Condo-Style Multifamily
For Sale
$1,100,000
602 N H St 1a, Lake Worth, FL 33460
Condo-structured multifamily with individual deeds and meters for tenant billing flexibility and potential rent stabilization.
Property Size3,896 SF
Price / SF$282.34
Days on Market55
Property Features for 602 N H St 1a
General Information
Standard status
Active
Size
3,896 SF
Property subtype
Commercial
Zoning
MU-DIXIE
Financials
Cap Rate
7.09%
Business Included
Yes
Additional Details
Multifamily Units
6
Building Details
Year Built
1971
Listing Agency:
ATLANTIC FLORIDA PROPERTIES
(786) 663-4790
Listed By:
Astrid A Paternina · License #3097140
(786) 663-4790
Source:
Elliman
Added: Jun 14
Changed: Jul 10
Last Checked: Aug 6 at 6:11AM
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 ATLANTIC FLORIDA PROPERTIES
Investment Insights
Based on property information with market context.
This income-focused multifamily property is presented in a condo structure, with individual deeds and individual meters. The listed unit mix includes one-bedroom and two-bedroom homes, with multiple one-bedroom units at approximately 620 square feet and one two-bedroom unit at approximately 796 square feet. The condo setup is intended to support future unit-by-unit resale, while the metering structure can simplify how tenants are billed.
The property is located at 602 N H St in Lake Worth, Florida. It is described as having mixed-use zoning (MU-DIXIE). Walkability and bikeability are noted as modest, with the area characterized as car-dependent based on the provided WalkScore and BikeScore.
For prospective owners or operators, the combination of individual deeds, individual meters, and a condo framework may appeal to those looking for a manageable ownership structure alongside the ability to pursue stabilization and rent optimization, as referenced in the offering materials. The remarks also cite an approximate 7.09% cap rate at asking price.
The property is located at 602 N H St in Lake Worth, Florida. It is described as having mixed-use zoning (MU-DIXIE). Walkability and bikeability are noted as modest, with the area characterized as car-dependent based on the provided WalkScore and BikeScore.
For prospective owners or operators, the combination of individual deeds, individual meters, and a condo framework may appeal to those looking for a manageable ownership structure alongside the ability to pursue stabilization and rent optimization, as referenced in the offering materials. The remarks also cite an approximate 7.09% cap rate at asking price.
Key Highlights
- Condo‑structured multifamily with individual deeds and individual meters for tenant billing flexibility
- Unit mix includes three 1‑bedroom 1‑bath units at 620 SF each (1A, 2A, 3A)
- Additional units: one 2‑bedroom 1‑bath unit at 796 SF (5B) plus three 1‑bedroom 1‑bath units at 620 SF each (7B, 8B)
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
$59,918
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
5.45%
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%
$1,198,360
$1.2M
Cap Rate 7%
$855,971
$856.0K
Cap Rate 9%
$665,756
$665.8K
Market Conditions
NOI Build-Up for 3,896 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
$114.1K $29.28/SF
− Vacancy
−$5.1K −$1.32/SF
EGI
$108.9K $27.96/SF
− OpEx
−$49.0K −$12.58/SF
NOI
$59.9K $15.38/SF
Area
Palm Beach County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,198,360
Cap Rate 7%
$855,971
Cap Rate 9%
$665,756
Alternative Uses
Best Use
Apartment 5plus
$856.0K
$749.0K – $998.6K
NOI $59,918 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $192,065 @ 7.0% cap · market cap 17.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,854
Businesses Nearby
Explore this area
Business Placement
Demographics for 33460, FL
36,409
Population
14,769
Households
2.5
Avg Household Size
36
Median Age
24%
College-Educated
72%
High-School Grad
4.7 sq mi
ZIP Area
7,747
Density / Sq Mi
$61,702
Median Household Income
$32,388
Median Earnings
$1,411
Median Rent
$333,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Condo-structured multifamily with individual deeds and meters for tenant billing flexibility and potential rent stabilization.
Where is this apartment building located?
The property is located at 602 N H St 1a Lake Worth, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Condo‑structured multifamily with individual deeds and individual meters for tenant billing flexibility; Unit mix includes three 1‑bedroom 1‑bath units at 620 SF each (1A, 2A, 3A); Additional units: one 2‑bedroom 1‑bath unit at 796 SF (5B) plus three 1‑bedroom 1‑bath units at 620 SF each (7B, 8B)
