Quadplex with Rear Rental
For Sale
$1,650,000
1211 FLORIDA Avenue, West Palm Beach, FL 33401
Main 3-bedroom, 2-bath home plus three rear rental units, with two units currently rented.
Property Size3,004 SF
Days on Market79
Property Features for 1211 FLORIDA Avenue
General Information
Standard status
Active
Size
3,004 SF
Total Parking Spaces
1
Property subtype
Quadruplex
Occupancy
50%
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$16,629
Building Details
Building Size
3,004 SF
Year Built
1923
Tenancy
Multi
Listing Agency:
Brown Harris Stevens of PB
Listed By:
Ashley Ludlow · License #3635188
(703) 402-1348
Source:
Meyerlucas
Added: Jun 20
Changed: Sep 5
Last Checked: Sep 5 at 5:43AM
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 Brown Harris Stevens of PB
Investment Insights
Based on property information with market context.
This quadplex includes a spacious main home with three bedrooms and two bathrooms. Behind the main residence, there are three separate rental units: a 2-bedroom, 1-bath unit, a 1-bedroom, 1-bath unit, and a studio with one bathroom, along with a private one-car garage. Two of the three rear units are currently rented, providing immediate rental income.
Located at 1211 Florida Ave in West Palm Beach, the property is positioned near the Norton Museum of Art, Grandview Public Market, HIVE, and downtown West Palm Beach. Palm Beach and local beaches are also described as just minutes away.
The building’s configuration offers a straightforward owner-occupant or investor layout, with the main residence at the front and the three rental units in the rear.
Located at 1211 Florida Ave in West Palm Beach, the property is positioned near the Norton Museum of Art, Grandview Public Market, HIVE, and downtown West Palm Beach. Palm Beach and local beaches are also described as just minutes away.
The building’s configuration offers a straightforward owner-occupant or investor layout, with the main residence at the front and the three rental units in the rear.
Key Highlights
- Year built 1923 quadplex in West Palm Beach’s Grandview Heights/Flamingo Park neighborhood
- Front main home features 3 bedrooms and 2 bathrooms
- Three separate rear rental units: 2BR/1BA, 1BR/1BA, and a studio/1BA
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
$56,215
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
3.41%
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%
$1,124,300
$1.1M
Cap Rate 7%
$803,071
$803.1K
Cap Rate 9%
$624,611
$624.6K
Market Conditions
NOI Build-Up for 3,004 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
$84.7K $28.20/SF
− Vacancy
−$4.4K −$1.47/SF
EGI
$80.3K $26.73/SF
− OpEx
−$24.1K −$8.02/SF
NOI
$56.2K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /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%
$1,124,300
Cap Rate 7%
$803,071
Cap Rate 9%
$624,611
Alternative Uses
Best Use
Multifamily LT 5
$803.1K
$702.7K – $936.9K
NOI $56,215 @ 7.0% cap · market cap 3.41%
Second Best
Apartment 5plus
$746.9K
$653.5K – $871.4K
NOI $52,283 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$2.12M
$1.85M – $2.47M
NOI $148,091 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,142
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
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 - Main 3-bedroom, 2-bath home plus three rear rental units, with two units currently rented.
Where is this quadplex located?
The property is located at 1211 FLORIDA Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Year built 1923 quadplex in West Palm Beach’s Grandview Heights/Flamingo Park neighborhood; Front main home features 3 bedrooms and 2 bathrooms; Three separate rear rental units: 2BR/1BA, 1BR/1BA, and a studio/1BA
