Three-Unit Triplex with Replaced
For Sale
$645,000
711 Palm Beach Lakes Blvd, West Palm Beach, FL 33401
Fully leased residential income property with separate electric and water meters, appliances, and varied cooling systems.
Property Size1,261 SF
Days on Market62
Property Features for 711 Palm Beach Lakes Blvd
General Information
Standard status
Active
Size
1,261 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$8,875
Building Details
Building Size
1,261 SF
Year Built
1938
Stories
1
Units
3
Listing Agency:
CHOICE PLUS REAL ESTATE
Listed By:
Kimberly Joy Castellotti · License #675455
(561) 628-4663
Source:
Elliman
Added: Jul 3
Changed: Aug 31
Last Checked: Sep 1 at 10:15PM
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 CHOICE PLUS REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 1938, this triplex contains three leased residences: a main house with three bedrooms and one bathroom, plus two additional units with two bedrooms and one bathroom each. Unit 1 includes an oven, refrigerator, dishwasher, and central AC. Unit 2 has an oven, refrigerator, central AC, and a window unit, while Unit 3 offers an oven, refrigerator, mini-split AC, and an additional window unit.
The roof was replaced in 2023. Separate electric and water meters support individual utility management, and an Orkin termite protection plan is in place. The property is located at 711 Palm Beach Lakes Blvd in West Palm Beach, FL 33401. Current lease expirations are 3/31/2027 for the front house and Unit A, and 8/31/2027 for Unit B. Walk Score is 36, Bike Score is 55, and Transit Score is 36.
The roof was replaced in 2023. Separate electric and water meters support individual utility management, and an Orkin termite protection plan is in place. The property is located at 711 Palm Beach Lakes Blvd in West Palm Beach, FL 33401. Current lease expirations are 3/31/2027 for the front house and Unit A, and 8/31/2027 for Unit B. Walk Score is 36, Bike Score is 55, and Transit Score is 36.
Key Highlights
- Three‑unit triplex with a 3 BR / 1 BA main house and two 2 BR / 1 BA units
- All three units are fully rented
- Roof replaced in 2023
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
$23,598
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
3.66%
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%
$471,960
$472.0K
Cap Rate 7%
$337,114
$337.1K
Cap Rate 9%
$262,200
$262.2K
Market Conditions
NOI Build-Up for 1,261 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
$35.6K $28.20/SF
− Vacancy
−$1.8K −$1.47/SF
EGI
$33.7K $26.73/SF
− OpEx
−$10.1K −$8.02/SF
NOI
$23.6K $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%
$471,960
Cap Rate 7%
$337,114
Cap Rate 9%
$262,200
Alternative Uses
Best Use
Multifamily LT 5
$337.1K
$295.0K – $393.3K
NOI $23,598 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$313.5K
$274.3K – $365.8K
NOI $21,947 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$888.1K
$777.1K – $1.04M
NOI $62,165 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
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?
Triplex - Fully leased residential income property with separate electric and water meters, appliances, and varied cooling systems.
Where is this triplex located?
The property is located at 711 Palm Beach Lakes Blvd West Palm Beach, FL.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Three‑unit triplex with a 3 BR / 1 BA main house and two 2 BR / 1 BA units; All three units are fully rented; Roof replaced in 2023
