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THIS PROPERTY WON'T LAST LONG WITH A MAJOR $229,000 PRICE REDUCTION!! 3 UNIT MULTIFAMILY OPPORTUNITY WITH CANAL FRONTAGE LEADING TO LAKE-WALK-IN WATER. Located at the end of a private, dead-end street with 164 feet of canal frontage, this unique 0.54-acre multi-family property offers direct access to the 7,500-acre Lake Walk-In-Water"”nationally renowned for its trophy bass fishing. Zoned R-3, this property features three existing units and the infrastructure to add a fourth, making it the ultimate versatile asset. Whether you are looking for a high-yield investment, a subsidized waterfront lifestyle, or a multi-generational getaway, this newly repriced asset is priced to move. CHOOSE YOUR STRATEGY: 1) The value-add investment at the newly reduced price of $229,000! The property generates $2,075/month ($24,900/year) from just two occupied units (Units A and C), with tenants paying their own utilities. IMMEDIATE UPSIDE: Lease the currently vacant Unit B ($750.00/month) $33,900.00/year unlocking a massive DOUBLE-DIGIT CAP RATE!!! 2) The Waterfront "House Hacker" Stop paying a mortgage and start getting paid to live on the water. You can immediately move into Unit B"”a vacant, sturdy 1975 concrete block apartment featuring a kitchenette and its own private dock. While you enjoy the lake lifestyle, your neighbors in Units A and C will generate $2,075/month which can easily cover your mortgage and property taxes ($3,177/yr), and insurance. You get to live on the water virtually for free while building equity. The Family Compound / Fish Camp: a multi-generational retreat or a shared family vacation property? This compound offers three distinct, private living spaces on one lot. With multiple docks and direct canal access just three blocks from the public boat ramp, it is the perfect setup for a family of outdoor enthusiasts. Keep it all for your family, or rent out one unit to cover the annual carrying cost. This multifamily property offers multiple strategies and won't last long!
| DAYS ON MARKET | 114 | LAST UPDATED | 2/25/2026 |
|---|---|---|---|
| TRACT | WEST INDIAN LAKE HEIGHTS SUB | YEAR BUILT | 1989 |
| COMMUNITY | 33898 - Lake Wales | COUNTY | Polk |
| STATUS | Active | PROPERTY TYPE(S) | Multi Family |
| PRICE HISTORY | |
| Prior to Feb 25, '26 | $254,000 |
|---|---|
| Feb 25, '26 - Today | $229,000 |
| ADDITIONAL DETAILS | |
| AIR | Wall/Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | 33898 - Lake Wales |
| CONSTRUCTION | Concrete |
| EXTERIOR | Other |
| HEAT | Ductless |
| INTERIOR | Other |
| LOT | 0.54 acre(s) |
| LOT DESCRIPTION | Waterfront |
| LOT DIMENSIONS | 164x159 |
| SEWER | None |
| SUBDIVISION | WEST INDIAN LAKE HEIGHTS SUB |
| TAXES | 2780.19 |
| UTILITIES | Other |
| VIEW | Yes |
| VIEW DESCRIPTION | Canal, Water |
| WATER | Private, Well |
| WATERFRONT | Yes |
| WATERFRONT DESCRIPTION | Canal Front |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listing provided by Tania Bobe, LPT REALTY, LLC, 877-366-2213
The information contained herein has been provided by My Florida Regional MLS DBA Stellar MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. Listings last updated 3/17/26 2:55 PM PDT.
This IDX solution is (c) Diverse Solutions 2026.