Updated Triplex with
For Sale
$999,000
8615 SE Lyons Road, Hobe Sound, FL 33455
Three separate two-bedroom, one-bath units each feature a private patio and in-unit washer/dryer with individually metered electric.
Property Size2,775 SF
Price / SF$360
Days on Market34
Property Features for 8615 SE Lyons Road
General Information
Standard status
Active
Size
2,775 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Amenities
private patio
washer/dryer
separately metered electric
Acres: 0.34, Square Feet: 14994, Features: 1/4 To Less Than 1/2 Acre Lot, Less Than 1 Acre, Fenced, Septic
Roof: Metal, Metal Roof
Fencing: Fenced
Sewer: At Site, Other, Septic Tank, Sewer
Parcel Number: 343842024000000904, Tax Annual Amount: $9,254, Tax Legal Description: LYON'S UNREC BEG N/LN S1/2 LOT 92 78.17' E OF NW COR E 800 FOR BEG E 100 S 150 W 100 & N TO BEG, Tax Year: 2025
Flooring: Tile
Cooling: Central Air
Heating: Heat Pump/Reverse Cycle
Features: Washer Hookup
Number Of Units Total: 2, Standard Status: Active
Elementary School: Hobe Sound, Middle Or Junior School: Murray, High School: South Fork
Living Area: 2775, Architectural Style: One Story, Construction Materials: Concrete Block Construction, CBS Construction, Stucco, Stories: 1, Year Built: 1979, Year Built Details: Newly Updated/Renovated, Building Area Total: 3204, Structure Type: Triplex
County Or Parish: Martin County, MLS Area Major: Lyons's Unrec, Subdivision Name: LYONS'S UNREC,Lyon's Unrec
Leasable Area Units: Square Feet, Property Condition: Substantially Remodeled, Updated/Remodeled, Completely Renovated
Units In Community: 2
Electric On Property YN: t, Electric: 100 Amp Service, Utilities: Septic, Sewer Connected, Water Connected, Sewer Available, Water Available
Possession: Funding, Long Closing Preferred, Negotiable
Water Source: Well
Features: None, Other
Building Details
Year Built
1979
Tenancy
Multi
Listing Agency:
Realty One Group Engage
(856) 981-1909
Listed By:
Patricia Griffith · License #3453592
(856) 981-1909
Source:
Riserealty
Added: Jul 21
Changed: Aug 23
Last Checked: Jul 25 at 7:02AM
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 Realty One Group Engage
Investment Insights
Based on property information with market context.
This recently updated triplex includes three separate two-bedroom, one-bath units. Each unit has its own private patio, an individual washer and dryer, and separately metered electric, supporting straightforward day-to-day management and tenant separation.
Recent improvements include solid surface finishes throughout, newer appliances, updated ceiling fans, modern light fixtures, and other upgrades intended to enhance both functionality and presentation.
The property is described as having a successful history as a short-term rental while also supporting long-term rental demand.
Recent improvements include solid surface finishes throughout, newer appliances, updated ceiling fans, modern light fixtures, and other upgrades intended to enhance both functionality and presentation.
The property is described as having a successful history as a short-term rental while also supporting long-term rental demand.
Key Highlights
- 1979‑built multifamily with three separate 2‑bedroom, 1‑bath units
- Each unit includes a private patio and in‑unit washer/dryer
- Units are separately metered for electric for easier individual utility management
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
$40,752
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
4.08%
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%
$815,040
$815.0K
Cap Rate 7%
$582,171
$582.2K
Cap Rate 9%
$452,800
$452.8K
Market Conditions
NOI Build-Up for 2,775 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
$61.6K $22.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$58.2K $20.98/SF
− OpEx
−$17.5K −$6.29/SF
NOI
$40.8K $14.69/SF
Area
Martin County, FL
Vacancy
5.50%
Lease Rate
$22.20 /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%
$815,040
Cap Rate 7%
$582,171
Cap Rate 9%
$452,800
Alternative Uses
Best Use
Multifamily LT 5
$582.2K
$509.4K – $679.2K
NOI $40,752 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$483.9K
$423.4K – $564.5K
NOI $33,870 @ 7.0% cap · market cap 3.39%
Theoretical Best
Retail
$729.0K
$637.9K – $850.5K
NOI $51,031 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 33455, FL
20,799
Population
11,681
Households
1.8
Avg Household Size
60
Median Age
36%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
367
Density / Sq Mi
$74,149
Median Household Income
$35,161
Median Earnings
$1,193
Median Rent
$395,600
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 - Three separate two-bedroom, one-bath units each feature a private patio and in-unit washer/dryer with individually metered electric.
Where is this triplex located?
The property is located at 8615 SE Lyons Road Hobe Sound, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 1979‑built multifamily with three separate 2‑bedroom, 1‑bath units; Each unit includes a private patio and in‑unit washer/dryer; Units are separately metered for electric for easier individual utility management
