401 DOMARIS AVE Lake Wales, FL 33853

22-unit multifamily property located at 401 Domaris Avenue in Lake Wales, Florida. Built in 1970, the property spans 16,754 square feet across 1.46 acres, offering investors an attractive opportunity with consistent income and value-add potential in a growing Central Florida market.

The unit mix includes a single 3 bed 1 bath unit, nine 2 bed 1 bath units, and twelve 1 bed 1 bath units, catering to a diverse tenant base. All units are equipped with central AC, and the buildings feature block construction with flat roofs on slab foundations.

The property has undergone recent capital improvements, including a new roof installed less than two years ago, renovated electrical and plumbing systems, and a common area washer and dryer available for tenant use, enhancing both functionality and tenant satisfaction.

Utilities are structured with separately metered electricity paid by tenants, while the landlord covers city water, city sewer, and trash services.

Strategically located in Polk County, just minutes from Lake Wales' downtown, parks, and employers, Wedgewood Apartments is positioned for long-term rental demand. With current rents below market and clean operational history, investors have the opportunity to increase value through organic rent growth and light cosmetic upgrades.