14-Unit Apartment
For Sale
$2,980,000
202 Lucerne Ave, Lake Worth, FL 33460
Concrete block property with central air conditioning and an on-site laundry facility.
Property Size9,320 SF
Days on Market153
Property Features for 202 Lucerne Ave
General Information
Standard status
Active
Size
9,320 SF
Property subtype
Multifamily
Occupancy
96%
Units
Unit Mix
13 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
14
Additional Details
Cap Rate
5.27%
Amenities
central air conditioning
on-site laundry facility
Located In The Heart Of Downtown Lake Worth Beach On Lucerne Avenue
Property Has A Transitory License In Place and an On-Site Laundry Facility
1974 Concrete Block Construction With Central Air Conditioning Throughout
Building Details
Building Size
9,320 SF
Year Built
1974
Units
14
Construction
concrete block
Listing Agency:
Fort Lauderdale Office
(954) 245-3400
Listed By:
Daniel J. Cunningham · License #FL: SL3234051
(954) 245-3584
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 7:24AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
This 14-unit apartment property was built in 1974 with concrete block construction and a stucco exterior. The unit mix includes thirteen one-bedroom, one-bath residences and one two-bedroom, one-bath residence. Central air conditioning is provided throughout, and an on-site laundry facility serves the property. The apartments are currently operated as annual rentals, with a transitory license that permits conversion of all 14 units to short-term rentals.
The property is located at 202 Lucerne Avenue in Lake Worth Beach, just north of Lake Avenue in the downtown area. Dining, retail, and entertainment are nearby, while City Hall, Lake Worth High School, JFK Medical Center, the Intracoastal Waterway, Lake Worth Beach Park, and the Lake Worth Golf Club are also within close proximity.
The property is located at 202 Lucerne Avenue in Lake Worth Beach, just north of Lake Avenue in the downtown area. Dining, retail, and entertainment are nearby, while City Hall, Lake Worth High School, JFK Medical Center, the Intracoastal Waterway, Lake Worth Beach Park, and the Lake Worth Golf Club are also within close proximity.
Key Highlights
- 14‑unit apartment property built in 1974
- Unit mix includes thirteen 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- Concrete block construction with stucco exterior
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
$143,335
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
4.81%
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%
$2,866,700
$2.9M
Cap Rate 7%
$2,047,643
$2.0M
Cap Rate 9%
$1,592,611
$1.6M
Market Conditions
NOI Build-Up for 9,320 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
$272.9K $29.28/SF
− Vacancy
−$12.3K −$1.32/SF
EGI
$260.6K $27.96/SF
− OpEx
−$117.3K −$12.58/SF
NOI
$143.3K $15.38/SF
Area
Palm Beach County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
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%
$2,866,700
Cap Rate 7%
$2,047,643
Cap Rate 9%
$1,592,611
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.79M – $2.39M
NOI $143,335 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.56M
$5.74M – $7.66M
NOI $459,457 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,782
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?
Apartment building - Concrete block property with central air conditioning and an on-site laundry facility.
Where is this apartment building located?
The property is located at 202 Lucerne Ave Lake Worth, FL.
What is the asking price?
The asking price for this property is $2,980,000.
What are key features of this property?
This property features: 14‑unit apartment property built in 1974; Unit mix includes thirteen 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; Concrete block construction with stucco exterior
