5-Unit Multifamily
New
For Sale
$1,350,000
1845 Dillone Ln, North Palm Beach, FL 33408
Concrete-block multifamily property with central air conditioning and individually metered utilities.
Property Size4,140 SF
Lot Size0.38 Acres
Price / SF$326.09
Days on Market3
Property Features for 1845 Dillone Ln
General Information
Standard status
Active
Size
4,140 SF
Lot size
0.38 Acres
Property subtype
Multifamily
Occupancy
96%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Additional Details
Cap Rate
5.62%
Amenities
central air conditioning
Five Spacious 2-Bedroom / 1-Bathroom Units Averaging 828 SF
Concrete Block Construction With A Pitched Composite Shingle Roof Replaced In 2016
Each Unit is Equipped with Central A/C and Washer & Dryers
Minutes From Juno Beach, PGA Boulevard, The Gardens Mall, And Major Employment Centers
Building Details
Building Size
4,140 SF
Year Built
1960
Units
5
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 13
Changed: Aug 14
Last Checked: Aug 15 at 3:29AM
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.
This five-unit multifamily property contains 4,140 gross square feet on a 0.38-acre site. Completed in 1960, the concrete-block building has a pitched composite shingle roof replaced in 2016 and central air conditioning throughout. All five residences offer a two-bedroom, one-bathroom layout, with each unit averaging approximately 828 square feet. Private well and septic systems serve the property, and utility service is separately metered.
The property sits along a private, low-traffic street with access to Juno Beach, U.S. Highway 1, PGA Boulevard, and Interstate 95. Nearby destinations include The Gardens Mall, Downtown at the Gardens, Legacy Place, John D. MacArthur Beach State Park, Juno Pier, waterfront restaurants, and area marinas. Employment centers include Palm Beach Gardens Medical Center, Jupiter Medical Center, and the PGA Boulevard business corridor.
The property sits along a private, low-traffic street with access to Juno Beach, U.S. Highway 1, PGA Boulevard, and Interstate 95. Nearby destinations include The Gardens Mall, Downtown at the Gardens, Legacy Place, John D. MacArthur Beach State Park, Juno Pier, waterfront restaurants, and area marinas. Employment centers include Palm Beach Gardens Medical Center, Jupiter Medical Center, and the PGA Boulevard business corridor.
Key Highlights
- Five two‑bedroom, one‑bathroom units averaging approximately 828 square feet
- 4,140 gross square feet on a 0.38‑acre lot
- Concrete‑block construction with a composite shingle roof replaced in 2016
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
$63,670
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
4.72%
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%
$1,273,400
$1.3M
Cap Rate 7%
$909,571
$909.6K
Cap Rate 9%
$707,444
$707.4K
Market Conditions
NOI Build-Up for 4,140 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
$121.2K $29.28/SF
− Vacancy
−$5.5K −$1.32/SF
EGI
$115.8K $27.96/SF
− OpEx
−$52.1K −$12.58/SF
NOI
$63.7K $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%
$1,273,400
Cap Rate 7%
$909,571
Cap Rate 9%
$707,444
Alternative Uses
Best Use
Apartment 5plus
$909.6K
$795.9K – $1.06M
NOI $63,670 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.55M – $3.40M
NOI $204,093 @ 7.0% cap · market cap 15.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,406
Businesses Nearby
Explore this area
Business Placement
Demographics for 33408, FL
18,965
Population
13,490
Households
1.4
Avg Household Size
58
Median Age
52%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,789
Density / Sq Mi
$91,390
Median Household Income
$65,606
Median Earnings
$1,885
Median Rent
$502,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Concrete-block multifamily property with central air conditioning and individually metered utilities.
Where is this apartment building located?
The property is located at 1845 Dillone Ln North Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Five two‑bedroom, one‑bathroom units averaging approximately 828 square feet; 4,140 gross square feet on a 0.38‑acre lot; Concrete‑block construction with a composite shingle roof replaced in 2016
