Updated
521 48th Street, West Palm Beach, FL 33407
For Sale
$745,000
Three residential units feature refreshed interiors, impact-rated windows, and new air-conditioning units.
Property Size1,513 SF
Price / SF$492.40
Days on Market57
Property Features for 521 48th Street
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Tropical Springs Realty
Listed By:
Anthony J Nastase · License FL #3216400
(954) 775-5165
Source:
Fraterrealty
Added: Sep 14
Changed: Nov 9
Last Checked: Nov 9 at 7:59PM
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 Tropical Springs Realty
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Investment Insights
Based on property information with market context.
This 1,513-square-foot triplex, built in 1926, has received interior and exterior paint, new flooring, and updates to its kitchens and bathrooms. The property also has hurricane-impact windows and new A/C units. The front duplex may be configured as two 2-bedroom, 1-bathroom units.
The property is one block from the Intracoastal and is near downtown, beaches, shopping, dining, and waterfront activities.
The property is one block from the Intracoastal and is near downtown, beaches, shopping, dining, and waterfront activities.
Key Highlights
- 1,513‑square‑foot triplex built in 1926
- New flooring and updated kitchens and bathrooms
- Hurricane‑impact windows and new A/C units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,314
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$566,280
$566.3K
Cap Rate 7%
$404,486
$404.5K
Cap Rate 9%
$314,600
$314.6K
Market Conditions
NOI Build-Up for 1,513 SF
Gross rent
$42.7K $28.20/SF
− Vacancy
−$2.2K −$1.47/SF
EGI
$40.4K $26.73/SF
− OpEx
−$12.1K −$8.02/SF
NOI
$28.3K $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%
$566,280
Cap Rate 7%
$404,486
Cap Rate 9%
$314,600
Alternative Uses
Best Use
Multifamily LT 5
$404.5K
$353.9K – $471.9K
NOI $28,314 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$376.2K
$329.2K – $438.9K
NOI $26,333 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$1.07M
$932.4K – $1.24M
NOI $74,588 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
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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
$290,500
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in West Palm Beach, FL
Properties on Market for Triplexes in West Palm Beach
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature refreshed interiors, impact-rated windows, and new air-conditioning units.
Where is this triplex located?
The property is located at 521 48th Street West Palm Beach, FL.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 1,513‑square‑foot triplex built in 1926; New flooring and updated kitchens and bathrooms; Hurricane‑impact windows and new A/C units
