Multifamily Waterfront
For Sale
Under Contract
$245,000
342 Lake Evelyn Drive, West Palm Beach, FL 33411
MULTI_FAMILY - Other - West Palm Beach, FL
Property Size1,000 SF
Price / SF$245
Days on Market145
Property Features for 342 Lake Evelyn Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RS
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Laundry Room, Bedroom 1
Parking
1
Parking features
Assigned
Security features
Security
Patio and Porch features
Porch, Patio
Pets allowed
Yes
Interior features
Bedroom Layout - Split, Walk-In Closet(s)
Exterior features
Storage
Appliances
Freezer, Dishwasher, Disposal, Dryer, Electric Range, Ice Maker, Microwave, Refrigerator, Washer
Subdivision
GOLDEN LAKES VILLAGE CONDO 1 THRU 13-A
Lot features
Corner Lot
View
Lake, Water
Directions
On Okeechobee Blvd, west of Jog Road, east of Benoist, security entrance on southside of Okeechobee.
Standard status
Active Under Contract
APN
00424328070103420
Size
1,000 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
GOLDEN LAKES VILLAGE COND 10 UNIT 342
Tax Annual Amount
748
Expense value
125
Expense
Application Fee
Expense freq.
One Time
HOA Fee
$593 Monthly
Legal Description
GOLDEN LAKES VILLAGE COND 10 UNIT 342
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Water front features
Lake
Water front
1
Amenities
waterfront
screened patio
lake views
Building Details
Year built
1974
Floors in Building
1
Flooring type
Tile
Building materials
Concrete Block - With Stucco
Roof type
Metal
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Paradise Real Estate Intl
(561) 203-6200
Listed By:
Linda Grady · License #385239
(561) 512-0852
Added: Mar 20
Changed: Aug 10
Last Checked: Aug 11 at 9:06PM
MLS# B26004628
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily waterfront villa at 342 Lake Evelyn Drive features an updated kitchen with a granite countertop that opens to the living area. The interior includes ceramic plank flooring throughout and a split bedroom layout with walk-in closet(s). Two modern walk-in showers add comfort, and the home includes central heating and central air with ceiling fans. A screened patio and porch provide outdoor space to enjoy wide lake views, along with exterior storage. Rooms include a laundry room, two bedrooms, and two bathrooms. Built in 1974, the property is constructed with concrete block with stucco, has a metal roof, and offers assigned parking.
Zoned RS, the home is served by public water and public sewer and features a range of in-unit appliances including a refrigerator, dishwasher, microwave, electric range, washer, and dryer.
Additional property features include a split bedroom layout, central HVAC, and a laundry room configured inside the home.
Zoned RS, the home is served by public water and public sewer and features a range of in-unit appliances including a refrigerator, dishwasher, microwave, electric range, washer, and dryer.
Additional property features include a split bedroom layout, central HVAC, and a laundry room configured inside the home.
Key Highlights
- Wide lake views with screened patio and porch
- Updated kitchen with granite countertop
- Two modern walk‑in showers
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
$17,404
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
7.10%
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%
$348,080
$348.1K
Cap Rate 7%
$248,629
$248.6K
Cap Rate 9%
$193,378
$193.4K
Market Conditions
NOI Build-Up for 1,000 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
$33.2K $33.24/SF
− Vacancy
−$1.6K −$1.60/SF
EGI
$31.6K $31.64/SF
− OpEx
−$14.2K −$14.24/SF
NOI
$17.4K $17.40/SF
Area
West Palm Beach, FL
Vacancy
4.80%
Lease Rate
$33.24 /SF/Yr
Expense Ratio
45.00%
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%
$348,080
Cap Rate 7%
$248,629
Cap Rate 9%
$193,378
Alternative Uses
Best Use
Apartment 5plus
$248.6K
$217.6K – $290.1K
NOI $17,404 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$704.3K
$616.2K – $821.6K
NOI $49,298 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
Explore this area
Business Placement
Demographics for 33411, FL
74,206
Population
30,063
Households
2.5
Avg Household Size
42
Median Age
39%
College-Educated
91%
High-School Grad
34.9 sq mi
ZIP Area
2,126
Density / Sq Mi
$89,329
Median Household Income
$46,461
Median Earnings
$1,887
Median Rent
$400,900
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?
Multifamily property - Waterfront villa with a granite kitchen and screened patio overlooking wide lake views.
Where is this multifamily property located?
The property is located at 342 Lake Evelyn Drive West Palm Beach, FL.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Wide lake views with screened patio and porch; Updated kitchen with granite countertop; Two modern walk‑in showers
