Updated Triplex with
For Sale
$999,000
Pending
8615 SE Lyons Rd, Hobe Sound, FL 33455
Three separate two-bedroom, one-bath units each feature a private patio and in-unit washer/dryer with individually metered electric.
Property Size2,775 SF
Days on Market22
Property Features for 8615 SE Lyons Rd
General Information
Standard status
Pending
Size
2,775 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,254
Amenities
private patio
washer/dryer
separately metered electric
Building Details
Building Size
2,775 SF
Year Built
1979
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
rog engage
(856) 981-1909
Listed By:
Patricia Griffith · License #3453592
(856) 981-1909
Source:
Elliman
Added: Jul 22
Changed: Aug 8
Last Checked: Jul 25 at 7:02AM
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 rog engage
Investment Insights
Based on property information with market context.
This recently updated triplex includes three separate two-bedroom, one-bath units. Each unit has its own private patio, an individual washer and dryer, and separately metered electric, supporting straightforward day-to-day management and tenant separation.
Recent improvements include solid surface finishes throughout, newer appliances, updated ceiling fans, modern light fixtures, and other upgrades intended to enhance both functionality and presentation.
The property is described as having a successful history as a short-term rental while also supporting long-term rental demand.
Recent improvements include solid surface finishes throughout, newer appliances, updated ceiling fans, modern light fixtures, and other upgrades intended to enhance both functionality and presentation.
The property is described as having a successful history as a short-term rental while also supporting long-term rental demand.
Key Highlights
- 1979‑built multifamily with three separate 2‑bedroom, 1‑bath units
- Each unit includes a private patio and in‑unit washer/dryer
- Units are separately metered for electric for easier individual utility management
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
$40,752
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
4.08%
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%
$815,040
$815.0K
Cap Rate 7%
$582,171
$582.2K
Cap Rate 9%
$452,800
$452.8K
Market Conditions
NOI Build-Up for 2,775 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
$61.6K $22.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$58.2K $20.98/SF
− OpEx
−$17.5K −$6.29/SF
NOI
$40.8K $14.69/SF
Area
Martin County, FL
Vacancy
5.50%
Lease Rate
$22.20 /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%
$815,040
Cap Rate 7%
$582,171
Cap Rate 9%
$452,800
Alternative Uses
Best Use
Multifamily LT 5
$582.2K
$509.4K – $679.2K
NOI $40,752 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$483.9K
$423.4K – $564.5K
NOI $33,870 @ 7.0% cap · market cap 3.39%
Theoretical Best
Retail
$729.0K
$637.9K – $850.5K
NOI $51,031 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 33455, FL
20,799
Population
11,681
Households
1.8
Avg Household Size
60
Median Age
36%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
367
Density / Sq Mi
$74,149
Median Household Income
$35,161
Median Earnings
$1,193
Median Rent
$395,600
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?
Triplex - Three separate two-bedroom, one-bath units each feature a private patio and in-unit washer/dryer with individually metered electric.
Where is this triplex located?
The property is located at 8615 SE Lyons Rd Hobe Sound, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 1979‑built multifamily with three separate 2‑bedroom, 1‑bath units; Each unit includes a private patio and in‑unit washer/dryer; Units are separately metered for electric for easier individual utility management
