      Lake Wales, FL 33853
      View Details
    • Contact for pricing
      3,288 SF

      Former Restaurant Building For Lease

      3,288 SF former restaurant building available for lease.
      612 State Road 60 W, Lake Wales, FL 33853
      View Details
    • $36,000

      Turnkey Medical/Dental Office Space

      Furnished medical/dental office in Lake Wales, ready for occupancy.
      490 4Th St S, Lake Wales, FL 33853
      View Details
    • Contact for pricing
      2,496 SF

      Retail Space in Publix-Anchored Center

      Retail space available in Polk County, Publix-anchored shopping center.
      102-138 State Road 60 E, Lake Wales, FL 33853
      View Details
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    315 Ridge Manor Dr
    Lake Wales, FL 33853
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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