Fourplex with Four 3-Bed
For Sale
$1,995,000
215 W Blue Heron Blvd, Riviera Beach, FL 33404
Fully rented fourplex offering four 3-bedroom, 1.5-bath units on month-to-month leases east of I-95.
Property Size3,960 SF
Days on Market136
Property Features for 215 W Blue Heron Blvd
General Information
Standard status
Active
Size
3,960 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,339
Building Details
Building Size
3,960 SF
Year Built
1969
Stories
2
Tenancy
Multi
Listed By:
George Fonyam · License #3061363
(305) 300-4801
Source:
Elliman
Added: Apr 24
Changed: Aug 22
Last Checked: Sep 5 at 12:29PM
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 George Fonyam
Investment Insights
Based on property information with market context.
This fourplex for sale at 215 W Blue Heron Blvd features four separate 3-bedroom, 1.5-bath units. All units are currently rented on month-to-month terms, providing steady in-place occupancy for an investor looking for cash-flowing residential income.
The property is located east of I-95 and is described as having easy access to major routes. BikeScore is listed as 69 (Bikeable) and walkScore as 67 (Somewhat Walkable), supporting convenient day-to-day mobility for residents.
Each unit is described in the offering as spacious and well laid out, offering a practical foundation for long-term tenancy or future interior improvements.
The property is located east of I-95 and is described as having easy access to major routes. BikeScore is listed as 69 (Bikeable) and walkScore as 67 (Somewhat Walkable), supporting convenient day-to-day mobility for residents.
Each unit is described in the offering as spacious and well laid out, offering a practical foundation for long-term tenancy or future interior improvements.
Key Highlights
- Fully rented fourplex with four 3‑bedroom, 1.5‑bath units
- All units are on month‑to‑month leases
- Year built: 1969
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
$66,012
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
3.31%
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%
$1,320,240
$1.3M
Cap Rate 7%
$943,029
$943.0K
Cap Rate 9%
$733,467
$733.5K
Market Conditions
NOI Build-Up for 3,960 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
$99.8K $25.20/SF
− Vacancy
−$5.5K −$1.39/SF
EGI
$94.3K $23.81/SF
− OpEx
−$28.3K −$7.14/SF
NOI
$66.0K $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%
$1,320,240
Cap Rate 7%
$943,029
Cap Rate 9%
$733,467
Alternative Uses
Best Use
Multifamily LT 5
$943.0K
$825.2K – $1.10M
NOI $66,012 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$870.0K
$761.3K – $1.02M
NOI $60,902 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$2.79M
$2.44M – $3.25M
NOI $195,220 @ 7.0% cap · market cap 9.79%
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
Location Intelligence
Trade Area within ½ mile
891
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 rented fourplex offering four 3-bedroom, 1.5-bath units on month-to-month leases east of I-95.
Where is this quadplex located?
The property is located at 215 W Blue Heron Blvd Riviera Beach, FL.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Fully rented fourplex with four 3‑bedroom, 1.5‑bath units; All units are on month‑to‑month leases; Year built: 1969
