Triplex with Renovated Second
New
For Sale
$950,000
209 S Lakeside Drive, Lake Worth, FL 33460
Residential Income, Lake Worth Beach, FL
Property Size2,448 SF
Price / SF$388.07
Days on Market2
Property Features for 209 S Lakeside Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Mf-30
Bedrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 3
Window features
Storm Window(s)
Pets allowed
Yes
Exterior features
Courtyard, Garden
Fencing
Fenced
Subdivision
Lake Worth Town
Lot features
Fruit Tree(s), Sidewalks
Elementary school
South Grade
Middle school
Lake Worth
High school
Lake Worth
Directions
East on Lake Ave. to South Lakeside then South to the Property.
Standard status
Active
APN
38434421150990110
Size
2,448 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
Lake Worth Town Lot:11 Blk:99 Lot SqFt:6752 Frontage:50 Depth:135
Tax Annual Amount
12480
Legal Description
Lake Worth Town Lot:11 Blk:99 Lot SqFt:6752 Frontage:50 Depth:135
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Amenities
courtyard
laundry room
impact glass windows
stainless steel appliances
vinyl plank flooring
recessed lighting
ceiling fans
Building Details
Year built
1930
Floors in Building
2
Number of units
4
Flooring type
Wood, Vinyl
Building materials
CBS, Frame, Stucco
Roof type
Metal
Listing Agency:
Coastline Realty, Inc.
(561) 588-2900
Listed By:
Peter G Muller · License #663261
(561) 254-8925
Added: Sep 30
Last Checked: Oct 1 at 2:06PM
MLS# B26082312
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,448-square-foot triplex dates to 1930 and is zoned MF-30. The second floor has been fully renovated and contains two bedrooms, one bathroom, and space for an office. Improvements include impact-glass windows, a remodeled kitchen with stainless steel appliances, vinyl plank flooring, recessed lighting, and ceiling fans. A courtyard and laundry room are also on the premises.
The property is steps from the Intracoastal and within walking distance of Lake Worth Beach and downtown. Parks, fishing piers, hiking trails, and a workout pavilion are located along the Intracoastal.
The property is steps from the Intracoastal and within walking distance of Lake Worth Beach and downtown. Parks, fishing piers, hiking trails, and a workout pavilion are located along the Intracoastal.
Key Highlights
- 2,448‑square‑foot triplex built in 1930
- MF‑30 zoning
- Renovated second floor with 2 bedrooms, 1 bathroom, and office space
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
$37,649
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
3.96%
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%
$752,980
$753.0K
Cap Rate 7%
$537,843
$537.8K
Cap Rate 9%
$418,322
$418.3K
Market Conditions
NOI Build-Up for 2,448 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
$71.7K $29.28/SF
− Vacancy
−$3.2K −$1.32/SF
EGI
$68.5K $27.96/SF
− OpEx
−$30.8K −$12.58/SF
NOI
$37.6K $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%
$752,980
Cap Rate 7%
$537,843
Cap Rate 9%
$418,322
Alternative Uses
Best Use
Apartment 5plus
$537.8K
$470.6K – $627.5K
NOI $37,649 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,714
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - A fenced courtyard and on-site laundry serve the three-unit residential property.
Where is this multifamily property 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 built in 1930; MF‑30 zoning; Renovated second floor with 2 bedrooms, 1 bathroom, and office space
