Four-Unit Residential Income
For Sale
$1,100,000
502 N H St 1-4, Lake Worth, FL 33460
Quadplex with four one-bedroom, one-bath units, updated exterior and systems, and a private parking lot for five vehicles.
Property Size2,420 SF
Days on Market66
Property Features for 502 N H St 1-4
General Information
Standard status
Active
Size
2,420 SF
Total Parking Spaces
5
Property subtype
Investment
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,353
Building Details
Building Size
2,420 SF
Year Built
1978
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
The Keyes Company
(561) 723-0459
Listed By:
Angela N Williams · License #3108136
(561) 723-0459
Source:
Elliman
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 16 at 7:48AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This quadplex is configured as four separate one-bedroom, one-bath units. The interiors feature modern finishes including quartz countertops, contemporary tile flooring, marble floors in the bathrooms, and retro-style appliances such as Big Chill refrigerators. Each unit is equipped with an Electrolux washer and dryer, and the property includes new central A/C units. Updates also include impact windows and doors, along with a new roof. Electric and water are billed to tenants through separate meters, and the property is described as professionally landscaped with lighting and irrigation. A private parking lot provides five parking spots.
The property is positioned very close to the beach and downtown, with walkability and bikeability scores reported as 67 and 57, respectively. This supports tenants who value access to nearby daily amenities.
With all four units currently leased, the property is presented as turnkey for an owner seeking minimal day-to-day management. Tenants are described as having excellent credit profiles, clean backgrounds, and verified income. The layout and in-unit laundry make the building practical for residents, while the separate utility metering helps keep operating expenses more straightforward.
The property is positioned very close to the beach and downtown, with walkability and bikeability scores reported as 67 and 57, respectively. This supports tenants who value access to nearby daily amenities.
With all four units currently leased, the property is presented as turnkey for an owner seeking minimal day-to-day management. Tenants are described as having excellent credit profiles, clean backgrounds, and verified income. The layout and in-unit laundry make the building practical for residents, while the separate utility metering helps keep operating expenses more straightforward.
Key Highlights
- Quadplex built in 1978 with four 1‑bedroom, 1‑bath units
- Tenants are in place with the property fully leased for immediate occupancy
- Updated interior features include quartz countertops, contemporary tile, and marble floors in bathrooms
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
$40,341
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
3.67%
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%
$806,820
$806.8K
Cap Rate 7%
$576,300
$576.3K
Cap Rate 9%
$448,233
$448.2K
Market Conditions
NOI Build-Up for 2,420 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
$61.0K $25.20/SF
− Vacancy
−$3.4K −$1.39/SF
EGI
$57.6K $23.81/SF
− OpEx
−$17.3K −$7.14/SF
NOI
$40.3K $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%
$806,820
Cap Rate 7%
$576,300
Cap Rate 9%
$448,233
Alternative Uses
Best Use
Multifamily LT 5
$576.3K
$504.3K – $672.4K
NOI $40,341 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$531.7K
$465.2K – $620.3K
NOI $37,218 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,301 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,955
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?
Quadplex - Quadplex with four one-bedroom, one-bath units, updated exterior and systems, and a private parking lot for five vehicles.
Where is this quadplex located?
The property is located at 502 N H St 1-4 Lake Worth, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Quadplex built in 1978 with four 1‑bedroom, 1‑bath units; Tenants are in place with the property fully leased for immediate occupancy; Updated interior features include quartz countertops, contemporary tile, and marble floors in bathrooms
