Duplex Residential Income
For Sale
$575,000
3088 Prince Drive, Lake Worth, FL 33461
Duplex residential income property offered for sale at 3088 Prince Drive in Lake Worth.
Property Size1,800 SF
Price / SF$319.44
Days on Market62
Property Features for 3088 Prince Drive
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Duplex
Building Details
Year Built
1960
Listing Agency:
The Keyes Company
(561) 220-0550
Listed By:
Michael J Johnston · License #3342965
(561) 577-0398
Source:
Lehmannflorida
Added: Jul 22
Changed: Sep 20
Last Checked: Sep 21 at 5:40AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This duplex residential income property offers two separate units under one ownership structure, making it well suited for investors seeking a multi-unit setup. The property is listed for sale with a total size of 1,800 square feet.
The duplex is located at 3088 Prince Drive in Lake Worth, Florida (33461). For buyers and brokers, it provides a straightforward residential-income configuration with a compact, manageable footprint.
Because specific unit layouts, updates, or additional building details were not provided, interested parties should confirm interior features and current condition during due diligence.
The duplex is located at 3088 Prince Drive in Lake Worth, Florida (33461). For buyers and brokers, it provides a straightforward residential-income configuration with a compact, manageable footprint.
Because specific unit layouts, updates, or additional building details were not provided, interested parties should confirm interior features and current condition during due diligence.
Key Highlights
- Duplex residential income property for sale at 3088 Prince Drive, Lake Worth
- Built in 1960
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
$30,006
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
5.22%
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%
$600,120
$600.1K
Cap Rate 7%
$428,657
$428.7K
Cap Rate 9%
$333,400
$333.4K
Market Conditions
NOI Build-Up for 1,800 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
$45.4K $25.20/SF
− Vacancy
−$2.5K −$1.39/SF
EGI
$42.9K $23.81/SF
− OpEx
−$12.9K −$7.14/SF
NOI
$30.0K $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%
$600,120
Cap Rate 7%
$428,657
Cap Rate 9%
$333,400
Alternative Uses
Best Use
Multifamily LT 5
$428.7K
$375.1K – $500.1K
NOI $30,006 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$395.5K
$346.0K – $461.4K
NOI $27,683 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,736 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,023
Businesses Nearby
Explore this area
Business Placement
Demographics for 33461, FL
47,161
Population
18,095
Households
2.6
Avg Household Size
36
Median Age
17%
College-Educated
75%
High-School Grad
7.1 sq mi
ZIP Area
6,642
Density / Sq Mi
$61,218
Median Household Income
$31,503
Median Earnings
$1,615
Median Rent
$263,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex residential income property offered for sale at 3088 Prince Drive in Lake Worth.
Where is this duplex located?
The property is located at 3088 Prince Drive Lake Worth, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Duplex residential income property for sale at 3088 Prince Drive, Lake Worth; Built in 1960
