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La Provence Apartments 21380 Hwy 27 56 Unit Apartment Building For Sale Lake Wales, FL 33859
Investment Highlights
- Nearly $2M in Recent CapEx Upgrades completed in 2022-2023
- Strong Amenity Package with space to add more
- Strong Operating Performance: Achieving 95% trailing
- Large 8.8-Acre Site - entitlements already in-place for mixed-use development
- Strong Going In Cash Flow: 7.15% going in cap rate
- On-Site Commercial Spaces: Three spaces available – one currently leased
Executive Summary
56-unit concrete block community with three commercial suites located in Lake Wales, Florida - Lakeland-Winter Haven MSA. Situated on 8.84 acres, the property underwent a
comprehensive renovation in 2022–2023 totaling nearly $2 million in capital improvements. Upgrades include full interior renovations, new roofs, new HVAC and electrical systems, and all new plumbing. Community amenities include a private lake and dock access, a swimming pool, on-site laundry, two dog parks, and a tennis court. The property also features substantial vacant land with existing mixed-use entitlements, providing flexibility for future phases, additional units, or enhanced amenity offerings.
comprehensive renovation in 2022–2023 totaling nearly $2 million in capital improvements. Upgrades include full interior renovations, new roofs, new HVAC and electrical systems, and all new plumbing. Community amenities include a private lake and dock access, a swimming pool, on-site laundry, two dog parks, and a tennis court. The property also features substantial vacant land with existing mixed-use entitlements, providing flexibility for future phases, additional units, or enhanced amenity offerings.
Property Facts
| Sale Type | Investment | Lot Size | 8.84 AC |
| No. Units | 56 | Building Size | 55,707 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1959/2023 |
| Building Class | B | ||
| Zoning | 700R3 - Large 8.84-Acre Site - Significant vacant land available with entitlements already in-place for mixed-use development. | ||
| Sale Type | Investment |
| No. Units | 56 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 8.84 AC |
| Building Size | 55,707 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1959/2023 |
| Zoning | 700R3 - Large 8.84-Acre Site - Significant vacant land available with entitlements already in-place for mixed-use development. |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Tub/Shower
- Wi-Fi
- Freezer
- Patio
- Vinyl Flooring
- Window Coverings
Site Amenities
- 24 Hour Access
- Courtyard
- Pool
- Tenant Controlled HVAC
- Tennis Court
- Pet Play Area
- Private Bathroom
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 56 | - | 320 - 700 |
Property Taxes
| Parcel Number | 27-29-27-000000-044050 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,210,250 |
Property Taxes
Parcel Number
27-29-27-000000-044050
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,210,250
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La Provence Apartments | 21380 Hwy 27
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