Five-Unit Multifamily Apartment
For Sale
$1,525,000
301 S M St, Lake Worth, FL 33460
Wood-frame apartment building with four two-bedroom units plus one studio, and extensive recent capital improvements.
Property Size3,084 SF
Lot Size0.23 Acres
Price / SF$494.49
Days on Market98
Property Features for 301 S M St
General Information
Standard status
Active
Size
3,084 SF
Lot size
0.23 Acres
Property subtype
Multifamily
Occupancy
96%
Additional Details
Cap Rate
6.24%
Highway Access
Yes
Multifamily Units
5
Amenities
New A/C Systems, Renovated Bathrooms, And New PVC & Copper Plumbing
Boutique 5-Unit Community Featuring Four Spacious 2-Bedroom Units And One Studio
Minutes From Downtown Lake Worth Beach, The Intracoastal, And I-95
Building Details
Building Size
3,084 SF
Year Built
1925
Units
5
Listing Agency:
Fort Lauderdale Office
(954) 245-3400
Listed By:
River Rhoads · License #FL: SL3509795
(954) 245-3494
Source:
Marcusmillichap
Added: Jul 17
Changed: Oct 21
Last Checked: Oct 20 at 5:08PM
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 Fort Lauderdale Office
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
M Street Apartments is a five-unit multifamily property built in 1925, constructed of wood frame with a flat roof. The building includes four two-bedroom, one-bathroom units and one studio unit, providing a mix of larger and efficient floorplans. Recent work includes all new air conditioning systems with manufacturer warranties, completely renovated bathrooms, and plumbing replacement with new PVC and copper piping. The property has also been recently painted.
The asset is located just south of Downtown Lake Worth Beach, offering convenient access to Lake Avenue’s restaurants, breweries, coffee shops, boutiques, and entertainment venues. It is also minutes from the Intracoastal Waterway, Lake Worth Beach Park, and Interstate 95, with nearby employment centers including JFK Medical Center and Palm Beach County government offices.
For ownership, the combination of updated mechanicals and renovated interiors supports a well-maintained boutique multifamily asset with a unit mix designed to accommodate different household needs.
The asset is located just south of Downtown Lake Worth Beach, offering convenient access to Lake Avenue’s restaurants, breweries, coffee shops, boutiques, and entertainment venues. It is also minutes from the Intracoastal Waterway, Lake Worth Beach Park, and Interstate 95, with nearby employment centers including JFK Medical Center and Palm Beach County government offices.
For ownership, the combination of updated mechanicals and renovated interiors supports a well-maintained boutique multifamily asset with a unit mix designed to accommodate different household needs.
Key Highlights
- 5‑unit multifamily property at 301 S M Street in Lake Worth Beach, FL
- Built in 1925; wood‑frame construction with a flat roof; 3,084 gross SF on a 0.23‑acre lot
- Unit mix includes four 2‑bedroom/1‑bath units and one studio unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,430
Cap Rate
3.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$948,600
$948.6K
Cap Rate 7%
$677,571
$677.6K
Cap Rate 9%
$527,000
$527.0K
Market Conditions
NOI Build-Up for 3,084 SF
Gross rent
$90.3K $29.28/SF
− Vacancy
−$4.1K −$1.32/SF
EGI
$86.2K $27.96/SF
− OpEx
−$38.8K −$12.58/SF
NOI
$47.4K $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 Rate 5%
$948,600
Cap Rate 7%
$677,571
Cap Rate 9%
$527,000
Alternative Uses
Best Use
Apartment 5plus
$677.6K
$592.9K – $790.5K
NOI $47,430 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $152,035 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Contact the owner directly
Get the owner's phone numbers and email
Open Analytics
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,704
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Wood-frame apartment building with four two-bedroom units plus one studio, and extensive recent capital improvements.
Where is this apartment building located?
The property is located at 301 S M St Lake Worth, FL.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: 5‑unit multifamily property at 301 S M Street in Lake Worth Beach, FL; Built in 1925; wood‑frame construction with a flat roof; 3,084 gross SF on a 0.23‑acre lot; Unit mix includes four 2‑bedroom/1‑bath units and one studio unit
