Lucia Apartments
For sale658-670 Avenue B NW, Winter Haven, FL 33881
Property type
Multifamily
Unit / Space count
16
Price
$2,200,000
Building size
10,620 sf
Year built
1925
Year renovated
Occupancy
Zoning code
Lot size
0.86 Acres
Bedroom count
Price per Unit
$137,500
Property description
Lucia Apartments is a 16-unit multifamily property located just west of Downtown Winter Haven, offering investors a compelling combination of renovated units, rental upside, and additional income opportunities. The property features 12 one-bedroom/one-bath units and 4 two-bedroom/one-bath units. Renovated apartments include updated kitchens, bathrooms, flooring, fixtures, appliances, and modern interior finishes. Additional upside is concentrated within the two-bedroom units, which are projected to achieve approximately $1,600 per month following rehabilitation. The property also offers opportunities to increase ancillary income through the conversion of basement space into rentable storage units. An existing water and sewer reimbursement program provides approximately 80% utility-cost recapture, helping offset operating expenses. Investors also have acquisition flexibility, with the option to purchase the four-unit property at 670 Avenue B NW and the two-unit property at 658 Avenue B NW separately from the broader portfolio. Conveniently located near Downtown Winter Haven, US Highway 17, Cypress Gardens Boulevard, and major Polk County employment corridors, Lucia Apartments provides residents with access to employment, retail, dining, and recreation throughout Central Florida. Its location between the Lakeland and Orlando metropolitan areas further enhances regional connectivity.
Property highlights
- 16-unit apartment complex located just west of Downtown Winter Haven
- Unit mix consisting of 12 one-bedroom/one-bath units and 4 two-bedroom/one-bath units
- Renovated units feature updated kitchens, bathrooms, flooring, fixtures, appliances, and modern interior finishes
- Additional rental upside concentrated within the property’s larger two-bedroom units, which are projected to support rents of approximately $1,600 per month after rehab
- Opportunity to monetize basement space by creating storage units, generating additional monthly income
- Existing water and sewer reimbursement program provides approximately 80% utility-cost recapture
- Flexible acquisition structure provides investors the opportunity to purchase the four-unit property at 670 Avenue B NW and the two-unit property at 658 Avenue B NW separately from the broader portfolio
- Convenient access to Downtown Winter Haven, US Highway 17, Cypress Gardens Boulevard, and major Polk County employment corridors
- Centrally positioned between the Lakeland and Orlando metropolitan areas, offering connectivity to employment, retail, dining, and recreational destinations throughout Central Florida