Building Details

Building Size 720 SF

Year Built 1958

Listing Agency: s***@olivebelcher.com Show Phone

Listed By: Olive M Belcher · License #363620 Show Phone

Source: Elliman

Added: Nov 27, 2025 Changed: Aug 27 Last Checked: Aug 28 at 5:26PM

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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 Olive M Belcher

Investment Insights

Based on property information with market context.

Located in Highland Beach, this oceanfront coop features one bedroom and one bathroom. It is situated within a boutique building containing only nine residences. The property includes a private patio with views of the Atlantic Ocean. Residents have access to a community tiki hut and pool, with direct access to the shoreline. The residence is pet-friendly, allowing one pet up to 25 lbs, and offers flexible leasing options. The Delray Sands Hotel, offering upscale dining, is located nearby. Additionally, the shops and restaurants of Atlantic Avenue in Delray Beach are a short drive away.

Key Highlights

• Direct oceanfront location with private patio and sunrise views
• Exclusive boutique building with only nine residences
• Steps to pristine pool and sandy beach

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

$11,073

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

3.21%

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%

$221,460 $221.5K

Cap Rate 7%

$158,186 $158.2K

Cap Rate 9%

$123,033 $123.0K

Market Conditions

NOI Build-Up for 720 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

$21.1K $29.28/SF

− Vacancy

−$949 −$1.32/SF

EGI

$20.1K $27.96/SF

− OpEx

−$9.1K −$12.58/SF

NOI

$11.1K $15.38/SF

Area

Palm Beach County, FL

Vacancy

4.50%

Lease Rate

$29.28 /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%

$221,460

Cap Rate 7%

$158,186

Cap Rate 9%

$123,033

Alternative Uses

Best Use

Apartment 5plus

$158.2K

$138.4K – $184.6K (±1% cap)

NOI $11,073 @ 7.0% cap · market cap 3.21%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$507.1K

$443.7K – $591.6K (±1% cap)

NOI $35,495 @ 7.0% cap · market cap 10.29%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Location Intelligence

Trade Area within ½ mile

1,113

Businesses Nearby

Explore this area Business Placement

Demographics for 33487, FL

20,644

Population

13,644

Households

1.5

Avg Household Size

53

Median Age

60%

College-Educated

97%

High-School Grad

6.7 sq mi

ZIP Area

3,081

Density / Sq Mi

$93,816

Median Household Income

$48,927

Median Earnings

$2,382

Median Rent

$573,100

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Charming 1-bedroom coop with ocean views and beach access.

Where is this apartment building located?

The property is located at 2711 S Ocean 0020 Blvd 2 Highland Beach, FL.

What is the asking price?

The asking price for this property is $345,000.

What are key features of this property?

This property features: Direct oceanfront location with private patio and sunrise views; Exclusive boutique building with only nine residences; Steps to pristine pool and sandy beach