Triplex with Renovated Second
New
For Sale
$950,000
209 S Lakeside Dr, Lake Worth, FL 33460
Impact windows, on-site laundry, and a courtyard accompany the updated second-floor living space.
Property Size2,448 SF
Days on Market1
Property Features for 209 S Lakeside Dr
General Information
Standard status
Active
Size
2,448 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,479
Amenities
courtyard
laundry room
Building Details
Building Size
2,448 SF
Year Built
1930
Stories
2
Units
4
Listing Agency:
Coastline Realty, Inc
Listed By:
Peter G Muller · License #663261
(561) 254-8925
Source:
Elliman
Added: Oct 1
Last Checked: Oct 1 at 8:50AM
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 Coastline Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1930, this triplex has impact glass windows and an on-site laundry room. The second floor has been fully renovated and includes two bedrooms, one bathroom, and space for an office. Its updated kitchen has new stainless steel appliances, while vinyl plank flooring, recessed lighting, ceiling fans, and neutral finishes complete the interior. A landscaped courtyard provides outdoor space.
At 209 S Lakeside Dr in Lake Worth Beach, the property is steps from the Intracoastal and within walking distance of Lake Worth Beach and downtown. Parks, fishing piers, hiking trails, and a workout pavilion are located along the Intracoastal.
At 209 S Lakeside Dr in Lake Worth Beach, the property is steps from the Intracoastal and within walking distance of Lake Worth Beach and downtown. Parks, fishing piers, hiking trails, and a workout pavilion are located along the Intracoastal.
Key Highlights
- 1930‑built triplex with impact glass windows
- Fully renovated second floor with 2 bedrooms, 1 bathroom, and space for an office
- Updated kitchen with new stainless steel appliances
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
$40,808
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
4.30%
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%
$816,160
$816.2K
Cap Rate 7%
$582,971
$583.0K
Cap Rate 9%
$453,422
$453.4K
Market Conditions
NOI Build-Up for 2,448 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
$61.7K $25.20/SF
− Vacancy
−$3.4K −$1.39/SF
EGI
$58.3K $23.81/SF
− OpEx
−$17.5K −$7.14/SF
NOI
$40.8K $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%
$816,160
Cap Rate 7%
$582,971
Cap Rate 9%
$453,422
Alternative Uses
Best Use
Multifamily LT 5
$583.0K
$510.1K – $680.1K
NOI $40,808 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$537.8K
$470.6K – $627.5K
NOI $37,649 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,681 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,714
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Impact windows, on-site laundry, and a courtyard accompany the updated second-floor living space.
Where is this triplex located?
The property is located at 209 S Lakeside Dr Lake Worth, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 1930‑built triplex with impact glass windows; Fully renovated second floor with 2 bedrooms, 1 bathroom, and space for an office; Updated kitchen with new stainless steel appliances
