Park-Facing
New
For Sale
$2,749,000
5015 N FLAGLER Drive, West Palm Beach, FL 33407
Four two-bedroom residences feature private patios oriented toward the park across the street.
Property Size4,264 SF
Days on Market5
Property Features for 5015 N FLAGLER Drive
General Information
Standard status
Active
Size
4,264 SF
Total Parking Spaces
8
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Additional Details
Gross Income
$124,800
Taxes and HOA fees
Annual Taxes
$17,509
Amenities
patio
laundry rooms
Building Details
Building Size
4,264 SF
Year Built
1978
Construction
concrete block
Tenancy
Single
Listing Agency:
Richard Attenberg RE LLC
Listed By:
Richard Attenberg · License #3068682
(561) 445-8444
Source:
Darlenestreit
Added: Oct 8
Changed: Oct 10
Last Checked: Oct 11 at 10:21AM
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 Richard Attenberg RE LLC
Investment Insights
Based on property information with market context.
This 4,264-square-foot quadplex in West Palm Beach contains four residences, each with two bedrooms, one-and-a-half bathrooms, a laundry room, and a patio facing the park. Concrete block construction, eight parking spaces, tankless water heaters, and central air conditioning serve the property. The roof and impact windows date to 2015, and the electrical service has been updated. The site measures approximately 80 feet along North Flagler Drive by 125 feet deep, with SF7 city zoning.
A city park across North Flagler Drive fronts the Intracoastal Waterway; all four residences have park views and partial water views across the park. La Marina Restaurant, Rybovich Megayacht Marina, Currie Park, downtown West Palm Beach, and Palm Beach Island are within walking distance. A corporate tenant occupies all four residences through September 2027.
A city park across North Flagler Drive fronts the Intracoastal Waterway; all four residences have park views and partial water views across the park. La Marina Restaurant, Rybovich Megayacht Marina, Currie Park, downtown West Palm Beach, and Palm Beach Island are within walking distance. A corporate tenant occupies all four residences through September 2027.
Key Highlights
- Four units, each with two bedrooms and 1.5 bathrooms
- Approximately 4,264 square feet on an approximately 80‑foot by 125‑foot site
- Each residence has a park‑facing patio; all four have park views and partial water views
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,794
Cap Rate
2.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,595,880
$1.6M
Cap Rate 7%
$1,139,914
$1.1M
Cap Rate 9%
$886,600
$886.6K
Market Conditions
NOI Build-Up for 4,264 SF
Gross rent
$120.2K $28.20/SF
− Vacancy
−$6.3K −$1.47/SF
EGI
$114.0K $26.73/SF
− OpEx
−$34.2K −$8.02/SF
NOI
$79.8K $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 Rate 5%
$1,595,880
Cap Rate 7%
$1,139,914
Cap Rate 9%
$886,600
Alternative Uses
Best Use
Multifamily LT 5
$1.14M
$997.4K – $1.33M
NOI $79,794 @ 7.0% cap · market cap 2.90%
Second Best
Apartment 5plus
$1.06M
$927.7K – $1.24M
NOI $74,213 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$3.00M
$2.63M – $3.50M
NOI $210,206 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 33407, FL
34,558
Population
15,147
Households
2.3
Avg Household Size
35
Median Age
26%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
3,491
Density / Sq Mi
$56,606
Median Household Income
$34,886
Median Earnings
$1,551
Median Rent
$290,500
Median Home Value
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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?
Quadplex - Four two-bedroom residences feature private patios oriented toward the park across the street.
Where is this quadplex located?
The property is located at 5015 N FLAGLER Drive West Palm Beach, FL.
What is the asking price?
The asking price for this property is $2,749,000.
What are key features of this property?
This property features: Four units, each with two bedrooms and 1.5 bathrooms; Approximately 4,264 square feet on an approximately 80‑foot by 125‑foot site; Each residence has a park‑facing patio; all four have park views and partial water views
