Condo-Style Multifamily
602 N H St 1a Lake Worth, FL 33460
602 N H St 1a, Lake Worth, FL, 33460
$1,100,000
For Sale
$1,100,000
Condo-structured multifamily with individual deeds and meters for tenant billing flexibility and potential rent stabilization.
Property Size3,896 SF
Price / SF$282.34
Days on Market34
Property Features for 602 N H St 1a
General Information
- Standard status
- Active
- Size
- 3,896 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1971
Listing Agency
ATLANTIC FLORIDA PROPERTIES
(786) 663-4790
Listed by
Astrid A Paternina · License #3097140
(786) 663-4790
Source
Elliman
Added: Jun 14 Checked: Jul 16 at 7:10 am
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 ATLANTIC FLORIDA PROPERTIES
Investment Insights
Based on property information with market context.
This income-focused multifamily property is presented in a condo structure, with individual deeds and individual meters. The listed unit mix includes one-bedroom and two-bedroom homes, with multiple one-bedroom units at approximately 620 square feet and one two-bedroom unit at approximately 796 square feet. The condo setup is intended to support future unit-by-unit resale, while the metering structure can simplify how tenants are billed.
The property is located at 602 N H St in Lake Worth, Florida. It is described as having mixed-use zoning (MU-DIXIE). Walkability and bikeability are noted as modest, with the area characterized as car-dependent based on the provided WalkScore and BikeScore.
For prospective owners or operators, the combination of individual deeds, individual meters, and a condo framework may appeal to those looking for a manageable ownership structure alongside the ability to pursue stabilization and rent optimization, as referenced in the offering materials. The remarks also cite an approximate 7.09% cap rate at asking price.
The property is located at 602 N H St in Lake Worth, Florida. It is described as having mixed-use zoning (MU-DIXIE). Walkability and bikeability are noted as modest, with the area characterized as car-dependent based on the provided WalkScore and BikeScore.
For prospective owners or operators, the combination of individual deeds, individual meters, and a condo framework may appeal to those looking for a manageable ownership structure alongside the ability to pursue stabilization and rent optimization, as referenced in the offering materials. The remarks also cite an approximate 7.09% cap rate at asking price.
Key Highlights
- Condo‑structured multifamily with individual deeds and individual meters for tenant billing flexibility
- Unit mix includes three 1‑bedroom 1‑bath units at 620 SF each (1A, 2A, 3A)
- Additional units: one 2‑bedroom 1‑bath unit at 796 SF (5B) plus three 1‑bedroom 1‑bath units at 620 SF each (7B, 8B)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.1k | $29.28 |
| − Vacancy | −$5.1k | −$1.32 |
| EGI | $108.9k | $27.96 |
| − OpEx | −$49.0k | −$12.58 |
| NOI | $59.9k | $15.38 |
3,896 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$856.0K
$749.0K – $998.6K
NOI $59,918 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $192,065 @ 7.0% cap · market cap 17.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
HERBALIFE Cambio por ...
(Bike/Boat/Book/etc) Store
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FAQs
What type of property is this?
Apartment building - Condo-structured multifamily with individual deeds and meters for tenant billing flexibility and potential rent stabilization.
Where is this apartment building located?
The property is located at 602 N H St 1a 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: Condo‑structured multifamily with individual deeds and individual meters for tenant billing flexibility; Unit mix includes three 1‑bedroom 1‑bath units at 620 SF each (1A, 2A, 3A); Additional units: one 2‑bedroom 1‑bath unit at 796 SF (5B) plus three 1‑bedroom 1‑bath units at 620 SF each (7B, 8B)
