Three-Unit Triplex with Updated
For Sale
$645,000
711 Palm Beach Lakes Boulevard, West Palm Beach, FL 33401
Residential Income, West Palm Beach, FL
Property Size1,261 SF
Lot Size0.16 Acres
Price / SF$511.50
Days on Market79
Property Features for 711 Palm Beach Lakes Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
POR (city)
Bedrooms
7
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 7, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 1
Patio and Porch features
Patio
Pets allowed
Call, Yes
Subdivision
FRESHWATER 11TH & 12TH AVE ADD
Elementary school
Pleasant City
Middle school
Roosevelt Community
High school
Palm Beach Lakes
Standard status
Active
APN
74434316020290080
Size
1,261 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FRESHWATER 11TH & 12TH AVE ADD LT 8 BLK 29
Tax Annual Amount
8876
Legal Description
FRESHWATER 11TH & 12TH AVE ADD LT 8 BLK 29
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1938
Floors in Building
2
Number of units
3
Building materials
Concrete Block - With Stucco, Frame, Stucco
Roof type
Shingle
Listing Agency:
Choice Plus Real Estate
(561) 628-4663
Listed By:
Kimberly Joy Castellotti · License #675455
(561) 333-8998
Added: Jun 24
Changed: Sep 6
Last Checked: Sep 10 at 1:06PM
MLS# B26045310
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 1,261-square-foot triplex contains three separate residences on a 0.16-acre lot. The main house has 3 bedrooms and 1 bathroom, while the two additional units each offer 2 bedrooms and 1 bathroom. Unit 1 includes an oven, refrigerator, dishwasher, and central AC; Unit 2 has an oven, refrigerator, central AC, and a window unit; Unit 3 includes an oven, refrigerator, mini-split AC, and an additional window unit.
All three units are currently rented. Separate electric and water meters support individual utility tracking, while the roof was replaced in 2023. The property also includes a patio, public water, public sewer, and an active termite protection plan. Zoning is POR (city). Lease expirations are scheduled for 3/31/2027 for the front house and Unit A, and 8/31/2027 for Unit B.
All three units are currently rented. Separate electric and water meters support individual utility tracking, while the roof was replaced in 2023. The property also includes a patio, public water, public sewer, and an active termite protection plan. Zoning is POR (city). Lease expirations are scheduled for 3/31/2027 for the front house and Unit A, and 8/31/2027 for Unit B.
Key Highlights
- Three‑unit configuration: 3 BR/1 BA main house plus two 2 BR/1 BA units
- 1,261 square feet on a 0.16‑acre lot
- All units fully rented
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
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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
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
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Frequently Asked Questions
What type of property is this?
Triplex - Fully leased three-unit property with separate electric and water meters and varied cooling systems.
Where is this triplex located?
The property is located at 711 Palm Beach Lakes Boulevard 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 configuration: 3 BR/1 BA main house plus two 2 BR/1 BA units; 1,261 square feet on a 0.16‑acre lot; All units fully rented
