315 Ridge Manor DrLake Wales, FL 33853
- Residential income properties
- 4,670 SF
Property Details for 315 Ridge Manor Dr
- Year built
- 1926
- Property size (Sq ft)
- 4,670 SF
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
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.
Location Insight
- City
- Lake Wales
- County
- Polk
- State
- Florida
- Latitude
- 27.8857
- Longitude
- -81.5851
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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