Four-Unit Quadplex with
For Sale
$799,000
226 S Palmway, Lake Worth, FL 33460
Furnished apartments feature impact windows, tropical landscaping, outdoor space, and dedicated off-street parking.
Property Size2,024 SF
Price / SF$394.76
Days on Market32
Property Features for 226 S Palmway
General Information
Standard status
Active
Size
2,024 SF
Total Parking Spaces
4
Property subtype
Quadruplex
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$127,000
Amenities
impact windows
tropical landscaping
patio
Acres: 0.12, Square Feet: 5400, Features: Less Than 1/4 Acre Lot, East Of US 1, Less Than 1 Acre
Roof: Composition Roll
Sewer: At Site, Public Sewer, Other, Public Sanitation, Sewer
Parcel Number: 38434421150990021, Tax Annual Amount: $14,983, Tax Legal Description: TOWN OF LAKE WORTH N 40 FT OF LT 2 BLK 99, Tax Year: 2025
Gross Income: $127,000
Cooling: Ceiling Fan(s), Wall/Window Unit(s)
Heating: Window/Wall
Number Of Units Total: 4, Standard Status: Active, Total Actual Rent: 127000
Elementary School: South Grade, Middle Or Junior School: Lake Worth Community Middle, High School: Lake Worth
Features: Complete Impact Glass, Blinds, Drapes, Verticals
Living Area: 2024, Architectural Style: Two Story, Construction Materials: Frame, Frame With Stucco, Stucco, Levels: 2, Stories: 2, Year Built: 1925, Year Built Details: Resale, Building Area Total: 2140, Building Features: Room For Pool, Structure Type: Fourplex
County Or Parish: Palm Beach County, MLS Area Major: Lake Worth Town Of, Subdivision Name: LAKE WORTH TOWN OF
Leasable Area Units: Square Feet
Units In Community: 4
Utilities: Cable Connected, Sewer Connected, Water Connected, Cable Available, Sewer Available, Water Available
Possession: Funding, Long Closing Preferred, Negotiable
Water Source: Public
Road Frontage Type: City Street, City, U.S. Hwy
Features: East Of Us1, Courtyard, Fruit Trees, Room For Pool
Building Details
Year Built
1925
Listing Agency:
LPT Realty, LLC
(877) 366-2213
Listed By:
John Moran · License #3466918
(954) 614-0205
Source:
Riserealty
Added: Sep 2
Changed: Oct 1
Last Checked: Oct 3 at 12:53AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1925, this quadplex contains four fully equipped one-bedroom, one-bath units. Property features include impact windows, tropical landscaping, a spacious patio, and off-street parking for four vehicles.
The property is located 1 mile from the beach and near Lake Avenue’s shops and restaurants in Lake Worth Beach. Its established rental operations generate approximately $127,000 in annual gross revenue.
The property is located 1 mile from the beach and near Lake Avenue’s shops and restaurants in Lake Worth Beach. Its established rental operations generate approximately $127,000 in annual gross revenue.
Key Highlights
- Four fully equipped 1‑bed, 1‑bath units
- Impact windows throughout the property
- Off‑street parking for four vehicles
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
$33,740
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
4.22%
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%
$674,800
$674.8K
Cap Rate 7%
$482,000
$482.0K
Cap Rate 9%
$374,889
$374.9K
Market Conditions
NOI Build-Up for 2,024 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
$51.0K $25.20/SF
− Vacancy
−$2.8K −$1.39/SF
EGI
$48.2K $23.81/SF
− OpEx
−$14.5K −$7.14/SF
NOI
$33.7K $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%
$674,800
Cap Rate 7%
$482,000
Cap Rate 9%
$374,889
Alternative Uses
Best Use
Multifamily LT 5
$482.0K
$421.8K – $562.3K
NOI $33,740 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$444.7K
$389.1K – $518.8K
NOI $31,128 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,779 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,606
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Furnished apartments feature impact windows, tropical landscaping, outdoor space, and dedicated off-street parking.
Where is this quadplex located?
The property is located at 226 S Palmway Lake Worth, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four fully equipped 1‑bed, 1‑bath units; Impact windows throughout the property; Off‑street parking for four vehicles
