Triplex with Detached Rear
For Sale
Contact for pricing
3213 Drew Way, Palm Springs, FL 33406
Three separate residences support flexible occupancy within a single-family-zoned property near shopping and Publix.
Property Size2,920 SF
Price / SF$205.48
Days on Market121
Property Features for 3213 Drew Way
General Information
Standard status
Active
Size
2,920 SF
Property subtype
Multifamily
Zoning
RS (city)
Net Operating Income
$63,800
Units
Unit Mix
1 x 4BR/3BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1957
Units
3
Listing Agency:
Heartland Realty Group LLC
(561) 352-8296
Listed By:
Achnel Louis · License #3527182
Source:
Crexi
Added: May 3
Changed: Aug 30
Last Checked: Jun 19 at 3:46AM
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 Heartland Realty Group LLC
Investment Insights
Based on property information with market context.
This triplex, built in 1957, includes three separate residences within a single-family zoning designation. The primary dwelling has 4 bedrooms and 3 baths, while a second residence provides 2 bedrooms and 1 bath. A detached rear unit adds 1 bedroom and 1 bath, creating a varied configuration for rental or shared occupancy arrangements.
The property is located at 3213 Drew Way in Palm Springs, Florida, near a shopping plaza and Publix. The site also offers spacious parking, and its walkability and bikeability scores are 24 and 43, respectively.
The property is located at 3213 Drew Way in Palm Springs, Florida, near a shopping plaza and Publix. The site also offers spacious parking, and its walkability and bikeability scores are 24 and 43, respectively.
Key Highlights
- Three separate units on one property
- Primary residence includes 4 bedrooms and 3 baths
- Second unit offers 2 bedrooms and 1 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
$48,676
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
8.11%
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%
$973,520
$973.5K
Cap Rate 7%
$695,371
$695.4K
Cap Rate 9%
$540,844
$540.8K
Market Conditions
NOI Build-Up for 2,920 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
$73.6K $25.20/SF
− Vacancy
−$4.0K −$1.39/SF
EGI
$69.5K $23.81/SF
− OpEx
−$20.9K −$7.14/SF
NOI
$48.7K $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%
$973,520
Cap Rate 7%
$695,371
Cap Rate 9%
$540,844
Alternative Uses
Best Use
Multifamily LT 5
$695.4K
$608.5K – $811.3K
NOI $48,676 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$641.5K
$561.4K – $748.5K
NOI $44,908 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $143,950 @ 7.0% cap · market cap 23.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Explore this area
Business Placement
Demographics for 33406, FL
27,663
Population
9,426
Households
2.9
Avg Household Size
39
Median Age
24%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
3,180
Density / Sq Mi
$79,696
Median Household Income
$37,453
Median Earnings
$1,677
Median Rent
$358,300
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?
Triplex - Three separate residences support flexible occupancy within a single-family-zoned property near shopping and Publix.
Where is this triplex located?
The property is located at 3213 Drew Way Palm Springs, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three separate units on one property; Primary residence includes 4 bedrooms and 3 baths; Second unit offers 2 bedrooms and 1 bath
