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    2081 Joy Rene Ln North Palm Beach, FL 33408

    View on Map
    Sponsored
    For Sale
    $1,499,000

    MULTI_FAMILY - North Palm Beach, FL

    Property size:
    2,580 SF
    Lot size:
    0.29 Acres
    Days on Market:
    18
    Last Refresh:
    Mar 17 at 12:06 am

    Property Features for 2081 Joy Rene Ln

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Window features
    Blinds
    Zoning
    RM
    Rooms
    Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 5, Bathroom 2, Bedroom 3, Bedroom 4, Bathroom 3
    Bedrooms
    5
    Bathrooms
    3
    APN
    00434205090000040
    Patio and Porch features
    Porch
    Fencing
    Fenced
    Size
    2,580 SF
    Lot size
    0.29 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Heating system
    Central
    Cooling system
    Wall/Window Unit(s), Central Air, Ceiling Fan(s), Window Unit(s)
    Water source
    Well, Public

    Building Details

    Year built
    1973
    Floors in Building
    1
    Flooring type
    Tile
    Building materials
    CBS
    Roof type
    Composition
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    David L Waite
    David L Waite

    Partnership Realty Inc. (561) 355-0270

    Listing agent David L Waite (561) 355-0270 License #0695780

    Listing date Feb 27, 2026

    MLS# R11152947 Listing URL

    Copyright © 2026 BeachesMLS / Flexmls. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    North Palm Beach Triplex with Garage

    This multi-family triplex property in North Palm Beach, Florida, features a separate, detached garage/workshop. The owner occupies one unit, with the other two currently leased. Impact windows and doors were installed throughout the property in November 2022, and the roof was replaced in October 2022. A separate utility room provides storage and includes a washer/dryer. The garage workshop measures approximately 250 square feet and presents the possibility of conversion into an additional unit. The property includes a large, fenced backyard with potential for adding one or two pools to enhance rental income or use as an Airbnb. The efficiency unit could be expanded into the utility room and converted into a 1-bedroom apartment. Situated in proximity to the Intracoastal Waterway, the property may attract interest from waterfront buyers seeking to expand the property for a larger home. The lot size is 0.29 acres, and the property size is 2580 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.065571
    Latitude
    26.848492

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    FAQs

    What type of property is this?
    Triplex - Triplex with detached garage/workshop, impact windows, new roof.
    Where is this triplex located?
    The property is located at 2081 Joy Rene Ln North Palm Beach, FL.
    What is the asking price?
    The asking price for this property is $1,499,000.
    What are key features of this property?
    This property features: - Impact windows and doors (installed Nov 2022) and roof (installed Oct 2022).; - Triplex property with existing leases provides immediate rental income.; - Detached garage/workshop (approx. 250 sq ft) with potential for conversion to additional unit.
    (561) 281-9404
    Request Owner's contact information
    2081 Joy Rene Ln North Palm Beach, FL 33408
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    North Palm Beach, FL 33408
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2081 Joy Rene Ln North Palm Beach, FL 33408
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    We can help!
    Listing Contact
    David L Waite
    David L Waite
    Real Estate License ID: 0695780
    (561) 281-9404 (561) 355-0270
    Learn more
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