Renovated Duplex with Impact
For Sale
$379,000
1117 3rd Avenue N Unit 1, Lake Worth, FL 33460
Renovated duplex featuring impact windows and doors, plus tankless hot water heaters in each unit.
Property Size952 SF
Price / SF$398.11
Days on Market39
Property Features for 1117 3rd Avenue N Unit 1
General Information
Standard status
Active
Size
952 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Amenities
impact windows and doors
tankless hot water heater
granite kitchen tops
stainless steel appliances
Building Details
Year Built
1953
Listing Agency:
Realty ONE Group Innovation
(561) 402-1087
Listed By:
Georgette Laguerre · License #3176578
(561) 402-1087
Source:
Lehmannflorida
Added: Jun 30
Changed: Jul 28
Last Checked: Aug 7 at 12:55AM
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 Realty ONE Group Innovation
Investment Insights
Based on property information with market context.
This renovated duplex includes impact windows and doors, with a tankless hot water heater in each unit. The units also feature updated kitchen finishes, including new granite kitchen tops and stainless appliances.
The property is located in Lake Worth Beach, minutes from the beach and near the Publix Shopping Center.
Each unit is separately equipped with its own tankless hot water heater, supporting practical day-to-day resident convenience.
The property is located in Lake Worth Beach, minutes from the beach and near the Publix Shopping Center.
Each unit is separately equipped with its own tankless hot water heater, supporting practical day-to-day resident convenience.
Key Highlights
- Duplex built in 1953 in Lake Worth Beach
- Renovated units with impact windows and impact doors
- Tankless hot water heater in each 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
$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
4.19%
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 4.19%
Second Best
Apartment 5plus
$209.2K
$183.0K – $244.0K
NOI $14,641 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$670.5K
$586.7K – $782.2K
NOI $46,932 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property 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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated duplex featuring impact windows and doors, plus tankless hot water heaters in each unit.
Where is this duplex located?
The property is located at 1117 3rd Avenue N Unit 1 Lake Worth, FL.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Duplex built in 1953 in Lake Worth Beach; Renovated units with impact windows and impact doors; Tankless hot water heater in each unit
