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 Market52
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 21
Last Checked: Oct 20 at 10:01PM
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
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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 / Yr
$33,740
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,606
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?
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
