Low-Density Multifamily Apartment
For Sale
$1,495,000
1000 W Lakewood Rd, West Palm Beach, FL 33405
Seven-unit low-density apartment property with wood-frame buildings and brand new pitched composite shingle roofs.
Property Size5,026 SF
Lot Size0.31 Acres
Price / SF$297.45
Days on Market104
Property Features for 1000 W Lakewood Rd
General Information
Standard status
Active
Size
5,026 SF
Lot size
0.31 Acres
Property subtype
Multifamily
Occupancy
96%
Site & Location
Neighborhood
Dreher Park Neighborhood Association
Highway Access
Yes
Additional Details
Cap Rate
5.76%
Multifamily Units
7
Amenities
7-Unit Property With Diverse Mix of 2/1, 2/2, and 3/1 Units
Brand New Roofs On All Three Buildings
Proximity to Downtown West Palm Beach, PBI Airport, and Major Employment Hubs
Coin Operated Laundry On Site
Building Details
Building Size
5,026 SF
Units
7
Construction
wood frame
Tenancy
Multi
Listing Agency:
Fort Lauderdale Office
Listed By:
River Rhoads · License #License(s): FL: SL3509795
(954) 245-3494
Source:
Marcusmillichap
Added: Jul 25
Changed: Oct 26
Last Checked: Nov 4 at 9:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fort Lauderdale Office
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Investment Insights
Based on property information with market context.
Lakewood Flats is a seven-unit, low-density multifamily community comprising four separate buildings with wood frame construction. The property features brand new pitched composite shingle roofs and offers a unit mix of four two-bedroom/one-bath apartments, one two-bedroom/two-bath apartment, and two three-bedroom/one-bath apartments.
The buildings were constructed between 1926 and 1940. The property is centrally located with convenient access to Downtown West Palm Beach, I-95, and Palm Beach International Airport, as well as major employment hubs including Good Samaritan Medical Center and Palm Beach Atlantic University.
With a mix of two- and three-bedroom floorplans, the property provides options for a range of household sizes within a residential income asset.
The buildings were constructed between 1926 and 1940. The property is centrally located with convenient access to Downtown West Palm Beach, I-95, and Palm Beach International Airport, as well as major employment hubs including Good Samaritan Medical Center and Palm Beach Atlantic University.
With a mix of two- and three-bedroom floorplans, the property provides options for a range of household sizes within a residential income asset.
Key Highlights
- Seven‑unit multifamily property at 1000 W Lakewood Road, West Palm Beach, FL
- 5,026 gross SF on a 0.31‑acre lot with a low‑density layout
- Four wood‑frame buildings constructed between 1926 and 1940
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,475
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,749,500
$1.7M
Cap Rate 7%
$1,249,643
$1.2M
Cap Rate 9%
$971,944
$971.9K
Market Conditions
NOI Build-Up for 5,026 SF
Gross rent
$167.1K $33.24/SF
− Vacancy
−$8.0K −$1.60/SF
EGI
$159.0K $31.64/SF
− OpEx
−$71.6K −$14.24/SF
NOI
$87.5K $17.40/SF
Area
West Palm Beach, FL
Vacancy
4.80%
Lease Rate
$33.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,749,500
Cap Rate 7%
$1,249,643
Cap Rate 9%
$971,944
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,475 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.54M
$3.10M – $4.13M
NOI $247,771 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
771
Businesses Nearby
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Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit low-density apartment property with wood-frame buildings and brand new pitched composite shingle roofs.
Where is this apartment building located?
The property is located at 1000 W Lakewood Rd West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Seven‑unit multifamily property at 1000 W Lakewood Road, West Palm Beach, FL; 5,026 gross SF on a 0.31‑acre lot with a low‑density layout; Four wood‑frame buildings constructed between 1926 and 1940
