Triplex with Updated
New
For Sale
$825,000
424 Jennings Avenue, Greenacres, FL 33463
Residential Income, Greenacres, FL
Property Size2,814 SF
Lot Size0.30 Acres
Price / SF$293.18
Days on Market3
Property Features for 424 Jennings Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RL-3 (city)
Bedrooms
7
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1
Patio and Porch features
Patio
Pets allowed
No, Yes
Fencing
Chain Link
Subdivision
GREENACRES 2
Lot features
Interior Lot, Oversized Lot
Elementary school
Greenacres
Middle school
L. C. Swain
High school
John I. Leonard
Directions
Located east of Jog Rd & west of Haverhill Rd between Lake Worth Rd & 10th Ave
Standard status
Active
APN
18424423010400070
Size
2,814 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GREENACRES PLAT NO 2 LT 7 & 8 BLK 40
Tax Annual Amount
8897
Legal Description
GREENACRES PLAT NO 2 LT 7 & 8 BLK 40
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1978
Floors in Building
1
Number of units
3
Flooring type
Tile - Ceramic
Building materials
Block, CBS
Roof type
Shingle
Listing Agency:
Paradise Real Estate Intl
(561) 203-6200
Listed By:
Kelli M Birdsall PA · License #479812
(561) 714-4232
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 21 at 3:06PM
MLS# B26066253
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 2,814-square-foot triplex in Greenacres contains three residences with updated kitchens, ceramic tile flooring, central air conditioning, and laundry hookups. The end unit includes three bedrooms, two bathrooms, a covered front patio, and a separate fenced area; the two interior residences each provide two bedrooms and one bathroom. The building was constructed in 1978 with block/CBS construction, a shingle roof, and a chain-link fenced yard. Electric breaker panels have been replaced, and exterior meters were updated by a licensed electrician. The roof has recently received certification from a roofer. One residence is occupied under a month-to-month arrangement, while the other two leases extend through 11/26 and Mar 2027. The property is served by public water and a septic tank and is located at 424 Jennings Avenue in Greenacres, Palm Beach County.
Key Highlights
- 2,814 SF triplex with three residential units
- Unit 428: 3 Br/2 bath, approximately 1,134 SF, covered patio and separate fence
- Units 426 and 424: 2/1 layouts with approximately 840 livable SF each
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
$46,909
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
5.69%
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%
$938,180
$938.2K
Cap Rate 7%
$670,129
$670.1K
Cap Rate 9%
$521,211
$521.2K
Market Conditions
NOI Build-Up for 2,814 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
$70.9K $25.20/SF
− Vacancy
−$3.9K −$1.39/SF
EGI
$67.0K $23.81/SF
− OpEx
−$20.1K −$7.14/SF
NOI
$46.9K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$938,180
Cap Rate 7%
$670,129
Cap Rate 9%
$521,211
Alternative Uses
Best Use
Multifamily LT 5
$670.1K
$586.4K – $781.8K
NOI $46,909 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$618.2K
$541.0K – $721.3K
NOI $43,277 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,724 @ 7.0% cap · market cap 16.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
676
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased residences offer ceramic tile, central air, laundry hookups, and separately fenced outdoor areas.
Where is this triplex located?
The property is located at 424 Jennings Avenue Greenacres, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 2,814 SF triplex with three residential units; Unit 428: 3 Br/2 bath, approximately 1,134 SF, covered patio and separate fence; Units 426 and 424: 2/1 layouts with approximately 840 livable SF each
