Downtown 14-Unit Multifamily
202 Lucerne Avenue #114 Lake Worth, FL 33460
For Sale
$2,950,000
Pending
Fourteen units include balconies and central A/C, with an on-site laundry facility and a transitory license.
Property Size9,320 SF
Days on Market45
Property Features for 202 Lucerne Avenue #114
General Information
- Standard status
- Pending
- Size
- 9,320 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1974
Listing Agency:
FAUSTO COMMERCIAL REALTY CONSULTANTS INC
(954) 743-7594
Listed By:
ELIOR LEVI · License #A12001661
Source:
Corcoran
Added: Jun 9
Changed: Jul 22
Last Checked: Jul 22 at 11:15PM
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 FAUSTO COMMERCIAL REALTY CONSULTANTS INC
Investment Insights
Based on property information with market context.
This well-located 14-unit multifamily property offers 13 one-bedroom, one-bath units and one two-bedroom, one-bath unit. Each unit features central A/C, private balconies, and ample natural light. The community also includes an on-site laundry facility for additional income. Constructed in 1974, the building is a concrete block structure with a stucco exterior and is currently operated as annual rentals.
The property is positioned in the heart of downtown Lake Worth Beach at 202 Lucerne Avenue and is just steps from Lake Avenue. It is minutes from the Intracoastal Waterway, Lake Worth Beach Park, and JFK Medical Center.
In addition to its annual rental operation, the property holds a transitory license. The current setup provides a straightforward path to explore conversion to short-term rentals, subject to applicable requirements.
The property is positioned in the heart of downtown Lake Worth Beach at 202 Lucerne Avenue and is just steps from Lake Avenue. It is minutes from the Intracoastal Waterway, Lake Worth Beach Park, and JFK Medical Center.
In addition to its annual rental operation, the property holds a transitory license. The current setup provides a straightforward path to explore conversion to short-term rentals, subject to applicable requirements.
Key Highlights
- 14‑unit multifamily at 202 Lucerne Avenue in downtown Lake Worth Beach, built in 1974
- Unit mix: thirteen 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- All units feature central A/C and private balconies
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $272.9k | $29.28 |
| − Vacancy | −$12.3k | −$1.32 |
| EGI | $260.6k | $27.96 |
| − OpEx | −$117.3k | −$12.58 |
| NOI | $143.3k | $15.38 |
9,320 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.79M – $2.39M
NOI $143,335 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.56M
$5.74M – $7.66M
NOI $459,457 @ 7.0% cap · market cap 15.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Lucerne202
Vacation Rental
FAQs
What type of property is this?
Apartment building - Fourteen units include balconies and central A/C, with an on-site laundry facility and a transitory license.
Where is this apartment building located?
The property is located at 202 Lucerne Avenue #114 Lake Worth, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 14‑unit multifamily at 202 Lucerne Avenue in downtown Lake Worth Beach, built in 1974; Unit mix: thirteen 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; All units feature central A/C and private balconies
