Boca Raton Multifamily
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422 SW 9th St, Boca Raton, FL 33432
Multifamily property with value-add potential in Boca Raton, Florida.
Property Size8,566 SF
Price / SF$408.59
Days on Market151
Property Features for 422 SW 9th St
General Information
Standard status
Active
Size
8,566 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$192,071
Building Details
Year Built
1975
Buildings
1
Stories
3
Units
8
Listing Agency:
CBRE - Fort Lauderdale
(352) 278-7572
Listed By:
Calum Weaver · License #FL 3057668
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 13 at 11:11AM
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 CBRE - Fort Lauderdale
Investment Insights
Based on property information with market context.
Gateway Manor is an 8-unit multifamily property located in Boca Raton, Florida. The property offers value-add upside. The building has a total size of 8,566 square feet.
Key Highlights
- Boca Raton, FL Location
- Features 8 Units
- Value‑Add Upside
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
$131,739
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
3.76%
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%
$2,634,780
$2.6M
Cap Rate 7%
$1,881,986
$1.9M
Cap Rate 9%
$1,463,767
$1.5M
Market Conditions
NOI Build-Up for 8,566 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
$250.8K $29.28/SF
− Vacancy
−$11.3K −$1.32/SF
EGI
$239.5K $27.96/SF
− OpEx
−$107.8K −$12.58/SF
NOI
$131.7K $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 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%
$2,634,780
Cap Rate 7%
$1,881,986
Cap Rate 9%
$1,463,767
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.65M – $2.20M
NOI $131,739 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.03M
$5.28M – $7.04M
NOI $422,286 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,472
Businesses Nearby
Explore this area
Business Placement
Demographics for 33432, FL
22,061
Population
14,405
Households
1.5
Avg Household Size
52
Median Age
58%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
4,796
Density / Sq Mi
$94,375
Median Household Income
$54,481
Median Earnings
$2,226
Median Rent
$943,400
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?
Apartment building - Multifamily property with value-add potential in Boca Raton, Florida.
Where is this apartment building located?
The property is located at 422 SW 9th St Boca Raton, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Boca Raton, FL Location; Features 8 Units; Value‑Add Upside
