315 Ridge Manor DrLake Wales, FL 33853

  • Residential income properties
  • 4,670 SF
For Sale
$875,000 View listing

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.

315 Ridge Manor Dr, Lake Wales, Florida

Location Insight

City
Lake Wales
County
Polk
State
Florida
Latitude
27.8857
Longitude
-81.5851

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