Quadplex with Garden
New
For Sale
$479,999
510 NE 2nd Street, Boynton Beach, FL 33435
Residential Income, Boynton Beach, FL
Property Size1,475 SF
Lot Size0.18 Acres
Price / SF$325.42
Days on Market5
Property Features for 510 NE 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R2 (city)
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 1
Window features
Blinds
Pets allowed
No, Yes
Exterior features
Garden
Subdivision
COPPS C W ADD TO BOYNTON
Lot features
Interior Lot
Elementary school
Forest Park
Middle school
Congress
High school
Boynton Beach
Standard status
Active
APN
08434521050000610
Size
1,475 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
C W COPPS ADD LTS 61 & 63
Tax Annual Amount
3770
Legal Description
C W COPPS ADD LTS 61 & 63
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Building materials
CBS
Roof type
Shingle
Listing Agency:
Preferred Properties Int'l Rea
(561) 477-1193
Listed By:
Tiwana D Holmes · License #3345100
(561) 654-1588
Added: Sep 19
Changed: Sep 23
Last Checked: Sep 23 at 11:06PM
MLS# B26079621
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 quadplex contains 1475 square feet on a 0.18-acre parcel and was constructed in 1956. The building uses CBS construction, vinyl flooring, a shingle roof, and wall or window unit cooling. Four bathrooms are identified, along with a garden area on the property.
The site has public water and public sewer service, with electricity available. R2 (city) zoning is in place for the property. Recent improvements are noted in the property information, providing an updated physical condition while retaining the existing four-unit configuration.
The site has public water and public sewer service, with electricity available. R2 (city) zoning is in place for the property. Recent improvements are noted in the property information, providing an updated physical condition while retaining the existing four-unit configuration.
Key Highlights
- 1475 square feet on a 0.18‑acre parcel
- Quadplex configuration with four identified bathrooms
- R2 (city) zoning
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
$24,588
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
5.12%
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%
$491,760
$491.8K
Cap Rate 7%
$351,257
$351.3K
Cap Rate 9%
$273,200
$273.2K
Market Conditions
NOI Build-Up for 1,475 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
$37.2K $25.20/SF
− Vacancy
−$2.0K −$1.39/SF
EGI
$35.1K $23.81/SF
− OpEx
−$10.5K −$7.14/SF
NOI
$24.6K $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%
$491,760
Cap Rate 7%
$351,257
Cap Rate 9%
$273,200
Alternative Uses
Best Use
Multifamily LT 5
$351.3K
$307.4K – $409.8K
NOI $24,588 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$324.1K
$283.6K – $378.1K
NOI $22,684 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$1.04M
$908.9K – $1.21M
NOI $72,714 @ 7.0% cap · market cap 15.15%
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
1,255
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - The property has R2 (city) zoning with public water and public sewer.
Where is this quadplex located?
The property is located at 510 NE 2nd Street Boynton Beach, FL.
What is the asking price?
The asking price for this property is $479,999.
What are key features of this property?
This property features: 1475 square feet on a 0.18‑acre parcel; Quadplex configuration with four identified bathrooms; R2 (city) zoning
