Renovated 4-Unit
For Sale
$1,120,000
501 North K Street, Lake Worth, FL 33460
Four residential units include a triplex and detached apartment on a corner parcel.
Property Size3,305 SF
Price / SF$338.88
Days on Market193
Property Features for 501 North K Street
General Information
Standard status
Active
Size
3,305 SF
Property subtype
Multi-Family Income / Fourplex
Units
Unit Mix
1 x 3BR/2BA, 3 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$95,400
Taxes and HOA fees
Annual Taxes
$12,884
Building Details
Year Built
1925
Buildings
2
Listing Agency:
BAWONS Properties, Inc
(305) 509-8336
Listed By:
Wendy Pierre · License #3272185
(305) 509-8336
Source:
Compass
Added: Feb 19
Changed: Aug 29
Last Checked: Aug 31 at 1:44AM
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 BAWONS Properties, Inc
Investment Insights
Based on property information with market context.
This four-unit residential property combines a two-story triplex with a detached apartment home on the same parcel. The triplex includes one ground-floor three-bedroom, two-bath apartment and two second-floor two-bedroom, one-bath apartments. The separate apartment is configured with two bedrooms and one bath. The improvements were fully renovated, and the property contains 3,305 square feet.
Located at 501 North K Street in downtown Lake Worth, the property occupies a corner lot a couple of blocks from downtown. Bars, restaurants, and entertainment venues are within walking distance, while the property also offers access to schools, the beach, the Town of Palm Beach, and major job centers. Built in 1925, the property presents a completed four-unit residential configuration in a central Lake Worth setting.
Located at 501 North K Street in downtown Lake Worth, the property occupies a corner lot a couple of blocks from downtown. Bars, restaurants, and entertainment venues are within walking distance, while the property also offers access to schools, the beach, the Town of Palm Beach, and major job centers. Built in 1925, the property presents a completed four-unit residential configuration in a central Lake Worth setting.
Key Highlights
- Four‑unit configuration with a two‑story triplex and detached apartment
- Triplex includes one 3BR/2BA and two 2BR/1BA apartments
- Detached apartment home includes 2BR/1BA
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
$55,094
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
4.92%
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%
$1,101,880
$1.1M
Cap Rate 7%
$787,057
$787.1K
Cap Rate 9%
$612,156
$612.2K
Market Conditions
NOI Build-Up for 3,305 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
$83.3K $25.20/SF
− Vacancy
−$4.6K −$1.39/SF
EGI
$78.7K $23.81/SF
− OpEx
−$23.6K −$7.14/SF
NOI
$55.1K $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%
$1,101,880
Cap Rate 7%
$787,057
Cap Rate 9%
$612,156
Alternative Uses
Best Use
Multifamily LT 5
$787.1K
$688.7K – $918.2K
NOI $55,094 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$726.1K
$635.4K – $847.2K
NOI $50,829 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $162,930 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,849
Businesses Nearby
Explore this area
Business Placement
Demographics for 33460, FL
36,409
Population
14,769
Households
2.5
Avg Household Size
36
Median Age
24%
College-Educated
72%
High-School Grad
4.7 sq mi
ZIP Area
7,747
Density / Sq Mi
$61,702
Median Household Income
$32,388
Median Earnings
$1,411
Median Rent
$333,200
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?
Quadplex - Four residential units include a triplex and detached apartment on a corner parcel.
Where is this quadplex located?
The property is located at 501 North K Street Lake Worth, FL.
What is the asking price?
The asking price for this property is $1,120,000.
What are key features of this property?
This property features: Four‑unit configuration with a two‑story triplex and detached apartment; Triplex includes one 3BR/2BA and two 2BR/1BA apartments; Detached apartment home includes 2BR/1BA
