Quadplex With Impact
New
For Sale
$799,000
226 S Palmway, Lake Worth, FL 33460
Residential Income, Lake Worth Beach, FL
Property Size2,024 SF
Lot Size0.12 Acres
Price / SF$394.76
Days on Market6
Property Features for 226 S Palmway
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
MF-20 (city)
Bedrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 3
Window features
Storm Window(s), Blinds, Drapes
Pets allowed
Yes, No
Exterior features
Courtyard, Garden
Subdivision
LAKE WORTH TOWN OF
Lot features
Fruit Tree(s), Room for Pool
Elementary school
South Grade
Middle school
Lake Worth
High school
Lake Worth
Directions
From 95: Exit 63, east on 6th Ave S, left on Federal Hwy, right on 3rd Ave S, left on S Palmway, 226 is on the right (look for 4-space parking lot)
Standard status
Active
APN
38434421150990021
Size
2,024 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TOWN OF LAKE WORTH N 40 FT OF LT 2 BLK 99
Tax Annual Amount
14984
Legal Description
TOWN OF LAKE WORTH N 40 FT OF LT 2 BLK 99
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Ceiling Fan(s), Window Unit(s)
Water source
Public
Amenities
impact windows
tropical landscaping
spacious patio
Building Details
Year built
1925
Floors in Building
2
Number of units
4
Flooring type
Laminate
Building materials
Frame, Stucco
Roof type
Composition, Mansard
Listing Agency:
LPT Realty, LLC
(877) 366-2213
Listed By:
John Moran · License #3466918
(954) 614-0205
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 7 at 9:06AM
MLS# B26071411
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 2,024-square-foot quadplex contains four fully equipped one-bedroom, one-bath units. The property features impact windows, laminate flooring, wall and window cooling units, ceiling fans, tropical landscaping, a courtyard, and a spacious patio. Off-street parking accommodates four vehicles. Built in 1925, the frame-and-stucco property is served by public water and public sewer and carries MF-20 zoning from the city.
Located at 226 S Palmway in Lake Worth Beach, the property is 1 mile from the beach and steps from Lake Avenue shops and restaurants. The 0.12-acre site combines established outdoor improvements with four residential units in a compact multifamily configuration.
Located at 226 S Palmway in Lake Worth Beach, the property is 1 mile from the beach and steps from Lake Avenue shops and restaurants. The 0.12-acre site combines established outdoor improvements with four residential units in a compact multifamily configuration.
Key Highlights
- Four fully equipped 1‑bed, 1‑bath units
- 2,024 square feet on a 0.12‑acre lot
- Impact windows and tropical landscaping
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully equipped one-bedroom residences with outdoor space, dedicated parking, and a walkable Lake Worth Beach setting.
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; 2,024 square feet on a 0.12‑acre lot; Impact windows and tropical landscaping
