Downtown 14-Unit Multifamily
For Sale
$2,950,000
202 Lucerne Avenue 1-14, Lake Worth, FL 33460
Fourteen units include central A/C and private balconies, with an on-site laundry facility in a concrete block building.
Property Size9,320 SF
Days on Market123
Property Features for 202 Lucerne Avenue 1-14
General Information
Standard status
Active
Size
9,320 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$52,941
Amenities
central A/C
private balconies
ample natural light
on-site laundry facility
Building Details
Building Size
9,320 SF
Year Built
1974
Construction
concrete block
Tenancy
Multi
Listing Agency:
Fausto Commercial Realty Consultants Inc
(954) 743-7594
Listed By:
Elior Levi · License #3574869
(954) 743-7594
Source:
Meyerlucas
Added: May 2
Changed: Aug 31
Last Checked: Aug 30 at 9:34PM
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 was built in 1974 and constructed with concrete block and a stucco exterior. The unit mix includes thirteen 1-bedroom/1-bath apartments and one 2-bedroom/1-bath unit. Each unit is described as having central A/C, private balconies, and ample natural light. An on-site laundry facility is also available.
The property is positioned in downtown Lake Worth Beach, with proximity described as just steps from Lake Avenue and minutes from the Intracoastal Waterway, Lake Worth Beach Park, and JFK Medical Center. Walkability is indicated by a walk score of 67, with the location described as somewhat walkable. The property is also described as holding a valuable transitory license, which may allow for conversion to short-term rentals.
The asset is currently operated as annual rentals and presents an in-place income profile supported by the existing unit configuration, with potential for rental growth and operational improvements as described in the remarks.
The property is positioned in downtown Lake Worth Beach, with proximity described as just steps from Lake Avenue and minutes from the Intracoastal Waterway, Lake Worth Beach Park, and JFK Medical Center. Walkability is indicated by a walk score of 67, with the location described as somewhat walkable. The property is also described as holding a valuable transitory license, which may allow for conversion to short-term rentals.
The asset is currently operated as annual rentals and presents an in-place income profile supported by the existing unit configuration, with potential for rental growth and operational improvements as described in the remarks.
Key Highlights
- 14‑unit multifamily built in 1974 with concrete block construction and stucco exterior
- Unit mix: thirteen 1 bed/1 bath units plus one 2 bed/1 bath unit
- All units feature central A/C and private balconies
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
Multi-tenant
Tenancy
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 - Fourteen units include central A/C and private balconies, with an on-site laundry facility in a concrete block building.
Where is this apartment building located?
The property is located at 202 Lucerne Avenue 1-14 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 built in 1974 with concrete block construction and stucco exterior; Unit mix: thirteen 1 bed/1 bath units plus one 2 bed/1 bath unit; All units feature central A/C and private balconies
