Updated Four-Unit Townhome
For Sale
$2,900,000
1216 Surf Rd, Riviera Beach, FL 33404
Fully updated four-unit townhome complex with private screened patios, impact windows, and newer A/C systems.
Property Size5,312 SF
Days on Market49
Property Features for 1216 Surf Rd
General Information
Standard status
Active
Size
5,312 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,173
Building Details
Building Size
5,312 SF
Year Built
1968
Stories
2
Units
4
Listing Agency:
Elevate Realty LLC
Listed By:
Laura Marie Auten · License #3499523
(561) 427-3923
Source:
Elliman
Added: Jul 19
Changed: Sep 5
Last Checked: Sep 5 at 9:33AM
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 Elevate Realty LLC
Investment Insights
Based on property information with market context.
This fully updated four-unit townhome complex is configured as four spacious residences, with two units offering 3 bedrooms, 2 full baths, and 1 half bath, and two units offering 2 bedrooms, 2 full baths, and 1 half bath. Renovations include updated kitchens and bathrooms, new appliances, impact windows, and 2022 A/C systems. Each townhome also features a private covered screened patio.
The property is positioned just minutes from the beach and near shopping, dining, and entertainment.
Income is currently supported through multiple arrangements, with one unit operating as a successful Airbnb while the remaining three units are slated for corporate lease occupancy, with additional leasing structure details referenced in the broker remarks.
The property is positioned just minutes from the beach and near shopping, dining, and entertainment.
Income is currently supported through multiple arrangements, with one unit operating as a successful Airbnb while the remaining three units are slated for corporate lease occupancy, with additional leasing structure details referenced in the broker remarks.
Key Highlights
- Four‑unit townhome complex built in 1968 with four spacious residences and private covered screened patios
- Renovated throughout with updated kitchens and bathrooms and new appliances in each unit
- Impact windows and newer A/C systems, including 2022 A/C systems
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
$88,550
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
3.05%
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%
$1,771,000
$1.8M
Cap Rate 7%
$1,265,000
$1.3M
Cap Rate 9%
$983,889
$983.9K
Market Conditions
NOI Build-Up for 5,312 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
$133.9K $25.20/SF
− Vacancy
−$7.4K −$1.39/SF
EGI
$126.5K $23.81/SF
− OpEx
−$37.9K −$7.14/SF
NOI
$88.5K $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%
$1,771,000
Cap Rate 7%
$1,265,000
Cap Rate 9%
$983,889
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.48M
NOI $88,550 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,695 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,871 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
Explore this area
Business Placement
Demographics for 33404, FL
31,869
Population
15,990
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
87%
High-School Grad
7.3 sq mi
ZIP Area
4,366
Density / Sq Mi
$60,225
Median Household Income
$35,521
Median Earnings
$1,507
Median Rent
$305,600
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 - Fully updated four-unit townhome complex with private screened patios, impact windows, and newer A/C systems.
Where is this quadplex located?
The property is located at 1216 Surf Rd Riviera Beach, FL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Four‑unit townhome complex built in 1968 with four spacious residences and private covered screened patios; Renovated throughout with updated kitchens and bathrooms and new appliances in each unit; Impact windows and newer A/C systems, including 2022 A/C systems
