Live-Work
New
For Sale
$725,000
410 EVERNIA Street 117, West Palm Beach, FL 33401
Condominium unit designed to combine residential living with workspace in downtown West Palm Beach.
Property Size1,211 SF
Days on Market5
Property Features for 410 EVERNIA Street 117
General Information
Standard status
Active
Size
1,211 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$9,068
Building Details
Building Size
1,211 SF
Year Built
2007
Listing Agency:
Mantovani Land & Commercial
Listed By:
Silvana DeCastro · License #0681440
(561) 701-4226
Source:
Meyerlucas
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 2 at 9:24PM
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 Mantovani Land & Commercial
Investment Insights
Based on property information with market context.
This condominium unit offers a combined living and working format within a downtown West Palm Beach setting. The property was constructed in 2007 and is identified as Unit 117 at 410 Evernia Street.
Key Highlights
- Combined residential and workspace format
- Located in downtown West Palm Beach
- Built in 2007
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
$42,214
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
5.82%
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%
$844,280
$844.3K
Cap Rate 7%
$603,057
$603.1K
Cap Rate 9%
$469,044
$469.0K
Market Conditions
NOI Build-Up for 1,211 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
$66.8K $55.20/SF
− Vacancy
−$10.6K −$8.72/SF
EGI
$56.3K $46.48/SF
− OpEx
−$14.1K −$11.62/SF
NOI
$42.2K $34.86/SF
Area
West Palm Beach, FL
Vacancy
15.80%
Lease Rate
$55.20 /SF/Yr
Expense Ratio
25.00%
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%
$844,280
Cap Rate 7%
$603,057
Cap Rate 9%
$469,044
Alternative Uses
Best Use
Office B
$603.1K
$527.7K – $703.6K
NOI $42,214 @ 7.0% cap · market cap 5.82%
Second Best
Mixed Use
$262.6K
$229.8K – $306.4K
NOI $18,383 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$852.9K
$746.3K – $995.0K
NOI $59,700 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,473
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Condominium unit designed to combine residential living with workspace in downtown West Palm Beach.
Where is this live-work space located?
The property is located at 410 EVERNIA Street 117 West Palm Beach, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Combined residential and workspace format; Located in downtown West Palm Beach; Built in 2007
