12-Unit Apartment
New
For Sale
$3,610,000
17345 Bush Rd, Jupiter, FL 33458
Two low-rise concrete-block buildings offer furnished resident amenities and separately metered water service.
Property Size11,248 SF
Lot Size1.00 Acre
Price / SF$320.95
Days on Market2
Property Features for 17345 Bush Rd
General Information
Standard status
Active
Size
11,248 SF
Lot size
1.00 Acre
Property subtype
Multifamily
Occupancy
96%
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Additional Details
Cap Rate
6.15%
Highway Access
Yes
Amenities
central air conditioning
private patio
in-unit washer and dryer
separately metered for water
12 Spacious Two-Bedroom Units Across 2 CBS Buildings On A One-Acre Site
In-Unit Washers & Dryers, Private Patios, And Central A/C Throughout
Units Separately Metered For Water
Prime Jupiter Location Near I-95, Abacoa, Jupiter Medical Center, And Area Beaches
Building Details
Building Size
11,248 SF
Year Built
1988
Buildings
2
Stories
1
Units
12
Construction
concrete block
Listing Agency:
Fort Lauderdale Office
(954) 245-3494
Listed By:
River Rhoads · License #License(s): FL: SL3509795
(954) 245-3494
Source:
Marcusmillichap
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 3:03AM
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.
Built in 1988, the property comprises two single-story concrete-block buildings with pitched composite shingle roofs. The 12-unit community contains 11,248 gross square feet on a 1.00-acre lot, with every residence configured as a two-bedroom, one-bathroom apartment. Individual units include central air conditioning, private patios, and in-unit washers and dryers. Water is separately metered for each unit. The property is located near Interstate 95, Florida’s Turnpike, and Indiantown Road, with access to Jupiter Medical Center, Abacoa, Alton Town Center, and Roger Dean Chevrolet Stadium. The reported cap rate is 6.15%.
Key Highlights
- 12 units totaling 11,248 gross square feet on a 1.00‑acre lot
- All apartments are two‑bedroom/one‑bathroom units
- Two single‑story concrete‑block buildings built in 1988
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
$172,987
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
4.79%
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%
$3,459,740
$3.5M
Cap Rate 7%
$2,471,243
$2.5M
Cap Rate 9%
$1,922,078
$1.9M
Market Conditions
NOI Build-Up for 11,248 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
$329.3K $29.28/SF
− Vacancy
−$14.8K −$1.32/SF
EGI
$314.5K $27.96/SF
− OpEx
−$141.5K −$12.58/SF
NOI
$173.0K $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%
$3,459,740
Cap Rate 7%
$2,471,243
Cap Rate 9%
$1,922,078
Alternative Uses
Best Use
Apartment 5plus
$2.47M
$2.16M – $2.88M
NOI $172,987 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.92M
$6.93M – $9.24M
NOI $554,503 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,518
Businesses Nearby
Explore this area
Business Placement
Demographics for 33458, FL
55,083
Population
23,121
Households
2.4
Avg Household Size
41
Median Age
49%
College-Educated
92%
High-School Grad
20.4 sq mi
ZIP Area
2,700
Density / Sq Mi
$107,626
Median Household Income
$48,448
Median Earnings
$2,090
Median Rent
$550,700
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 - Two low-rise concrete-block buildings offer furnished resident amenities and separately metered water service.
Where is this apartment building located?
The property is located at 17345 Bush Rd Jupiter, FL.
What is the asking price?
The asking price for this property is $3,610,000.
What are key features of this property?
This property features: 12 units totaling 11,248 gross square feet on a 1.00‑acre lot; All apartments are two‑bedroom/one‑bathroom units; Two single‑story concrete‑block buildings built in 1988
