Well-Maintained Quadruplex
For Sale
$649,900
Pending
1021 14th St, West Palm Beach, FL 33401
Four independently metered 2-bedroom, 1-bath units make up this well-maintained quadruplex.
Property Size2,880 SF
Days on Market73
Property Features for 1021 14th St
General Information
Standard status
Pending
Size
2,880 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,373
Building Details
Building Size
2,880 SF
Year Built
1940
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Buccaneer Realty Global Inc
(561) 236-0652
Listed By:
Radha Anne Berry · License #3425582
(561) 236-0652
Source:
Elliman
Added: Jun 17
Changed: Aug 7
Last Checked: Aug 1 at 12:35PM
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 Buccaneer Realty Global Inc
Investment Insights
Based on property information with market context.
This well-maintained quadruplex consists of four individually operating units, each featuring a 2-bedroom, 1-bath layout. Utilities are separately metered for electricity and water per unit, supporting independent operations and straightforward management.
The property is located in West Palm Beach, just minutes from Downtown West Palm Beach and the Brightline station. It also provides access to Clematis Street and Palm Beach Outlets, with nearby dining, shopping, and entertainment.
As a four-unit residential income property, the overall configuration is straightforward, with all units sharing the same general bedroom and bathroom count and separate utility metering.
The property is located in West Palm Beach, just minutes from Downtown West Palm Beach and the Brightline station. It also provides access to Clematis Street and Palm Beach Outlets, with nearby dining, shopping, and entertainment.
As a four-unit residential income property, the overall configuration is straightforward, with all units sharing the same general bedroom and bathroom count and separate utility metering.
Key Highlights
- 1940‑built well‑maintained quadruplex with four units
- Four independently metered units for electricity and water
- Each unit features a 2‑bedroom, 1‑bath layout
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
$53,895
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
8.29%
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%
$1,077,900
$1.1M
Cap Rate 7%
$769,929
$769.9K
Cap Rate 9%
$598,833
$598.8K
Market Conditions
NOI Build-Up for 2,880 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
$81.2K $28.20/SF
− Vacancy
−$4.2K −$1.47/SF
EGI
$77.0K $26.73/SF
− OpEx
−$23.1K −$8.02/SF
NOI
$53.9K $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%
$1,077,900
Cap Rate 7%
$769,929
Cap Rate 9%
$598,833
Alternative Uses
Best Use
Multifamily LT 5
$769.9K
$673.7K – $898.3K
NOI $53,895 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$716.1K
$626.6K – $835.4K
NOI $50,125 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,978 @ 7.0% cap · market cap 21.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
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 independently metered 2-bedroom, 1-bath units make up this well-maintained quadruplex.
Where is this quadplex located?
The property is located at 1021 14th St West Palm Beach, FL.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 1940‑built well‑maintained quadruplex with four units; Four independently metered units for electricity and water; Each unit features a 2‑bedroom, 1‑bath layout
