Triplex with Renovated Upper
For Sale
$950,000
209 S Lakeside Drive, Lake Worth, FL 33460
All three apartments are leased, with shared coin-operated laundry and rear off-street parking.
Property Size2,448 SF
Price / SF$388.07
Days on Market32
Property Features for 209 S Lakeside Drive
General Information
Standard status
Active
Size
2,448 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA, 1 x studio, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$12,479
Amenities
shared coin-operated laundry
semi-private outdoor area
Building Details
Building Size
2,448 SF
Year Built
1930
Listing Agency:
Coastline Realty, Inc.
Listed By:
Peter G Muller · License #663261
(561) 254-8925
Source:
Dietzelber
Added: Sep 30
Changed: Oct 27
Last Checked: Oct 27 at 3:13AM
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 Coastline Realty, Inc.
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Investment Insights
Based on property information with market context.
This 2,448-square-foot triplex, built in 1930, contains three apartments: a first-floor one-bedroom, one-bath unit, a first-floor studio, and a renovated second-floor two-bedroom, one-bath unit. The upper apartment features stainless steel appliances, vinyl plank flooring, recessed lighting, ceiling fans, and impact windows. A metal roof, perimeter fencing, rear off-street parking, and shared coin-operated laundry serve the property. A semi-private outdoor area provides space to relax.
The property is steps from the Intracoastal and within walking distance of the beach, downtown, shops, and restaurants. Intracoastal-area parks, fishing piers, trails, and a workout pavilion are also nearby.
The property is steps from the Intracoastal and within walking distance of the beach, downtown, shops, and restaurants. Intracoastal-area parks, fishing piers, trails, and a workout pavilion are also nearby.
Key Highlights
- 2,448‑square‑foot triplex with three apartments
- Unit mix: one‑bedroom/one‑bath, studio, and two‑bedroom/one‑bath
- All three apartments are currently rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,808
Cap Rate
4.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$816,160
$816.2K
Cap Rate 7%
$582,971
$583.0K
Cap Rate 9%
$453,422
$453.4K
Market Conditions
NOI Build-Up for 2,448 SF
Gross rent
$61.7K $25.20/SF
− Vacancy
−$3.4K −$1.39/SF
EGI
$58.3K $23.81/SF
− OpEx
−$17.5K −$7.14/SF
NOI
$40.8K $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 Rate 5%
$816,160
Cap Rate 7%
$582,971
Cap Rate 9%
$453,422
Alternative Uses
Best Use
Multifamily LT 5
$583.0K
$510.1K – $680.1K
NOI $40,808 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$537.8K
$470.6K – $627.5K
NOI $37,649 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,681 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,714
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - All three apartments are leased, with shared coin-operated laundry and rear off-street parking.
Where is this triplex located?
The property is located at 209 S Lakeside Drive Lake Worth, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,448‑square‑foot triplex with three apartments; Unit mix: one‑bedroom/one‑bath, studio, and two‑bedroom/one‑bath; All three apartments are currently rented
