Historic Lake Wales Apartments 428 E Johnson Ave
6 Unit Apartment Building $599,000 ($99,833/Unit) Lake Wales, FL 33853
INVESTMENT HIGHLIGHTS
- Value-Add Potential! Historic multifamily investment property
- Constructed in 1928 with preserved architectural details and historic charm / Recent renovations started, offering value-add potential!
- Strong demand for well-maintained Multifamily Rentals in the area in a vibrant community with diverse demographics
- Six spacious 1-bedroom / 1-bathroom units totaling 4,408 SF total SF
- Situated on lush 0.52 acre parcel zoned R-1B
- Close to Historic Downtown District shopping, dining, cultural attractions, local amenities, parks, schools, and recreational facilities
EXECUTIVE SUMMARY
Lee & Associates presents an exceptional investment opportunity at 428 E Johnson Ave, Lake Wales, FL 33853. This historic two-story multifamily property, constructed in 1928, spans 4,408 square feet and is situated on a generous 0.52-acre lot. The building comprises six units, each featuring one bedroom and one bathroom, offering a total of six bedrooms and six bathrooms. Recent renovations have been initiated, providing a solid foundation for further enhancements to maximize rental income potential. ?
Located in the heart of Lake Wales, this property benefits from its proximity to local amenities and attractions. The area boasts a diverse demographic, with a population of approximately 16,455 residents and a median age of 43.1 years. The community offers a blend of cultural and recreational activities, making it an attractive location for potential tenants.
Located in the heart of Lake Wales, this property benefits from its proximity to local amenities and attractions. The area boasts a diverse demographic, with a population of approximately 16,455 residents and a median age of 43.1 years. The community offers a blend of cultural and recreational activities, making it an attractive location for potential tenants.
PROPERTY FACTS
| Price | $599,000 |
| Price Per Unit | $99,833 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Lot Size | 0.52 AC |
| Building Size | 4,408 SF |
| No. Stories | 2 |
| Year Built | 1928 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
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PROPERTY TAXES
| Parcel Number | 27-30-01-883000-044060 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $262,602 |
ZONING
| Zoning Code | R-1B (Residential) |
