Fully Leased Lake Park
For Sale
$750,000
505 Foresteria Drive, Lake Park, FL 33403
Quadplex in high-growth area with redevelopment potential and immediate cashflow.
Property Size1,732 SF
Price / SF$433.03
Days on Market155
Property Features for 505 Foresteria Drive
General Information
Standard status
Active
Size
1,732 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$11,413
Building Details
Building Size
1,732 SF
Year Built
1945
Listing Agency:
One Sotheby's International Realty
Listed By:
Micah L Volmer · License #3613413
(561) 323-1647
Source:
Pposf
Added: Apr 9
Changed: Sep 9
Last Checked: Sep 10 at 7:50AM
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 One Sotheby's International Realty
Investment Insights
Based on property information with market context.
This fully leased quadplex is located in a high-growth area of Lake Park. The property is zoned for multifamily use, allowing for up to 10 units. All units are currently occupied, providing immediate cash flow. There is potential for future redevelopment or added density. The location is near the Intracoastal, Singer Island beaches, and a Publix supermarket, with access to US-1 and I-95. Palm Beach International Airport is approximately 20 minutes away. The area is a high-demand rental corridor. The property offers stabilized income with potential for appreciation.
Key Highlights
- Fully leased quadplex PROVID
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
$28,872
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
3.85%
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%
$577,440
$577.4K
Cap Rate 7%
$412,457
$412.5K
Cap Rate 9%
$320,800
$320.8K
Market Conditions
NOI Build-Up for 1,732 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
$43.6K $25.20/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$41.2K $23.81/SF
− OpEx
−$12.4K −$7.14/SF
NOI
$28.9K $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%
$577,440
Cap Rate 7%
$412,457
Cap Rate 9%
$320,800
Alternative Uses
Best Use
Multifamily LT 5
$412.5K
$360.9K – $481.2K
NOI $28,872 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$380.5K
$333.0K – $444.0K
NOI $26,637 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,384 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
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?
Quadplex - Quadplex in high-growth area with redevelopment potential and immediate cashflow.
Where is this quadplex located?
The property is located at 505 Foresteria Drive Lake Park, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Fully leased quadplex PROVID
