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Lake Wales,FL 33898
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 1,652 sqft
Price per Sqft $153
Subdivision West Indian Lake Heights Sub
MLS Listing ID P4937132
HOA Y/N No
Year Built 1989
Annual Tax Amount $2,780
Lot Size 0.540 Acres
Acres 0.54
Lot Dimensions 164x159
Property Sub-Type Triplex
Source Stellar MLS
Property Description
Nearly A 10% CAP RATE! Canal Front Multifamily Property Consisting Of 2 Single Wide Mobile Homes and 1 CBC Apartment
Offering LOW OPERATING EXPENSES And VALUE-ADD OPPORTUNITY Located Just 3 Blocks From Lake Walk In Water's
Public Boat Ramp In Eastern Lake Wales, Florida. Current Income: $2,075/Month and $24,900/Year Potential Gross
Income: $2,675/Month and $32,100.00/Year The 3 residences sit on a well kept, 0.54 acre lot zoned R-3 with 198+\-ft of
canal frontage with direct access to Lake Walk-In Water. Unit A (OCCUPIED): 2BR/1BA, 1978, 728 sqft single wide mobile
home at $900/month. Unit B (VACANT- VALUE-ADD): 1BR/1BA 1975 , 485 sq ft concrete block apartment featuring a
kitchenette and its own private dock. The vacant unit allows for new owner to place a tenant for immediate income or
possible renovations and upgrades for increased rent. Previously rented for $600/month. Unit C (OCCUPIED): Updated and
spacious 1989, 924 sq ft 3BR/2BA single wide mobile home generating $1,175/month. This unit features a mini-split AC, a
large master bedroom with a walk-in closet and a built-in office. Tenant's rent includes electric, utilities, trash and septic.
Landlord pays taxes and insurance. This stabilized multifamily property offers investors an exceptional cap rate, low
operational expenses, canal frontage with direct access to Lake Walk-In-Water, value appreciation and value-add
opportunity with a new tenant for immediate income and renovation potential for increase rent. Investments like these
don't come around that often in Polk County, Florida. Call to schedule an appointment. SELLER WILL CONSIDER SELLER
FINANCE ALSO!
Location
State FL
County Polk
Community West Indian Lake Heights Sub
Area 33898 - Lake Wales
Zoning R-3
Interior
Interior Features Other
Heating Ductless
Cooling Wall/Window Unit(s)
Flooring Wood
Fireplace false
Laundry None
Exterior
Exterior Feature Other
Utilities Available Other
Roof Type Metal
Garage false
Private Pool No
Building
Foundation Block
Lot Size Range 1/2 to less than 1
Sewer None
Water Private,Well
Structure Type Concrete
New Construction false
Others
Senior Community No
Ownership Fee Simple
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition None
Virtual Tour https://www.propertypanorama.com/instaview/stellar/P4937132