Well-Maintained Triplex with Impact
For Sale
$600,000
4559 Cole St, West Palm Beach, FL 33417
Three-unit residential income property with durable impact windows and a central West Palm Beach location.
Property Size1,684 SF
Days on Market129
Property Features for 4559 Cole St
General Information
Standard status
Active
Size
1,684 SF
Property subtype
Investment
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Cap Rate
10%
Taxes and HOA fees
Annual Taxes
$4,599
Building Details
Building Size
1,684 SF
Year Built
1959
Stories
1
Units
3
Listing Agency:
Illustrated Properties
(561) 236-4775
Listed By:
Mohammed Ismail · License #3250368
(561) 236-4775
Source:
Elliman
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 30 at 4:53AM
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 Illustrated Properties
Investment Insights
Based on property information with market context.
Built in 1959, this triplex contains three residential units: a two-bedroom, one-bath unit, a one-bedroom, one-bath unit, and a larger main unit. Full impact windows are installed throughout the property. One unit is subject to an annual lease, while the main residence is currently owner-occupied and was previously leased. The property is presented with a 10% cap rate and includes income from two leased units, with prior rental history for the main unit.
The property is located at 4559 Cole St in West Palm Beach, near shopping, dining, the airport, and area beaches. Walk Score is 37 and Bike Score is 41, reflecting a car-dependent and somewhat bikeable setting.
The property is located at 4559 Cole St in West Palm Beach, near shopping, dining, the airport, and area beaches. Walk Score is 37 and Bike Score is 41, reflecting a car-dependent and somewhat bikeable setting.
Key Highlights
- Three‑unit triplex with a 2BR/1BA unit, 1BR/1BA unit, and larger main unit
- Full impact windows throughout the property
- Built in 1959
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
$31,514
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
5.25%
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%
$630,280
$630.3K
Cap Rate 7%
$450,200
$450.2K
Cap Rate 9%
$350,156
$350.2K
Market Conditions
NOI Build-Up for 1,684 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
$47.5K $28.20/SF
− Vacancy
−$2.5K −$1.47/SF
EGI
$45.0K $26.73/SF
− OpEx
−$13.5K −$8.02/SF
NOI
$31.5K $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%
$630,280
Cap Rate 7%
$450,200
Cap Rate 9%
$350,156
Alternative Uses
Best Use
Multifamily LT 5
$450.2K
$393.9K – $525.2K
NOI $31,514 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$418.7K
$366.4K – $488.5K
NOI $29,309 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$1.19M
$1.04M – $1.38M
NOI $83,018 @ 7.0% cap · market cap 13.84%
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
798
Businesses Nearby
Explore this area
Business Placement
Demographics for 33417, FL
34,153
Population
20,450
Households
1.7
Avg Household Size
48
Median Age
26%
College-Educated
83%
High-School Grad
6.6 sq mi
ZIP Area
5,175
Density / Sq Mi
$50,077
Median Household Income
$35,036
Median Earnings
$1,533
Median Rent
$159,300
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-unit residential income property with durable impact windows and a central West Palm Beach location.
Where is this triplex located?
The property is located at 4559 Cole St West Palm Beach, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three‑unit triplex with a 2BR/1BA unit, 1BR/1BA unit, and larger main unit; Full impact windows throughout the property; Built in 1959
