Residential Property - Villa in Lake Wales
Listing Price: $254,000 (Mortgage Calculator →)
Description of Property
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!
Bedrooms: 3
Bathrooms: 2
Half Baths: 2
Sq. Ft. Gross: 1,652
Garage: No
Carport: No
Parking Features:
Spa Features:
Water Frontage:
Water Features:
Water Access:
Property Details At A Glance
Property Type: Residential
Property Use or Sub Type: Villa
City: Lake Wales
County: Polk
Subdivision: West Indian Lake Heights Sub
Bedrooms: 3
Bathrooms: 2
Half Baths: 2
Sq. Ft. Gross: 1,652
Sq. Ft. Living Area: 1,652
Cost per (heated) sqare foot: $154
Year built: 1989
Annual Tax: $2,780
Taxes and fees can change periodically, and other fees may apply. Please check with your Suncoasteam agent for more details.
Appliances: Refrigerator
Flooring: Hardwood
Pool & Waterfront Info
Private Pool: Not specified
Exterior & Construction
Construction: Concrete
Foundation: Block
Roof: Metal
Exterior Features: Other
Floors in Unit: One
Cooling: Wall/Window Unit(s)
Heating & Fuel: Wall Units / Window Unit
Electric:
Patio & Porch Features:
Security Features:
Other Structures:
View:
Fencing:
Sewer: None
Water Source: Well
Community Features: None
Lot Information
Lot Size (acres): 0.54
Lot Size (sq. ft.): 23,522 square feet
Lot Dimensions: 164 x 159
Front Exposure: South
Legal Description & Other Information
Financing Available: Conventional
Parcel Number: 293105000000023030
Zoning: R-3
Tax Legal Desc.: BEG NW COR OF SE1/4 RUN S 1001.23 FT TO 40 FT RD ELY ALONG C/L RD 309.13 FT FOR POB RUN N 18 DEG 54 MIN 33 SEC E 150.12 FT TO C/L WATERWAY ELY ALONG C/L 115.98 FT CONT N 81 DEG E 82.1 FT S 33 DEG 57 MIN 52 SEC W 217.39 FT S 31 DEG 06 MIN 01 SEC W 40 FT WLY 113.38 FT TO POB LESS N 25 FT &LESS S 20 FT BEING LOT 56 W INDIAN LAKE HGTS SUB
Section: 5
Range: 29
Listing courtesy of LPT REALTY, LLC. The information relating to real estate for sale on this website comes in part from the My Florida Regional MLS DBA Stellar MLS. This information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.