Five-Unit Apartment
For Sale
$1,575,000
2016 Joy Rene Ln, North Palm Beach, FL 33408
Legally permitted short-term rentals complement central AC, on-site laundry, private storage, and a courtyard.
Property Size3,775 SF
Lot Size0.30 Acres
Price / SF$417.22
Days on Market75
Property Features for 2016 Joy Rene Ln
General Information
Standard status
Active
Size
3,775 SF
Lot size
0.30 Acres
Property subtype
Residential Income
Units
Unit Mix
1 x 2-story 1BR/1.5BA, 3 x 2BR/1BA, 1 x efficiency
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$16,928
Amenities
on-site laundry
private storage
central air conditioning
Listing Agency:
Dubin Realty, Inc
(561) 310-5207
Listed By:
Mark H Dubin
(561) 310-5207
Source:
Exprealty
Added: Jun 17
Changed: Aug 29
Last Checked: Aug 29 at 7:54PM
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 Dubin Realty, Inc
Investment Insights
Based on property information with market context.
This five-unit apartment property includes a two-story main house with one bedroom, 1.5 baths, and 1,000 SF, along with three 2BR/1BA apartments measuring 925 SF each and an efficiency with a Murphy bed. The main house adds a private courtyard, while the property also includes central AC throughout, private storage, and shared laundry with 2 washers and 2 dryers.
Set on a .30-acre corner lot at 2016 Joy Rene Ln in North Palm Beach, the property is steps from the Intracoastal and 2 miles from Juno and Jupiter beaches. Marina facilities, dining, and shops are nearby. Short-term rentals are legally permitted, providing an established operating option for the five-unit configuration.
Set on a .30-acre corner lot at 2016 Joy Rene Ln in North Palm Beach, the property is steps from the Intracoastal and 2 miles from Juno and Jupiter beaches. Marina facilities, dining, and shops are nearby. Short-term rentals are legally permitted, providing an established operating option for the five-unit configuration.
Key Highlights
- Five‑unit apartment property on a .30‑acre corner lot
- Two‑story 1‑bedroom, 1.5‑bath main house with 1, 000 SF and private courtyard
- Three 2BR/1BA units, each measuring 925 SF
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
$58,057
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
3.69%
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%
$1,161,140
$1.2M
Cap Rate 7%
$829,386
$829.4K
Cap Rate 9%
$645,078
$645.1K
Market Conditions
NOI Build-Up for 3,775 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
$110.5K $29.28/SF
− Vacancy
−$5.0K −$1.32/SF
EGI
$105.6K $27.96/SF
− OpEx
−$47.5K −$12.58/SF
NOI
$58.1K $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%
$1,161,140
Cap Rate 7%
$829,386
Cap Rate 9%
$645,078
Alternative Uses
Best Use
Apartment 5plus
$829.4K
$725.7K – $967.6K
NOI $58,057 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.66M
$2.33M – $3.10M
NOI $186,100 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,605
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 - Legally permitted short-term rentals complement central AC, on-site laundry, private storage, and a courtyard.
Where is this apartment building located?
The property is located at 2016 Joy Rene Ln North Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Five‑unit apartment property on a .30‑acre corner lot; Two‑story 1‑bedroom, 1.5‑bath main house with 1, 000 SF and private courtyard; Three 2BR/1BA units, each measuring 925 SF
