Remodeled Duplex with Separate
New
For Sale
$595,000
4737 BOATMAN Street, Lake Worth, FL 33463
RM-zoned duplex featuring updated interiors, individual utility metering, and an indoor laundry room for each residence.
Property Size1,620 SF
Price / SF$378.98
Days on Market4
Property Features for 4737 BOATMAN Street
General Information
Standard status
Active
Size
1,620 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
RM
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,664
Amenities
indoor separate laundry room
separate electric and water meters
granite countertops
stainless steel appliances
new bathrooms
Building Details
Building Size
1,620 SF
Year Built
1974
Stories
1
Listing Agency:
Keller Williams Realty Services
Listed By:
Marilene Cacapava · License #3525619
(561) 860-6211
Source:
Laerrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 2:49PM
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 Keller Williams Realty Services
Investment Insights
Based on property information with market context.
This 1,570-square-foot duplex was built in 1974 and contains two residences, each with two bedrooms and one bathroom. Both units have been remodeled with updated kitchens featuring granite countertops and stainless steel appliances, along with renovated bathrooms. Separate electric and water meters serve the residences, and each unit includes its own indoor laundry room.
Both units are occupied under annual leases. The property sits on an oversized lot described as having potential for additional construction, subject to confirmation with the city and Building Department. Located at 4737 Boatman Street in Lake Worth, the property is zoned RM.
Both units are occupied under annual leases. The property sits on an oversized lot described as having potential for additional construction, subject to confirmation with the city and Building Department. Located at 4737 Boatman Street in Lake Worth, the property is zoned RM.
Key Highlights
- Two‑unit duplex with 1,570 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Remodeled kitchens with granite countertops and stainless steel appliances
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
$26,172
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
4.40%
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%
$523,440
$523.4K
Cap Rate 7%
$373,886
$373.9K
Cap Rate 9%
$290,800
$290.8K
Market Conditions
NOI Build-Up for 1,570 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
$39.6K $25.20/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$37.4K $23.81/SF
− OpEx
−$11.2K −$7.14/SF
NOI
$26.2K $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%
$523,440
Cap Rate 7%
$373,886
Cap Rate 9%
$290,800
Alternative Uses
Best Use
Multifamily LT 5
$373.9K
$327.2K – $436.2K
NOI $26,172 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$344.9K
$301.8K – $402.4K
NOI $24,146 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$1.11M
$967.5K – $1.29M
NOI $77,398 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,251
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?
Duplex - RM-zoned duplex featuring updated interiors, individual utility metering, and an indoor laundry room for each residence.
Where is this duplex located?
The property is located at 4737 BOATMAN Street Lake Worth, FL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,570 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Remodeled kitchens with granite countertops and stainless steel appliances
