Renovated Quadplex Near Lake
For Sale
$1,300,000
909 S N St, Lake Worth, FL 33460
Spacious, renovated quadplex with upside potential near downtown.
Property Size4,800 SF
Lot Size0.31 Acres
Price / SF$270.83
Days on Market162
Property Features for 909 S N St
General Information
Standard status
Active
Size
4,800 SF
Lot size
0.31 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$19,695
Building Details
Building Size
4,800 SF
Year Built
1981
Stories
1
Units
4
Listing Agency:
(561) 307-2452
Listed By:
Robert M Miller · License #3207781
(561) 307-2452
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 2:57PM
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 Robert M Miller
Investment Insights
Based on property information with market context.
This renovated quadplex features four spacious units, each with 2 bedrooms and 2 bathrooms, and approximately 1,200 square feet. The property includes two concrete block duplex buildings situated on nearly a third of an acre. Newer roofs were installed in 2022, and impact windows and doors are present throughout. Each unit has either a washer/dryer or the possibility of hook up, and separate electric and water meters. Ample off-street parking is available. Located minutes from downtown Lake Worth Beach, Bryant Park, and the oceanfront, this property offers rental upside in a high-demand neighborhood. The property has approximately 4,800 total square feet. Potential market rent is $2,300 or more per month per unit, offered at a 5.75% cap rate. The property is ideal for long-term tenants, short-term rental conversion, or 1031 exchange buyers looking for a stabilized, turnkey asset with upside potential. Possible owner financing is available with 40% down.
Key Highlights
- Fully renovated quadplex featuring four spacious 2‑bedroom, 2‑bath units (approx. 1,200 sq ft each).
- Newer roofs (2022) and impact windows & doors throughout.
- Excellent location minutes from downtown Lake Worth Beach, Bryant Park, and the oceanfront.
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
$80,015
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
6.16%
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%
$1,600,300
$1.6M
Cap Rate 7%
$1,143,071
$1.1M
Cap Rate 9%
$889,056
$889.1K
Market Conditions
NOI Build-Up for 4,800 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
$121.0K $25.20/SF
− Vacancy
−$6.7K −$1.39/SF
EGI
$114.3K $23.81/SF
− OpEx
−$34.3K −$7.14/SF
NOI
$80.0K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$1,600,300
Cap Rate 7%
$1,143,071
Cap Rate 9%
$889,056
Alternative Uses
Best Use
Multifamily LT 5
$1.14M
$1.00M – $1.33M
NOI $80,015 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$1.05M
$922.8K – $1.23M
NOI $73,821 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$3.38M
$2.96M – $3.94M
NOI $236,630 @ 7.0% cap · market cap 18.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
577
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Spacious, renovated quadplex with upside potential near downtown.
Where is this quadplex located?
The property is located at 909 S N St Lake Worth, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Fully renovated quadplex featuring four spacious 2‑bedroom, 2‑bath units (approx. 1,200 sq ft each).; Newer roofs (2022) and impact windows & doors throughout.; Excellent location minutes from downtown Lake Worth Beach, Bryant Park, and the oceanfront.
