West Palm Beach Quadplex
For Sale
$550,000
Pending
536 18th St, West Palm Beach, FL 33407
Value-add quadplex in West Palm Beach with income potential.
Property Size2,156 SF
Days on Market274
Property Features for 536 18th St
General Information
Standard status
Pending
Size
2,156 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,392
Building Details
Building Size
2,156 SF
Year Built
1925
Units
4
Listing Agency:
(954) 304-5186
Listed By:
Nicholas Sproul · License #3330777
(954) 304-5186
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Jul 23 at 10:38AM
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 Nicholas Sproul
Investment Insights
Based on property information with market context.
This quadplex is located in West Palm Beach. Three of the four units are currently rented, generating a total monthly income of $3,750, with individual rents of $1,200, $1,250, and $1,300. Updated two-bedroom rentals in the area are fetching over $1,700 per month. The property is located 10 minutes from Downtown, the beach, and Worth Avenue. The Palm Beach International Airport is nearby.
Key Highlights
- Value‑add quadplex in West Palm Beach
- Significant rental income upside; comparable updated 2‑bed rentals in the area fetch over $1700/month.
- Currently generating $3,750 monthly income from 3 rented units.
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
$40,346
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
7.34%
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%
$806,920
$806.9K
Cap Rate 7%
$576,371
$576.4K
Cap Rate 9%
$448,289
$448.3K
Market Conditions
NOI Build-Up for 2,156 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
$60.8K $28.20/SF
− Vacancy
−$3.2K −$1.47/SF
EGI
$57.6K $26.73/SF
− OpEx
−$17.3K −$8.02/SF
NOI
$40.3K $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 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%
$806,920
Cap Rate 7%
$576,371
Cap Rate 9%
$448,289
Alternative Uses
Best Use
Multifamily LT 5
$576.4K
$504.3K – $672.4K
NOI $40,346 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$536.1K
$469.1K – $625.4K
NOI $37,524 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,286 @ 7.0% cap · market cap 19.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,966
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
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 - Value-add quadplex in West Palm Beach with income potential.
Where is this quadplex located?
The property is located at 536 18th St West Palm Beach, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Value‑add quadplex in West Palm Beach; Significant rental income upside; comparable updated 2‑bed rentals in the area fetch over $1700/month.; Currently generating $3,750 monthly income from 3 rented units.
