Six-Unit Apartment
New
For Sale
$1,800,000
1887 Juno Rd, North Palm Beach, FL 33408
Two-story multifamily property with private outdoor space, central air conditioning, and coin-operated laundry.
Property Size4,800 SF
Lot Size0.32 Acres
Days on Market3
Property Features for 1887 Juno Rd
General Information
Standard status
Active
Size
4,800 SF
Lot size
0.32 Acres
Property subtype
Multifamily
Occupancy
96%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Amenities
private patios or balconies
coin-operated laundry
central air conditioning
Boutique 6-Unit Apartment Building In Highly Desirable North Palm Beach
Concrete Block Construction With A Flat Roof, Mansard Façade, And Central A/C's Throughout
Private Patios Or Balconies, Coin-Operated Laundry, And Separately Metered Water
Minutes From PGA Boulevard, The Gardens Mall, Juno Beach, And Major Employment Centers
Building Details
Building Size
4,800 SF
Year Built
1973
Buildings
1
Stories
2
Units
6
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 3:31AM
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.
Juno Villas is a two-story apartment property built in 1973 with concrete block construction, a flat roof, and mansard façade. The building contains six units, each configured with two bedrooms and one bathroom. Central air conditioning and a private patio or balcony are provided for every residence. Roof upgrades were completed within the past year, and coin-operated laundry adds an on-site resident amenity. Water is separately metered for each unit.
The property occupies a 0.32-acre lot at 1887 Juno Rd in North Palm Beach. U.S. Highway 1, PGA Boulevard, and Interstate 95 are nearby, along with The Gardens Mall, Downtown at the Gardens, Legacy Place, John D. MacArthur Beach State Park, and area beaches. Nearby employment destinations include Palm Beach Gardens Medical Center, corporate offices, and the PGA Boulevard business corridor.
The property occupies a 0.32-acre lot at 1887 Juno Rd in North Palm Beach. U.S. Highway 1, PGA Boulevard, and Interstate 95 are nearby, along with The Gardens Mall, Downtown at the Gardens, Legacy Place, John D. MacArthur Beach State Park, and area beaches. Nearby employment destinations include Palm Beach Gardens Medical Center, corporate offices, and the PGA Boulevard business corridor.
Key Highlights
- Six units, all configured as two‑bedroom/one‑bathroom residences
- 0.32‑acre lot at 1887 Juno Rd, North Palm Beach, FL 33408
- Two‑story concrete block construction with flat roof and mansard façade
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
$73,821
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
4.10%
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%
$1,476,420
$1.5M
Cap Rate 7%
$1,054,586
$1.1M
Cap Rate 9%
$820,233
$820.2K
Market Conditions
NOI Build-Up for 4,800 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
$140.5K $29.28/SF
− Vacancy
−$6.3K −$1.32/SF
EGI
$134.2K $27.96/SF
− OpEx
−$60.4K −$12.58/SF
NOI
$73.8K $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%
$1,476,420
Cap Rate 7%
$1,054,586
Cap Rate 9%
$820,233
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$922.8K – $1.23M
NOI $73,821 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.96M – $3.94M
NOI $236,630 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,088
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story multifamily property with private outdoor space, central air conditioning, and coin-operated laundry.
Where is this apartment building located?
The property is located at 1887 Juno Rd North Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six units, all configured as two‑bedroom/one‑bathroom residences; 0.32‑acre lot at 1887 Juno Rd, North Palm Beach, FL 33408; Two‑story concrete block construction with flat roof and mansard façade
