10-Unit Multifamily
For Sale
$1,520,000
414 PINE GLEN #C-2, Lake Worth, FL 33463
Renovated residences are fully leased within Palm Beach County 55+ communities.
Property Size7,607 SF
Price / SF$199.82
Days on Market12
Property Features for 414 PINE GLEN #C-2
General Information
Standard status
Active
Size
7,607 SF
Property subtype
Multi Family
Occupancy
100%
Net Operating Income
$105,072
Units
Unit Mix
2 x 2BR/2BA, 2 x 2BR/1BA, 1 x 1BR/2BA, 5 x 1BR/1BA
Multifamily Units
10
Additional Details
Cap Rate
6.9%
Amenities
screened porches
additional storage
in-unit laundry or free-standing laundry room within 50ft
Other Roof/Roof Structure
Public Sewer, Public Sanitation, Sewer
Parcel Number: 18424427164140032, Annual Amount: $20,601, Legal Description: PINE RIDGE SOUTH IV COND BLDG 414 UNIT C-2, Year: 2025, Zoning: RM
Central Air
Central
Listing ID: B26092544, Standard Status: Active, MLS Status: Active, Property Subtype: Multi Family, On market as of 2026-10-25, 2 days on market, Special Conditions: Sale
10 total parking spaces
Built in 1981, Living area units: Square Feet, 1 storey, Construction Materials: CBS Construction
County/Parish: Palm Beach County
Leasable area units: Square Feet
10 units in community
No Utilities, None, Water Source: Public, 101-200 Amps
Other Fire Protection
Building Details
Year Built
1981
Tenancy
Multi
Listing Agency:
Real - ativity
Listed By:
Elizabeth A Lewis · License #3256279
(561) 512-4682
Source:
Riserealty
Added: Oct 25
Changed: Nov 3
Last Checked: Nov 4 at 4:48PM
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 Real - ativity
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 10-property multifamily portfolio comprises 10 renovated residences with a combined 7,607 square feet. The unit mix includes two 2-bedroom/2-bathroom residences, two 2-bedroom/1-bathroom residences, one 1-bedroom/2-bathroom residence and five 1-bedroom/1-bathroom residences. Each home has a screened porch and additional storage, plus either in-unit laundry or access to a separate laundry room within 50 feet. The properties are fully leased to established, pet-free tenants in 55+ communities across Palm Beach County.
The portfolio is offered through a single LLC membership-interest transaction. Communities consist of villas or two-story condominiums; master insurance is covered through community dues, and no assessments are scheduled. The offering reports a 6.9% cap rate. Leasing rights are established without a seasoning period.
The portfolio is offered through a single LLC membership-interest transaction. Communities consist of villas or two-story condominiums; master insurance is covered through community dues, and no assessments are scheduled. The offering reports a 6.9% cap rate. Leasing rights are established without a seasoning period.
Key Highlights
- 10 renovated, fully leased residences across 10 properties
- 7,607 square feet total
- Unit mix: two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, one 1‑bedroom/2‑bath and five 1‑bedroom/1‑bath homes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,990
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,339,800
$2.3M
Cap Rate 7%
$1,671,286
$1.7M
Cap Rate 9%
$1,299,889
$1.3M
Market Conditions
NOI Build-Up for 7,607 SF
Gross rent
$222.7K $29.28/SF
− Vacancy
−$10.0K −$1.32/SF
EGI
$212.7K $27.96/SF
− OpEx
−$95.7K −$12.58/SF
NOI
$117.0K $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%
$2,339,800
Cap Rate 7%
$1,671,286
Cap Rate 9%
$1,299,889
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,990 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.36M
$4.69M – $6.25M
NOI $375,009 @ 7.0% cap · market cap 24.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Explore this area
Business Placement
Demographics for 33463, FL
64,608
Population
22,696
Households
2.8
Avg Household Size
37
Median Age
25%
College-Educated
82%
High-School Grad
10.8 sq mi
ZIP Area
5,982
Density / Sq Mi
$68,697
Median Household Income
$34,846
Median Earnings
$1,721
Median Rent
$326,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Renovated residences are fully leased within Palm Beach County 55+ communities.
Where is this multifamily property located?
The property is located at 414 PINE GLEN #C-2 Lake Worth, FL.
What is the asking price?
The asking price for this property is $1,520,000.
What are key features of this property?
This property features: 10 renovated, fully leased residences across 10 properties; 7,607 square feet total; Unit mix: two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, one 1‑bedroom/2‑bath and five 1‑bedroom/1‑bath homes
