Triplex with Impact
For Sale
Contact for pricing
2081 Joy Rene Lane, North Palm Beach, FL 33408
Three-unit triplex with 2022 roof and impact windows/doors, plus flexible space in a garage workshop and utility area.
Property Size3,073 SF
Price / SF$466.97
Days on Market217
Property Features for 2081 Joy Rene Lane
General Information
Standard status
Active
Size
3,073 SF
Property subtype
Multifamily
Zoning
RM
Additional Details
Fenced Yard
Yes
Multifamily Units
3
Building Details
Year Built
1973
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Partnership Realty Inc.
(561) 281-9404
Listed By:
David Waite · License #0695780
Source:
Crexi
Added: Jan 10
Changed: Aug 8
Last Checked: Jul 19 at 6:59AM
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 Partnership Realty Inc.
Investment Insights
Based on property information with market context.
This multi-family triplex offers practical, update-ready living space with impact windows and doors installed throughout the property in November 2022. The roof was installed in October 2022, supporting a more predictable maintenance profile. A separate utility room includes additional storage and a washer/dryer, providing convenient in-unit services and options for reconfiguration. There is also a garage workshop of approximately 250 square feet that may be convertible to another unit. The property includes a fenced backyard, which could potentially be divided into two backyards for added flexibility.
The layout includes an efficiency unit that could be expanded into the utility room, allowing conversion to a 1-bedroom apartment. Additionally, the proximity to the Intracoastal Waterway may make the property of interest to future waterfront buyers who consider expanding the site for a larger home.
For buyers or owner-operators, the combination of recent exterior improvements and the existing utility and workshop spaces creates multiple pathways for improving unit mix. Options to rework the efficiency into a larger 1-bedroom configuration, and to consider additional living space from the workshop, may support different operating strategies while keeping the core triplex structure intact.
The layout includes an efficiency unit that could be expanded into the utility room, allowing conversion to a 1-bedroom apartment. Additionally, the proximity to the Intracoastal Waterway may make the property of interest to future waterfront buyers who consider expanding the site for a larger home.
For buyers or owner-operators, the combination of recent exterior improvements and the existing utility and workshop spaces creates multiple pathways for improving unit mix. Options to rework the efficiency into a larger 1-bedroom configuration, and to consider additional living space from the workshop, may support different operating strategies while keeping the core triplex structure intact.
Key Highlights
- Three‑unit triplex built in 1973
- Impact windows and doors installed throughout in November 2022
- Roof installed October 2022
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
$51,226
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
3.57%
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%
$1,024,520
$1.0M
Cap Rate 7%
$731,800
$731.8K
Cap Rate 9%
$569,178
$569.2K
Market Conditions
NOI Build-Up for 3,073 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
$77.4K $25.20/SF
− Vacancy
−$4.3K −$1.39/SF
EGI
$73.2K $23.81/SF
− OpEx
−$22.0K −$7.14/SF
NOI
$51.2K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,024,520
Cap Rate 7%
$731,800
Cap Rate 9%
$569,178
Alternative Uses
Best Use
Multifamily LT 5
$731.8K
$640.3K – $853.8K
NOI $51,226 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$675.2K
$590.8K – $787.7K
NOI $47,261 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,493 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,758
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?
Triplex - Three-unit triplex with 2022 roof and impact windows/doors, plus flexible space in a garage workshop and utility area.
Where is this triplex located?
The property is located at 2081 Joy Rene Lane North Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,435,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1973; Impact windows and doors installed throughout in November 2022; Roof installed October 2022
