Renovated Triplex with 2023
For Sale
$1,370,000
4603 N Ocean Boulevard, Boynton Beach, FL 33435
Residential Income, Boynton Beach, FL
Property Size2,367 SF
Lot Size0.10 Acres
Price / SF$578.79
Days on Market138
Property Features for 4603 N Ocean Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RH
Bedrooms
6
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 6, Bedroom 3, Bathroom 2
Window features
Blinds
Patio and Porch features
Patio, Deck
Pets allowed
Yes
Exterior features
Barbecue
Fencing
Gate, Fenced
Subdivision
BASKIN ADD TO BRINY BREEZES
Lot features
Corner Lot, Fruit Tree(s)
Elementary school
Forest Park
Middle school
Congress
High school
Atlantic
Standard status
Active
APN
00434534090000020
Size
2,367 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BASKIN ADD TO BRINY BREEZES LTS 2 & 3
Tax Annual Amount
16644
Legal Description
BASKIN ADD TO BRINY BREEZES LTS 2 & 3
Utilities
Utilities
Water Available
Sewer type
Public Sewer, Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Window Unit(s), Wall/Window Unit(s), Central Air, Ceiling Fan(s), Electric
Water source
Public
Amenities
Eat-In Kitchen
Granite Counters
Custom Wood Cabinets
Breakfast Bar
Open Patio
Landscaping
Outdoor Lighting
Turf Grass
Putting Green
Building Details
Year built
1955
Floors in Building
2
Number of units
3
Flooring type
Tile, Wood, Tile - Ceramic
Building materials
CBS, Concrete, Stucco
Roof type
Concrete
Additional Structures
Pergola
Listing Agency:
Mastropieri Group LLC
Listed By:
Lawrence A Mastropieri · License #3252988
(561) 544-7000
Added: May 4
Changed: Sep 15
Last Checked: Sep 18 at 7:06PM
MLS# B26023840
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 triplex contains 2,367 square feet on a 0.1-acre lot and dates to 1955. The property includes six bedrooms and three bathrooms, with wood and ceramic tile flooring, bright open interiors, volume ceilings, recessed LED lighting, and freshly painted spaces. Kitchens feature granite countertops, custom wood cabinetry, breakfast bars, and eat-in areas. A 2023 roof, 2023 water heater, and 2023 air-conditioning systems provide recent major updates.
Outdoor improvements include a patio, deck, fenced grounds, tropical landscaping, exterior lighting, turf grass, a putting green, and barbecue equipment. The property has CBS, concrete, and stucco construction, public water, RH zoning, and central or unit-based cooling and heating features. Its Boynton Beach setting is described as walkable or bike-accessible to the beach, with Delray Beach’s Atlantic Avenue also noted nearby.
Outdoor improvements include a patio, deck, fenced grounds, tropical landscaping, exterior lighting, turf grass, a putting green, and barbecue equipment. The property has CBS, concrete, and stucco construction, public water, RH zoning, and central or unit-based cooling and heating features. Its Boynton Beach setting is described as walkable or bike-accessible to the beach, with Delray Beach’s Atlantic Avenue also noted nearby.
Key Highlights
- Triplex with 2,367 square feet on a 0.1‑acre lot
- Six bedrooms and three bathrooms
- 2023 roof, water heater, and air‑conditioning updates
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
2.88%
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 2.88%
Second Best
Apartment 5plus
$520.0K
$455.0K – $606.7K
NOI $36,403 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,688 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
550
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential income property with refreshed mechanical systems and outdoor amenity areas.
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 $1,370,000.
What are key features of this property?
This property features: Triplex with 2,367 square feet on a 0.1‑acre lot; Six bedrooms and three bathrooms; 2023 roof, water heater, and air‑conditioning updates
