Renovated Quadplex with Private
For Sale
Contact for pricing
2840 Avenue S, West Palm Beach, FL 33404
Four fully renovated units with a private parking lot offer a turn-key residential income setup.
Property Size3,108 SF
Price / SF$370.01
Days on Market121
Property Features for 2840 Avenue S
General Information
Standard status
Active
Size
3,108 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
4
Building Details
Year Built
1965
Listing Agency:
Ibero Property Management
Listed By:
Dwayne Barrett
Source:
Crexi
Added: Apr 8
Changed: Jul 10
Last Checked: Aug 6 at 11:46AM
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 Ibero Property Management
Investment Insights
Based on property information with market context.
This quadplex features four separate residential units, comprised of two 2-bedroom, 1-bath homes and two 3-bedroom, 2-bath homes. According to the available information, all four units have been renovated, supporting a more update-ready living experience for future tenants. The property also includes a private parking lot dedicated to the building.
The asset is located in West Palm Beach, near Downtown and the area’s beaches, with the remarks indicating it is minutes from these destinations. The property is also described as being close to redevelopment in the Downtown WPB NORA area, where new shops and nightlife are expected to be nearby.
From an operator or investor perspective, the unit mix provides flexibility across household sizes by pairing smaller 2-bedroom layouts with larger 3-bedroom, 2-bath floorplans. With all units reportedly renovated and on-site private parking available, this configuration may appeal to buyers seeking a residential income property that is ready to be positioned for tenant occupancy with less near-term interior work.
The asset is located in West Palm Beach, near Downtown and the area’s beaches, with the remarks indicating it is minutes from these destinations. The property is also described as being close to redevelopment in the Downtown WPB NORA area, where new shops and nightlife are expected to be nearby.
From an operator or investor perspective, the unit mix provides flexibility across household sizes by pairing smaller 2-bedroom layouts with larger 3-bedroom, 2-bath floorplans. With all units reportedly renovated and on-site private parking available, this configuration may appeal to buyers seeking a residential income property that is ready to be positioned for tenant occupancy with less near-term interior work.
Key Highlights
- Built in 1965 and includes 4 residential units (2‑bed/1‑bath and 3‑bed/2‑bath mixes)
- All 4 units have been renovated
- 2 units are 2 bed/1 bath; 2 units are 3 bed/2 bath
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
$58,162
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
5.06%
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%
$1,163,240
$1.2M
Cap Rate 7%
$830,886
$830.9K
Cap Rate 9%
$646,244
$646.2K
Market Conditions
NOI Build-Up for 3,108 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
$87.6K $28.20/SF
− Vacancy
−$4.6K −$1.47/SF
EGI
$83.1K $26.73/SF
− OpEx
−$24.9K −$8.02/SF
NOI
$58.2K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /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%
$1,163,240
Cap Rate 7%
$830,886
Cap Rate 9%
$646,244
Alternative Uses
Best Use
Multifamily LT 5
$830.9K
$727.0K – $969.4K
NOI $58,162 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$772.8K
$676.2K – $901.6K
NOI $54,093 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$2.19M
$1.92M – $2.55M
NOI $153,218 @ 7.0% cap · market cap 13.32%
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
603
Businesses Nearby
Explore this area
Business Placement
Demographics for 33404, FL
31,869
Population
15,990
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
87%
High-School Grad
7.3 sq mi
ZIP Area
4,366
Density / Sq Mi
$60,225
Median Household Income
$35,521
Median Earnings
$1,507
Median Rent
$305,600
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 - Four fully renovated units with a private parking lot offer a turn-key residential income setup.
Where is this quadplex located?
The property is located at 2840 Avenue S West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Built in 1965 and includes 4 residential units (2‑bed/1‑bath and 3‑bed/2‑bath mixes); All 4 units have been renovated; 2 units are 2 bed/1 bath; 2 units are 3 bed/2 bath
