Triplex with Separate Utility
For Sale
$750,000
Pending
425 CHURCHILL Road, West Palm Beach, FL 33405
Two buildings on one lot include a 2BR/2.5BA home and two separate 1BR/1BA units with individual water and electric.
Property Size2,260 SF
Days on Market49
Property Features for 425 CHURCHILL Road
General Information
Standard status
Pending
Size
2,260 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Building Details
Year Built
1960
Listing Agency:
KW Reserve Palm Beach
(561) 966-4000
Listed By:
Loodmy Jacques · License #3222697
(561) 678-5584
Source:
Lehmannflorida
Added: Jul 16
Changed: Aug 31
Last Checked: Aug 26 at 8:07AM
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 KW Reserve Palm Beach
Investment Insights
Based on property information with market context.
This for-sale triplex includes two separate buildings on one lot. Building 1 is a spacious 2BR/2.5BA home. Building 2 contains two individual 1BR/1BA units, each served by separate water and electric meters.
The property is located on Churchill Road in West Palm Beach and is described as being just minutes from Downtown West Palm Beach, Flagler Drive, and the Intracoastal, with access to the area’s financial corridor.
The existing configuration provides three separate residential units across the two buildings, with independently metered services for the two 1BR/1BA units.
The property is located on Churchill Road in West Palm Beach and is described as being just minutes from Downtown West Palm Beach, Flagler Drive, and the Intracoastal, with access to the area’s financial corridor.
The existing configuration provides three separate residential units across the two buildings, with independently metered services for the two 1BR/1BA units.
Key Highlights
- Two buildings on one lot (1960 construction)
- Building 1: 2BR/2.5BA home for owner‑occupant or rental
- Building 2: two separate 1BR/1BA units
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
$42,293
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
5.64%
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%
$845,860
$845.9K
Cap Rate 7%
$604,186
$604.2K
Cap Rate 9%
$469,922
$469.9K
Market Conditions
NOI Build-Up for 2,260 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
$63.7K $28.20/SF
− Vacancy
−$3.3K −$1.47/SF
EGI
$60.4K $26.73/SF
− OpEx
−$18.1K −$8.02/SF
NOI
$42.3K $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%
$845,860
Cap Rate 7%
$604,186
Cap Rate 9%
$469,922
Alternative Uses
Best Use
Multifamily LT 5
$604.2K
$528.7K – $704.9K
NOI $42,293 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$561.9K
$491.7K – $655.6K
NOI $39,334 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,413 @ 7.0% cap · market cap 14.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Explore this area
Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
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 - Two buildings on one lot include a 2BR/2.5BA home and two separate 1BR/1BA units with individual water and electric.
Where is this triplex located?
The property is located at 425 CHURCHILL Road West Palm Beach, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two buildings on one lot (1960 construction); Building 1: 2BR/2.5BA home for owner‑occupant or rental; Building 2: two separate 1BR/1BA units
