14-Unit Downtown Apartment
For Sale
$2,950,000
202 Lucerne Ave Unit 114, Lake Worth, FL 33460
Annual-rental apartment property with central A/C, private balconies, and on-site laundry.
Property Size9,320 SF
Price / SF$316.52
Days on Market16
Property Features for 202 Lucerne Ave Unit 114
General Information
Standard status
Active
Size
9,320 SF
Units
Unit Mix
13 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
14
Amenities
on-site laundry facility
private balconies
central A/C
Building Details
Year Built
1974
Construction
concrete block
Listing Agency:
Fausto Commercial Realty Consultants Inc
(954) 743-7594
Listed By:
Elior Levi · License #A12054087
Source:
Thepennteam
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 28 at 1:11PM
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 9,320-square-foot apartment property contains 14 units, including thirteen 1-bedroom/1-bath residences and one 2-bedroom/1-bath residence. Unit features include central A/C, private balconies, and abundant natural light. An on-site laundry facility provides an additional operating component. Built in 1974, the building has concrete block construction and a stucco exterior.
The property is operated as annual rentals and holds a transitory license that allows potential conversion to short-term rental use. Located at 202 Lucerne Ave in downtown Lake Worth Beach, it is positioned near Lake Avenue, with dining, retail, and entertainment within walking distance. The property is also minutes from the Intracoastal Waterway, Lake Worth Beach Park, and JFK Medical Center.
The property is operated as annual rentals and holds a transitory license that allows potential conversion to short-term rental use. Located at 202 Lucerne Ave in downtown Lake Worth Beach, it is positioned near Lake Avenue, with dining, retail, and entertainment within walking distance. The property is also minutes from the Intracoastal Waterway, Lake Worth Beach Park, and JFK Medical Center.
Key Highlights
- 14‑unit apartment building totaling 9,320 SF
- Unit mix includes thirteen 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- Central A/C and private balconies in all units
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
$143,335
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
4.86%
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%
$2,866,700
$2.9M
Cap Rate 7%
$2,047,643
$2.0M
Cap Rate 9%
$1,592,611
$1.6M
Market Conditions
NOI Build-Up for 9,320 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
$272.9K $29.28/SF
− Vacancy
−$12.3K −$1.32/SF
EGI
$260.6K $27.96/SF
− OpEx
−$117.3K −$12.58/SF
NOI
$143.3K $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%
$2,866,700
Cap Rate 7%
$2,047,643
Cap Rate 9%
$1,592,611
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 authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,782
Businesses Nearby
Explore this area
Business Placement
Demographics for 33460, FL
36,409
Population
14,769
Households
2.5
Avg Household Size
36
Median Age
24%
College-Educated
72%
High-School Grad
4.7 sq mi
ZIP Area
7,747
Density / Sq Mi
$61,702
Median Household Income
$32,388
Median Earnings
$1,411
Median Rent
$333,200
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 - Annual-rental apartment property with central A/C, private balconies, and on-site laundry.
Where is this apartment building located?
The property is located at 202 Lucerne Ave Unit 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 apartment building totaling 9,320 SF; Unit mix includes thirteen 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; Central A/C and private balconies in all units
