Fully Leased
For Sale
$805,000
2651 Southeast 2nd Street, Boynton Beach, FL 33435
R2-zoned residential property with occupancy across all four units.
Property Size2,298 SF
Price / SF$350.30
Days on Market211
Property Features for 2651 Southeast 2nd Street
General Information
Standard status
Active
Size
2,298 SF
Property subtype
Multi-Family Income / Fourplex
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,076
Building Details
Year Built
1984
Buildings
1
Tenancy
Multi
Listing Agency:
APEX Capital Realty LLC
Listed By:
Miguel Pinto · License #3313310
(305) 570-2600
Source:
Compass
Added: Feb 9
Changed: Sep 8
Last Checked: Sep 8 at 6:13AM
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 APEX Capital Realty LLC
Investment Insights
Based on property information with market context.
Located at 2651 SE 2nd St in Boynton Beach, Florida, this four-unit residential property is configured as a quadplex and carries R2 zoning. The asset is income-producing and currently leased across all four units, with four tenants in place.
The property is situated in Palm Beach County and offers an established residential income profile through its occupied unit configuration. Tenant payment performance is described as reliable, supporting the existing operating history. The property information also identifies potential to increase value through future rental adjustments.
The property is situated in Palm Beach County and offers an established residential income profile through its occupied unit configuration. Tenant payment performance is described as reliable, supporting the existing operating history. The property information also identifies potential to increase value through future rental adjustments.
Key Highlights
- Four‑unit quadplex configuration
- All four units are currently leased
- Four tenants in place
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
$38,307
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
4.76%
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%
$766,140
$766.1K
Cap Rate 7%
$547,243
$547.2K
Cap Rate 9%
$425,633
$425.6K
Market Conditions
NOI Build-Up for 2,298 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
$57.9K $25.20/SF
− Vacancy
−$3.2K −$1.39/SF
EGI
$54.7K $23.81/SF
− OpEx
−$16.4K −$7.14/SF
NOI
$38.3K $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%
$766,140
Cap Rate 7%
$547,243
Cap Rate 9%
$425,633
Alternative Uses
Best Use
Multifamily LT 5
$547.2K
$478.8K – $638.5K
NOI $38,307 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$504.9K
$441.8K – $589.0K
NOI $35,342 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,287 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
968
Businesses Nearby
Explore this area
Business Placement
Demographics for 33435, FL
37,318
Population
20,058
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
5,741
Density / Sq Mi
$66,612
Median Household Income
$35,488
Median Earnings
$1,846
Median Rent
$306,900
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 - R2-zoned residential property with occupancy across all four units.
Where is this quadplex located?
The property is located at 2651 Southeast 2nd Street Boynton Beach, FL.
What is the asking price?
The asking price for this property is $805,000.
What are key features of this property?
This property features: Four‑unit quadplex configuration; All four units are currently leased; Four tenants in place
