Renovated Triplex with
New
For Sale
$799,000
415 Greenbriar Drive, West Palm Beach, FL 33403
All three units are leased and include separate meters, shared laundry, and additional storage amenities.
Property Size2,330 SF
Price / SF$396.72
Days on Market3
Property Features for 415 Greenbriar Drive
General Information
Standard status
Active
Size
2,330 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
R1 (city)
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,538
Amenities
shared laundry room
storage shed
Building Details
Building Size
2,330 SF
Year Built
1925
Stories
1
Tenancy
Multi
Listing Agency:
Serhant
Listed By:
Jenna Steffens Mayer
(561) 876-6340
Source:
Laerrealty
Added: Sep 22
Last Checked: Sep 22 at 1:39PM
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 Serhant
Investment Insights
Based on property information with market context.
This 2,014-square-foot triplex at 415 Greenbriar Drive includes three renovated residences: a front 2-bedroom, 1-bath home, plus a rear 1-bedroom unit and studio. A shared laundry room and garage sit between the buildings, while a storage shed and space for boat parking add functional utility. The property was built in 1925 and is zoned R1 by the city.
The property is located four blocks from the Intracoastal in Lake Park, near the town center’s breweries, restaurants, library, post office, and other neighborhood services. Juno Beach Pier, Downtown West Palm Beach, and shopping and dining along PGA Boulevard are approximately 10 minutes away. All three units are currently leased, and separate meters serve the residences.
The property is located four blocks from the Intracoastal in Lake Park, near the town center’s breweries, restaurants, library, post office, and other neighborhood services. Juno Beach Pier, Downtown West Palm Beach, and shopping and dining along PGA Boulevard are approximately 10 minutes away. All three units are currently leased, and separate meters serve the residences.
Key Highlights
- Three units currently leased
- Front residence offers 2 bedrooms and 1 bath
- Rear building includes a 1‑bedroom unit and a studio
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
$37,689
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
4.72%
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%
$753,780
$753.8K
Cap Rate 7%
$538,414
$538.4K
Cap Rate 9%
$418,767
$418.8K
Market Conditions
NOI Build-Up for 2,014 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
$56.8K $28.20/SF
− Vacancy
−$3.0K −$1.47/SF
EGI
$53.8K $26.73/SF
− OpEx
−$16.2K −$8.02/SF
NOI
$37.7K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /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%
$753,780
Cap Rate 7%
$538,414
Cap Rate 9%
$418,767
Alternative Uses
Best Use
Multifamily LT 5
$538.4K
$471.1K – $628.2K
NOI $37,689 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$500.8K
$438.2K – $584.2K
NOI $35,053 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,286 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
995
Businesses Nearby
Explore this area
Business Placement
Demographics for 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - All three units are leased and include separate meters, shared laundry, and additional storage amenities.
Where is this triplex located?
The property is located at 415 Greenbriar Drive West Palm Beach, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three units currently leased; Front residence offers 2 bedrooms and 1 bath; Rear building includes a 1‑bedroom unit and a studio
