Renovated Multifamily Property Near
For Sale
$1,150,000
2840 Ave S, West Palm Beach, FL 33404
Four renovated units near downtown and beaches with private parking.
Property Size3,108 SF
Days on Market120
Property Features for 2840 Ave S
General Information
Standard status
Active
Size
3,108 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$12,597
Building Details
Building Size
3,108 SF
Year Built
1965
Stories
1
Units
4
Listing Agency:
(561) 770-2539
Listed By:
Brian Kobus · License #3265182
(561) 770-2539
Source:
Elliman
Added: Apr 15
Changed: Aug 8
Last Checked: Aug 8 at 1:00PM
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 Brian Kobus
Investment Insights
Based on property information with market context.
This multifamily property contains four renovated units. Two of the units feature two bedrooms and one bathroom, while the other two units offer three bedrooms and two bathrooms. A private parking lot is included. The property is located minutes from downtown and beaches, and is approximately 5 minutes to the redevelopment in Downtown West Palm Beach NORA, with new shops and nightlife nearby. The bike score is 50, indicating bikeable conditions, and the walk score is 43, suggesting car-dependent accessibility.
Key Highlights
- Four renovated units: Two 2‑bed, 1‑bath units and two 3‑bed, 2‑bath units.
- Private parking lot.
- Proximity to Downtown and Beaches.
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
$58,162
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
5.06%
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%
$1,163,240
$1.2M
Cap Rate 7%
$830,886
$830.9K
Cap Rate 9%
$646,244
$646.2K
Market Conditions
NOI Build-Up for 3,108 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
$87.6K $28.20/SF
− Vacancy
−$4.6K −$1.47/SF
EGI
$83.1K $26.73/SF
− OpEx
−$24.9K −$8.02/SF
NOI
$58.2K $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%
$1,163,240
Cap Rate 7%
$830,886
Cap Rate 9%
$646,244
Alternative Uses
Best Use
Multifamily LT 5
$830.9K
$727.0K – $969.4K
NOI $58,162 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$772.8K
$676.2K – $901.6K
NOI $54,093 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$2.19M
$1.92M – $2.55M
NOI $153,218 @ 7.0% cap · market cap 13.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
603
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four renovated units near downtown and beaches with private parking.
Where is this quadplex located?
The property is located at 2840 Ave S West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Four renovated units: Two 2‑bed, 1‑bath units and two 3‑bed, 2‑bath units.; Private parking lot.; Proximity to Downtown and Beaches.
