6-Unit Apartment
New
For Sale
$2,100,000
1601 NE 3RD Avenue, Delray Beach, FL 33483
Existing multifamily layout with two-bedroom residences and city R-1-A zoning near Atlantic Avenue and the beach.
Property Size5,146 SF
Price / SF$408.08
Days on Market4
Property Features for 1601 NE 3RD Avenue
General Information
Standard status
Active
Size
5,146 SF
Property subtype
Multi Family
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,290
Building Details
Building Size
5,146 SF
Year Built
1974
Listing Agency:
Century 21 Realty Professionals
(561) 568-7427
Listed By:
Abbey Adair · License #3545642
(561) 568-7427
Source:
Pamandtoni
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 30 at 2:49PM
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 Century 21 Realty Professionals
Investment Insights
Based on property information with market context.
Built in 1974, this apartment property contains six residences, each configured with 2 bedrooms, 1 bathroom and approximately 780 square feet. The existing layout provides a defined multifamily configuration for renovation or repositioning as an income-producing asset.
The property is located in East Delray Beach near Atlantic Avenue, the beach, dining, shopping and entertainment, with access to Downtown Boynton Beach. City R-1-A zoning is in place. The site may also be evaluated for redevelopment into a single-family residence or another concept, subject to zoning requirements and municipal approvals.
The property is located in East Delray Beach near Atlantic Avenue, the beach, dining, shopping and entertainment, with access to Downtown Boynton Beach. City R-1-A zoning is in place. The site may also be evaluated for redevelopment into a single-family residence or another concept, subject to zoning requirements and municipal approvals.
Key Highlights
- Six‑unit multifamily property with 2 bedrooms and 1 bathroom per residence
- Each residence measures approximately 780 square feet
- City R‑1‑A zoning
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
$79,142
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
3.77%
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%
$1,582,840
$1.6M
Cap Rate 7%
$1,130,600
$1.1M
Cap Rate 9%
$879,356
$879.4K
Market Conditions
NOI Build-Up for 5,146 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
$150.7K $29.28/SF
− Vacancy
−$6.8K −$1.32/SF
EGI
$143.9K $27.96/SF
− OpEx
−$64.8K −$12.58/SF
NOI
$79.1K $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%
$1,582,840
Cap Rate 7%
$1,130,600
Cap Rate 9%
$879,356
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$989.3K – $1.32M
NOI $79,142 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.62M
$3.17M – $4.23M
NOI $253,687 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Explore this area
Business Placement
Demographics for 33483, FL
13,103
Population
9,493
Households
1.4
Avg Household Size
59
Median Age
57%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
3,448
Density / Sq Mi
$117,854
Median Household Income
$60,502
Median Earnings
$2,306
Median Rent
$755,700
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 - Existing multifamily layout with two-bedroom residences and city R-1-A zoning near Atlantic Avenue and the beach.
Where is this apartment building located?
The property is located at 1601 NE 3RD Avenue Delray Beach, FL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Six‑unit multifamily property with 2 bedrooms and 1 bathroom per residence; Each residence measures approximately 780 square feet; City R‑1‑A zoning
