Triplex with Separate Utility
New
For Sale
$649,000
817 Grant St, West Palm Beach, FL 33407
Residential Income, West Palm Beach, FL
Property Size2,096 SF
Price / SF$309.64
Days on Market1
Property Features for 817 Grant St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
SF11 (ci
Bedrooms
6
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4
Parking
3
Window features
Blinds
Subdivision
WASHINGTON HEIGHTS
Lot features
< 1/4 Acre
Standard status
Active
APN
74434316100100160
Size
2,096 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WASHINGTON HGTS LT 16 BLK 10
Tax Annual Amount
8952
Legal Description
WASHINGTON HGTS LT 16 BLK 10
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1960
Floors in Building
1
Flooring type
Vinyl
Building materials
Block
Listing Agency:
Mast Realty, Inc.
(305) 949-6278
Listed By:
Marci Swatt · License #0243140
(954) 298-3553
Added: Sep 26
Last Checked: Sep 26 at 4:06PM
MLS# A12096121
Copyright © 2026 Miami REALTORS®. 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 2,096-square-foot triplex was built in 1960 with block construction and vinyl flooring. The three apartments have separate water and electric meters, and occupants are responsible for their own utility costs. The property can be operated as rentals or occupied in part by an owner, with the remaining apartments rented. A roof replacement is noted for 2005.
The property is in West Palm Beach, near transportation, a hospital, and downtown. Public sewer service and cable availability are noted.
The property is in West Palm Beach, near transportation, a hospital, and downtown. Public sewer service and cable availability are noted.
Key Highlights
- Three apartments in a 2,096‑square‑foot triplex
- Separate water and electric meters for each apartment; tenants pay their own utilities
- Roof replaced in 2005
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
$39,224
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
6.04%
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%
$784,480
$784.5K
Cap Rate 7%
$560,343
$560.3K
Cap Rate 9%
$435,822
$435.8K
Market Conditions
NOI Build-Up for 2,096 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
$59.1K $28.20/SF
− Vacancy
−$3.1K −$1.47/SF
EGI
$56.0K $26.73/SF
− OpEx
−$16.8K −$8.02/SF
NOI
$39.2K $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%
$784,480
Cap Rate 7%
$560,343
Cap Rate 9%
$435,822
Alternative Uses
Best Use
Multifamily LT 5
$560.3K
$490.3K – $653.7K
NOI $39,224 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$521.1K
$456.0K – $608.0K
NOI $36,480 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,328 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,956
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Individual water and electric meters let occupants pay their own utility costs.
Where is this triplex located?
The property is located at 817 Grant St West Palm Beach, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Three apartments in a 2,096‑square‑foot triplex; Separate water and electric meters for each apartment; tenants pay their own utilities; Roof replaced in 2005
