Residential Income Townhome with
For Sale
$285,000
2404 24th Way, West Palm Beach, FL 33407
MULTI_FAMILY - Other - West Palm Beach, FL
Property Size1,236 SF
Lot Size0.03 Acres
Price / SF$230.58
Days on Market211
Property Features for 2404 24th Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RPD(ci
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bathroom 3, Family Room, Bedroom 2, Laundry Room, Bathroom 1
Patio and Porch features
Patio
Pets allowed
Yes
Fencing
Fenced
Appliances
Electric Water Heater, Dishwasher, Dryer, Electric Range, Microwave, Refrigerator, Washer, Water Heater
Subdivision
VILLAGE OF SANDALWOOD LAKES 2
Elementary school
Egret Lake
Middle school
Bear Lakes
High school
Palm Beach Lakes
Directions
VILLAGE BLVD RIGHT ON SHILOH, LEFT ON SHAKER, 4TH RIGHT (24 WAY)
Standard status
Active
APN
74424301080001371
Size
1,236 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
VILLAGE OF SANDALWOOD LAKES PL 2 LT 137A
Tax Annual Amount
4216
Expense value
150
Expense
Application Fee
Expense freq.
One Time
HOA Fee
$634 Monthly
Legal Description
VILLAGE OF SANDALWOOD LAKES PL 2 LT 137A
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
private fenced patio/courtyard
heated pool
parks
racquetball courts
tennis
jogging trail
kid's playground
Building Details
Year built
1984
Floors in Building
2
Flooring type
Laminate, Tile - Ceramic
Building materials
CBS, Stucco
Architectural style
Other
Listing Agency:
The Keyes Company (Tequesta)
(561) 746-2436
Listed By:
Madelyn Anne Hurst · License #3337854
(561) 214-5517
Added: Jan 12
Changed: Aug 5
Last Checked: Aug 11 at 10:06PM
MLS# R11153725
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.
Residential income townhome with a private fenced patio/courtyard and updated kitchen featuring granite countertops, high-end cabinetry, and stainless steel appliances. The home includes updated bathrooms, white ceramic tile downstairs, and a first-floor half bath and laundry. Heating and cooling are provided by central systems with electric heating and central air.
The home is situated in the Sandalwood Lakes community, which offers a heated pool, parks, racquetball courts, tennis, jogging trail, and a kid’s playground. Conveniently located near restaurants, shopping, Palm Beach Outlets, downtown West Palm Beach, PBI airport, and major highways.
Set on a 0.03-acre lot with 1,236 square feet of living area, the property was built in 1984. Construction materials include CBS and stucco, with flooring of laminate and ceramic tile. Utilities include cable available, with public water and public sewer.
The home is situated in the Sandalwood Lakes community, which offers a heated pool, parks, racquetball courts, tennis, jogging trail, and a kid’s playground. Conveniently located near restaurants, shopping, Palm Beach Outlets, downtown West Palm Beach, PBI airport, and major highways.
Set on a 0.03-acre lot with 1,236 square feet of living area, the property was built in 1984. Construction materials include CBS and stucco, with flooring of laminate and ceramic tile. Utilities include cable available, with public water and public sewer.
Key Highlights
- Private fenced patio/courtyard and updated kitchen with granite countertops and stainless steel appliances
- Two bedrooms and 2.5 bathrooms with first‑floor half bath and laundry
- Central electric heating and central air conditioning
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
$21,512
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
7.55%
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%
$430,240
$430.2K
Cap Rate 7%
$307,314
$307.3K
Cap Rate 9%
$239,022
$239.0K
Market Conditions
NOI Build-Up for 1,236 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
$41.1K $33.24/SF
− Vacancy
−$2.0K −$1.60/SF
EGI
$39.1K $31.64/SF
− OpEx
−$17.6K −$14.24/SF
NOI
$21.5K $17.40/SF
Area
West Palm Beach, FL
Vacancy
4.80%
Lease Rate
$33.24 /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%
$430,240
Cap Rate 7%
$307,314
Cap Rate 9%
$239,022
Alternative Uses
Best Use
Apartment 5plus
$307.3K
$268.9K – $358.5K
NOI $21,512 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$870.5K
$761.7K – $1.02M
NOI $60,932 @ 7.0% cap · market cap 21.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 33407, FL
34,558
Population
15,147
Households
2.3
Avg Household Size
35
Median Age
26%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
3,491
Density / Sq Mi
$56,606
Median Household Income
$34,886
Median Earnings
$1,551
Median Rent
$290,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Residential townhome featuring a private fenced patio and updated interior with stainless steel appliances and central electric HVAC.
Where is this residential income property located?
The property is located at 2404 24th Way West Palm Beach, FL.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Private fenced patio/courtyard and updated kitchen with granite countertops and stainless steel appliances; Two bedrooms and 2.5 bathrooms with first‑floor half bath and laundry; Central electric heating and central air conditioning
