Two-Unit Duplex on Corner
For Sale
$495,000
1202 S M Street, Lake Worth, FL 33460
Residential property with separate living units on a corner lot less than a mile from the ocean.
Property Size1,120 SF
Days on Market98
Property Features for 1202 S M Street
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Duplex
Units
Unit Mix
1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,854
Building Details
Building Size
1,120 SF
Year Built
1962
Buildings
1
Tenancy
Multi
Listing Agency:
Illustrated Properties LLC (Co
(786) 348-7065
Listed By:
Christopher J Infante · License #400370
(786) 348-7065
Source:
Meyerlucas
Added: May 12
Changed: Aug 16
Last Checked: Aug 16 at 3:30PM
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 Illustrated Properties LLC (Co
Investment Insights
Based on property information with market context.
Built in 1962, this duplex contains two separate residential units, each configured with one bedroom and one bathroom. The property occupies a corner lot at 1202 S M Street in Lake Worth Beach, providing a straightforward two-unit layout for residential income use.
The location is less than a mile from the ocean and places the property in Lake Worth Beach, a community recognized in the source information for its artistic character, restaurants, spas, and beach access. Any proposed changes to property use should be verified with the City of Lake Worth Beach and applicable advisors.
The location is less than a mile from the ocean and places the property in Lake Worth Beach, a community recognized in the source information for its artistic character, restaurants, spas, and beach access. Any proposed changes to property use should be verified with the City of Lake Worth Beach and applicable advisors.
Key Highlights
- Two 1‑bed/1‑bath residential units
- Built in 1962
- Located on a corner lot
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
$18,670
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
3.77%
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%
$373,400
$373.4K
Cap Rate 7%
$266,714
$266.7K
Cap Rate 9%
$207,444
$207.4K
Market Conditions
NOI Build-Up for 1,120 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
$28.2K $25.20/SF
− Vacancy
−$1.6K −$1.39/SF
EGI
$26.7K $23.81/SF
− OpEx
−$8.0K −$7.14/SF
NOI
$18.7K $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%
$373,400
Cap Rate 7%
$266,714
Cap Rate 9%
$207,444
Alternative Uses
Best Use
Multifamily LT 5
$266.7K
$233.4K – $311.2K
NOI $18,670 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$246.1K
$215.3K – $287.1K
NOI $17,225 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$788.8K
$690.2K – $920.2K
NOI $55,214 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,704
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?
Duplex - Residential property with separate living units on a corner lot less than a mile from the ocean.
Where is this duplex located?
The property is located at 1202 S M Street Lake Worth, FL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two 1‑bed/1‑bath residential units; Built in 1962; Located on a corner lot
