Building Details

Year Built 1958

Listing Agency: Home Sold Realty LLC

Listed By: Camilo De la Cruz Perez · License #3467504 Show Phone

Source: Thepennteam

Added: Jul 24 Changed: Oct 3 Last Checked: Oct 7 at 1:21PM

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Investment Insights

Based on property information with market context.

This 8-unit multifamily property, built in 1958, includes six 1-bedroom/1-bathroom apartments, one studio, and one efficiency apartment. One unit is currently vacant, creating a defined lease-up component within the existing unit mix. The property measures 3,762 square feet.

The asset is located along South Federal Highway in Lake Worth Beach, with the Intracoastal Waterway and beach nearby. Downtown Lake Worth Beach is also within minutes, placing the property near established coastal amenities and local commercial activity.

Key Highlights

• 8‑unit multifamily property built in 1958
• Unit mix includes six 1‑bedroom/1‑bathroom apartments, one studio, and one efficiency
• 3,762 square feet of property size

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,857

Cap Rate

3.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,157,140 $1.2M

Cap Rate 7%

$826,529 $826.5K

Cap Rate 9%

$642,856 $642.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,762 SF

Gross rent

$110.2K $29.28/SF

− Vacancy

−$5.0K −$1.32/SF

EGI

$105.2K $27.96/SF

− OpEx

−$47.3K −$12.58/SF

NOI

$57.9K $15.38/SF

Area

Palm Beach County, FL

Vacancy

4.50%

Lease Rate

$29.28 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,157,140

Cap Rate 7%

$826,529

Cap Rate 9%

$642,856

Alternative Uses

Best Use

Apartment 5plus

$826.5K

$723.2K – $964.3K (±1% cap)

NOI $57,857 @ 7.0% cap · market cap 3.05%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.65M

$2.32M – $3.09M (±1% cap)

NOI $185,459 @ 7.0% cap · market cap 9.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Tuscan Market Specialty Food Shop Lake Worth Beach ... Spiritual Center Sunny State Motel Hotel & Motel flsunshine2 General Contractor

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Daycare Center Electrical Service Catering Service Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8

Residential units

Location Intelligence

Trade Area within ½ mile

646

Businesses Nearby

Explore this area Business Placement

Demographics for 33460, FL

36,409

Population

14,769

Households

2.5

Avg Household Size

36

Median Age

24%

College-Educated

72%

High-School Grad

4.7 sq mi

ZIP Area

7,747

Density / Sq Mi

$61,702

Median Household Income

$32,388

Median Earnings

$1,411

Median Rent

$333,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Eight apartments include six one-bedroom homes, a studio, and an efficiency unit near Lake Worth Beach.

Where is this apartment building located?

The property is located at 1001 S Federal Hwy Lake Worth, FL.

What is the asking price?

The asking price for this property is $1,899,000.

What are key features of this property?

This property features: 8‑unit multifamily property built in 1958; Unit mix includes six 1‑bedroom/1‑bathroom apartments, one studio, and one efficiency; 3,762 square feet of property size