Renovated Triplex with Open
For Sale
Contact for pricing
4603 N Ocean Boulevard, Boynton Beach, FL 33435
Fully renovated triplex with an open floor plan, updated mechanicals, and outdoor patio space for comfortable everyday living.
Property Size2,367 SF
Price / SF$591.47
Days on Market96
Property Features for 4603 N Ocean Boulevard
General Information
Standard status
Active
Size
2,367 SF
Property subtype
Multifamily
Zoning
RH
Net Operating Income
$153,038
Building Details
Year Built
1955
Stories
2
Units
3
Listing Agency:
The Mastropieri Group
(561) 544-7000
Listed By:
Lawrence Mastropieri · License #BK3252988
Source:
Crexi
Added: May 10
Changed: Aug 7
Last Checked: Aug 12 at 8:39AM
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 The Mastropieri Group
Investment Insights
Based on property information with market context.
This fully renovated triplex offers a bright, open floor plan with dramatic volume ceilings, fresh paint, and LED recessed lighting. The home features an eat-in kitchen with granite counters, custom wood cabinets, and a breakfast bar. Outdoor living is centered on an open patio, supported by lush tropical landscaping and outdoor lighting, along with turf grass and a putting green. Multiple updates are noted, including a new 2023 roof, water heater from 2023, and air conditioning from 2023.
The property is situated on a quiet street on an oversized lot in Boynton Beach, Florida, with a walk or bike route to the beach. The area is described as minutes to the beach and Delray Beach’s Atlantic Avenue, and the listing also notes top-rated schools nearby. The home includes lots of parking to support day-to-day convenience.
As a for-sale residential income property, the renovated triplex configuration and turnkey updates make it well-suited for buyers seeking a well-presented multi-unit asset. The combination of updated systems, modern interior finishes, and usable outdoor space—plus plentiful parking—provides a practical baseline for occupancy and ongoing operations.
The property is situated on a quiet street on an oversized lot in Boynton Beach, Florida, with a walk or bike route to the beach. The area is described as minutes to the beach and Delray Beach’s Atlantic Avenue, and the listing also notes top-rated schools nearby. The home includes lots of parking to support day-to-day convenience.
As a for-sale residential income property, the renovated triplex configuration and turnkey updates make it well-suited for buyers seeking a well-presented multi-unit asset. The combination of updated systems, modern interior finishes, and usable outdoor space—plus plentiful parking—provides a practical baseline for occupancy and ongoing operations.
Key Highlights
- Fully renovated triplex, built in 1955
- New 2023 roof plus updated WH 2023 and AC 2023
- Bright open floor plan with dramatic volume ceilings, freshly painted, and LED recessed lighting
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
$39,457
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
2.82%
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%
$789,140
$789.1K
Cap Rate 7%
$563,671
$563.7K
Cap Rate 9%
$438,411
$438.4K
Market Conditions
NOI Build-Up for 2,367 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
$59.6K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$56.4K $23.81/SF
− OpEx
−$16.9K −$7.14/SF
NOI
$39.5K $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%
$789,140
Cap Rate 7%
$563,671
Cap Rate 9%
$438,411
Alternative Uses
Best Use
Multifamily LT 5
$563.7K
$493.2K – $657.6K
NOI $39,457 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$520.0K
$455.0K – $606.7K
NOI $36,403 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,688 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
Explore this area
Business Placement
Demographics for 33435, FL
37,318
Population
20,058
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
5,741
Density / Sq Mi
$66,612
Median Household Income
$35,488
Median Earnings
$1,846
Median Rent
$306,900
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 - Fully renovated triplex with an open floor plan, updated mechanicals, and outdoor patio space for comfortable everyday living.
Where is this triplex located?
The property is located at 4603 N Ocean Boulevard Boynton Beach, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Fully renovated triplex, built in 1955; New 2023 roof plus updated WH 2023 and AC 2023; Bright open floor plan with dramatic volume ceilings, freshly painted, and LED recessed lighting
