Renovated 4-Plex with Off-Street
For Sale
$795,000
1709 Mercer Avenue, West Palm Beach, FL 33401
Renovated four-unit multifamily property with off-street parking for seven cars and outdoor decks on units 3 and 4.
Property Size2,365 SF
Price / SF$336.15
Days on Market78
Property Features for 1709 Mercer Avenue
General Information
Standard status
Active
Size
2,365 SF
Total Parking Spaces
7
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Amenities
outside deck
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
JD Bols & Associates
Listed By:
John Bols
(619) 301-6383
Source:
Lehmannflorida
Added: Jun 22
Changed: Sep 7
Last Checked: Sep 6 at 6:38AM
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 JD Bols & Associates
Investment Insights
Based on property information with market context.
This nicely renovated 4-plex offers four residential units with updates throughout, including new kitchens, new bathrooms, hard surface flooring, newer appliances, and refreshed lighting and plumbing fixtures. Off-street parking is provided for seven cars. Units 3 and 4 include an outside deck.
Mercer Park is described as a growing community within walking distance of downtown West Palm Beach, and the property is located at 1709 Mercer Avenue in West Palm Beach.
Rents are reported at $72,540 per year, and the renovation scope targets in-unit finishes and fixtures to support day-to-day living and tenant use.
Mercer Park is described as a growing community within walking distance of downtown West Palm Beach, and the property is located at 1709 Mercer Avenue in West Palm Beach.
Rents are reported at $72,540 per year, and the renovation scope targets in-unit finishes and fixtures to support day-to-day living and tenant use.
Key Highlights
- Renovated 4‑plex built in 1925
- Renovation includes new kitchens, new bathrooms, hard surface flooring, newer appliances, and updated lighting/plumbing/fixtures
- Off‑street parking available for 7 cars
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
$44,257
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
5.57%
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%
$885,140
$885.1K
Cap Rate 7%
$632,243
$632.2K
Cap Rate 9%
$491,744
$491.7K
Market Conditions
NOI Build-Up for 2,365 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
$66.7K $28.20/SF
− Vacancy
−$3.5K −$1.47/SF
EGI
$63.2K $26.73/SF
− OpEx
−$19.0K −$8.02/SF
NOI
$44.3K $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%
$885,140
Cap Rate 7%
$632,243
Cap Rate 9%
$491,744
Alternative Uses
Best Use
Multifamily LT 5
$632.2K
$553.2K – $737.6K
NOI $44,257 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$588.0K
$514.5K – $686.0K
NOI $41,162 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,590 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,057
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?
Quadplex - Renovated four-unit multifamily property with off-street parking for seven cars and outdoor decks on units 3 and 4.
Where is this quadplex located?
The property is located at 1709 Mercer Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Renovated 4‑plex built in 1925; Renovation includes new kitchens, new bathrooms, hard surface flooring, newer appliances, and updated lighting/plumbing/fixtures; Off‑street parking available for 7 cars
