8-Unit Apartment
New
For Sale
$2,000,000
309 South Palmway, Lake Worth, FL 33460
Four first-floor residences have private patios and individual storage sheds, complemented by a separate laundry building.
Property Size4,032 SF
Days on Market2
Property Features for 309 South Palmway
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Multifamily
Building Details
Building Size
4,032 SF
Listing Agency:
Kislak Commercial Real Estate Services, Inc
Listed By:
Alexis Shapiro · License #3346131
(954) 573-4449
Source:
Kislakrealty
Added: Oct 7
Last Checked: Oct 7 at 1:52PM
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 Kislak Commercial Real Estate Services, Inc
Investment Insights
Based on property information with market context.
This two-story apartment property contains 8 residential units. The four first-floor units each have a private patio and a dedicated storage shed. Recent property work includes impact-resistant windows and doors, a replacement roof, and full exterior painting.
A detached CBS laundry building has coin-operated washers and dryers. The site also provides 9 designated, lighted parking spaces. The property is located at 309 South Palmway in Lake Worth Beach, Florida.
A detached CBS laundry building has coin-operated washers and dryers. The site also provides 9 designated, lighted parking spaces. The property is located at 309 South Palmway in Lake Worth Beach, Florida.
Key Highlights
- 8 residential units in a two‑story building
- New impact‑resistant windows and doors, plus a new roof and complete exterior painting
- Private patios and dedicated storage sheds for all four first‑floor units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,009
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,240,180
$1.2M
Cap Rate 7%
$885,843
$885.8K
Cap Rate 9%
$688,989
$689.0K
Market Conditions
NOI Build-Up for 4,032 SF
Gross rent
$118.1K $29.28/SF
− Vacancy
−$5.3K −$1.32/SF
EGI
$112.7K $27.96/SF
− OpEx
−$50.7K −$12.58/SF
NOI
$62.0K $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%
$1,240,180
Cap Rate 7%
$885,843
Cap Rate 9%
$688,989
Alternative Uses
Best Use
Apartment 5plus
$885.8K
$775.1K – $1.03M
NOI $62,009 @ 7.0% cap · market cap 3.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.84M
$2.48M – $3.31M
NOI $198,769 @ 7.0% cap · market cap 9.94%
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
1,606
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
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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?
Apartment building - Four first-floor residences have private patios and individual storage sheds, complemented by a separate laundry building.
Where is this apartment building located?
The property is located at 309 South Palmway Lake Worth, FL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 8 residential units in a two‑story building; New impact‑resistant windows and doors, plus a new roof and complete exterior painting; Private patios and dedicated storage sheds for all four first‑floor units
