Mixed-Use Property in Opportunity
For Sale
$700,000
1504 N Sapodilla Avenue N, West Palm Beach, FL 33401
Mixed-use property with income in high-growth corridor near transit.
Property Size2,520 SF
Days on Market144
Property Features for 1504 N Sapodilla Avenue N
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$5,935
Building Details
Building Size
2,520 SF
Year Built
1925
Listing Agency:
The Keyes Company
Listed By:
Cheryl Schweigart · License #3428196
(617) 230-1940
Source:
Darlenestreit
Added: Apr 12
Changed: Aug 31
Last Checked: Sep 2 at 2:27AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This mixed-use property is located in an Opportunity Zone, four blocks north of the $1B NORA District redevelopment area. The property features a commercial storefront and a residential duplex in two separate buildings. It is currently 100% rented, providing immediate income. The location is in a high-growth corridor near the Brightline and Tri-Rail stations, as well as new workforce housing projects. The property is positioned as a strategic acquisition on the "path of progress" with a Future Land Use designation of Multifamily (MF). The bike score is 83, indicating it is very bikeable. The walk score is 69, indicating it is somewhat walkable. The transit score is 33, indicating some transit options are available.
Key Highlights
- Located in an Opportunity Zone, offering potential significant tax advantages for long‑term investors.
- 100% rented, providing immediate income from both the commercial storefront and residential duplex.
- Strategic location in a high‑growth corridor near Brightline and Tri‑Rail stations.
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
$47,158
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
6.74%
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%
$943,160
$943.2K
Cap Rate 7%
$673,686
$673.7K
Cap Rate 9%
$523,978
$524.0K
Market Conditions
NOI Build-Up for 2,520 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
$71.1K $28.20/SF
− Vacancy
−$3.7K −$1.47/SF
EGI
$67.4K $26.73/SF
− OpEx
−$20.2K −$8.02/SF
NOI
$47.2K $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%
$943,160
Cap Rate 7%
$673,686
Cap Rate 9%
$523,978
Alternative Uses
Best Use
Multifamily LT 5
$673.7K
$589.5K – $786.0K
NOI $47,158 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$626.6K
$548.2K – $731.0K
NOI $43,859 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,231 @ 7.0% cap · market cap 17.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,910
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with income in high-growth corridor near transit.
Where is this mixed-use property located?
The property is located at 1504 N Sapodilla Avenue N West Palm Beach, FL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Located in an Opportunity Zone, offering potential significant tax advantages for long‑term investors.; 100% rented, providing immediate income from both the commercial storefront and residential duplex.; Strategic location in a high‑growth corridor near Brightline and Tri‑Rail stations.
