Quadplex with Converted Garage
For Sale
$584,688
1015 S K Street, Lake Worth, FL 33460
Residential Income, Lake Worth Beach, FL
Property Size1,160 SF
Lot Size0.15 Acres
Price / SF$504.04
Days on Market87
Property Features for 1015 S K Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SF-R (city)
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
Pets allowed
Dogs OK, Yes
Exterior features
Custom Lighting, Garden
Fencing
Fenced, Chain Link
Subdivision
LAKE WORTH TOWN OF ADD 1
Lot features
Fruit Tree(s), Room for Pool
Elementary school
South Grade
Middle school
Lake Worth
High school
Lake Worth
Directions
I-95 to 6th Ave South. Go East. Follow GPS
Standard status
Active
APN
38434427010350120
Size
1,160 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ADD 1 TO TOWN OF LAKE WORTH LT 12 BLK 35
Tax Annual Amount
6825
Legal Description
ADD 1 TO TOWN OF LAKE WORTH LT 12 BLK 35
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Ceiling Fan(s), Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
fenced yard
storage
Building Details
Year built
1953
Floors in Building
1
Number of units
4
Flooring type
Tile - Ceramic, Tile
Building materials
CBS
Roof type
Shingle
Additional Structures
Outbuilding
Listing Agency:
United Realty Group, Inc
(561) 235-2127
Listed By:
Jackie Allen PA · License #3003701
(561) 654-4663
Added: May 30
Changed: Aug 19
Last Checked: Aug 24 at 12:06PM
MLS# B26035006
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This quadplex-style multifamily property includes a back unit with an additional 27x12 converted garage/storage and chain-link fencing around the back area. The back unit was renovated 3 1/2 years ago with new ceramic floors, appliances, bathroom and kitchen updates, and a wall/ceiling AC unit system. The back unit is supported by public utilities including public water and public sewer, and the property uses a CBS construction material with a shingle roof.
The front unit was totally renovated 2 1/2 years ago with new ceramic flooring, a new kitchen and appliances, a new bath, and a new AC unit. The front unit is fully furnished and could be used as a short-term rental.
The entire house and the converted garage were fumigated on 4/28/26 with a 2 year warranty. The property is located on a 0.15-acre lot with a total property size of 1,160 SF and is zoned SF-R (city).
The front unit was totally renovated 2 1/2 years ago with new ceramic flooring, a new kitchen and appliances, a new bath, and a new AC unit. The front unit is fully furnished and could be used as a short-term rental.
The entire house and the converted garage were fumigated on 4/28/26 with a 2 year warranty. The property is located on a 0.15-acre lot with a total property size of 1,160 SF and is zoned SF-R (city).
Key Highlights
- Back unit includes a 27x12 converted garage/storage and is fully fenced
- Back unit renovated 3 1/2 years ago with new ceramic floors, appliances, bathroom, kitchen, and wall/window AC unit
- Front unit renovated 2 1/2 years ago with new ceramic flooring, kitchen and appliances, new bath, and new AC unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,337
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$386,740
$386.7K
Cap Rate 7%
$276,243
$276.2K
Cap Rate 9%
$214,856
$214.9K
Market Conditions
NOI Build-Up for 1,160 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.2K $25.20/SF
− Vacancy
−$1.6K −$1.39/SF
EGI
$27.6K $23.81/SF
− OpEx
−$8.3K −$7.14/SF
NOI
$19.3K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$386,740
Cap Rate 7%
$276,243
Cap Rate 9%
$214,856
Alternative Uses
Best Use
Multifamily LT 5
$276.2K
$241.7K – $322.3K
NOI $19,337 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$254.9K
$223.0K – $297.3K
NOI $17,840 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$816.9K
$714.8K – $953.1K
NOI $57,186 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
735
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Multifamily property with a fully fenced back unit and converted garage/storage for added space.
Where is this quadplex located?
The property is located at 1015 S K Street Lake Worth, FL.
What is the asking price?
The asking price for this property is $584,688.
What are key features of this property?
This property features: Back unit includes a 27x12 converted garage/storage and is fully fenced; Back unit renovated 3 1/2 years ago with new ceramic floors, appliances, bathroom, kitchen, and wall/window AC unit; Front unit renovated 2 1/2 years ago with new ceramic flooring, kitchen and appliances, new bath, and new AC unit
