Renovated
For Sale
$369,000
Pending
1117 3rd Avenue N, Lake Worth, FL 33460
Residential Income, Lake Worth Beach, FL
Property Size952 SF
Lot Size0.12 Acres
Days on Market94
Property Features for 1117 3rd Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SF-TF-14 (city)
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1
Pets allowed
Cats OK, Yes, Dogs OK
Subdivision
LAKE WORTH TOWN OF
Elementary school
Highland
Middle school
Lake Worth
High school
Lake Worth
Standard status
Pending
APN
38434421150580151
Size
952 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TOWN OF LAKE WORTH N 1/2 OF LT 15 & LT 16 BLK 58
Tax Annual Amount
5279
Legal Description
TOWN OF LAKE WORTH N 1/2 OF LT 15 & LT 16 BLK 58
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Flooring type
Laminate, Tile
Building materials
Concrete, Stucco
Roof type
Flat
Listing Agency:
Realty One Group Innovation
(561) 501-0055
Listed By:
Georgette Laguerre · License #3497394
(561) 402-1087
Added: Jun 30
Changed: Sep 30
Last Checked: Oct 1 at 5:06PM
MLS# B26047208
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 952-square-foot duplex contains two residential units and was built in 1953. Renovated interiors include granite kitchen countertops, stainless steel appliances, laminate and tile flooring, and impact windows and doors. Each unit has its own tankless water heater. Central heating, electric cooling, and ceiling fans serve the property, which has concrete and stucco construction with a flat roof.
The property is located at 1117 3rd Avenue N in Lake Worth Beach, near the beach and Publix Shopping Center. It is served by public water and public sewer and carries SF-TF-14 zoning designated by the city. The lot measures 0.12 acres.
The property is located at 1117 3rd Avenue N in Lake Worth Beach, near the beach and Publix Shopping Center. It is served by public water and public sewer and carries SF-TF-14 zoning designated by the city. The lot measures 0.12 acres.
Key Highlights
- Two‑unit duplex with 952 square feet of property size
- Renovated units with granite kitchen countertops and stainless steel appliances
- Impact windows and doors
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
$15,870
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
4.30%
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%
$317,400
$317.4K
Cap Rate 7%
$226,714
$226.7K
Cap Rate 9%
$176,333
$176.3K
Market Conditions
NOI Build-Up for 952 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
$24.0K $25.20/SF
− Vacancy
−$1.3K −$1.39/SF
EGI
$22.7K $23.81/SF
− OpEx
−$6.8K −$7.14/SF
NOI
$15.9K $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%
$317,400
Cap Rate 7%
$226,714
Cap Rate 9%
$176,333
Alternative Uses
Best Use
Multifamily LT 5
$226.7K
$198.4K – $264.5K
NOI $15,870 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$209.2K
$183.0K – $244.0K
NOI $14,641 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$670.5K
$586.7K – $782.2K
NOI $46,932 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,159
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature impact windows, tankless water heating, and updated kitchen finishes.
Where is this duplex located?
The property is located at 1117 3rd Avenue N Lake Worth, FL.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two‑unit duplex with 952 square feet of property size; Renovated units with granite kitchen countertops and stainless steel appliances; Impact windows and doors
