Updated Duplex with Guest
For Sale
$600,000
915 N K Street, Lake Worth, FL 33460
A legal detached cottage provides additional residential space alongside the main home.
Property Size1,487 SF
Days on Market132
Property Features for 915 N K Street
General Information
Standard status
Active
Size
1,487 SF
Total Parking Spaces
1
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,326
Amenities
screened-in front porch
pergola-covered deck
fire pit seating area
Building Details
Building Size
1,487 SF
Year Built
1945
Buildings
2
Listing Agency:
EXP Realty LLC
Listed By:
Roger Doyon · License #3446313
(305) 343-1711
Source:
Meyerlucas
Added: May 4
Changed: Sep 11
Last Checked: Sep 11 at 2:56PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Built in 1945, this updated duplex property includes a primary residence with 2BR/1BA and a separate legal cottage with 1BR/1BA. The main home offers an open kitchen with bar seating, refinished original hardwood floors, impact-rated windows and doors, and a screened front porch.
Exterior improvements include a spacious backyard with a pergola-covered deck, fire pit seating area, new concrete driveway, and a 1-car garage. The detached cottage can accommodate guests, extended household use, or a separate rental arrangement, as supported by the existing legal configuration.
Exterior improvements include a spacious backyard with a pergola-covered deck, fire pit seating area, new concrete driveway, and a 1-car garage. The detached cottage can accommodate guests, extended household use, or a separate rental arrangement, as supported by the existing legal configuration.
Key Highlights
- Legal detached 1BR/1BA guest cottage
- Main residence includes 2BR/1BA
- Impact windows and doors throughout the main home
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
$24,788
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
4.13%
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%
$495,760
$495.8K
Cap Rate 7%
$354,114
$354.1K
Cap Rate 9%
$275,422
$275.4K
Market Conditions
NOI Build-Up for 1,487 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
$37.5K $25.20/SF
− Vacancy
−$2.1K −$1.39/SF
EGI
$35.4K $23.81/SF
− OpEx
−$10.6K −$7.14/SF
NOI
$24.8K $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%
$495,760
Cap Rate 7%
$354,114
Cap Rate 9%
$275,422
Alternative Uses
Best Use
Multifamily LT 5
$354.1K
$309.9K – $413.1K
NOI $24,788 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$326.7K
$285.9K – $381.2K
NOI $22,869 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$1.05M
$916.3K – $1.22M
NOI $73,306 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,029
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
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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?
Duplex - A legal detached cottage provides additional residential space alongside the main home.
Where is this duplex located?
The property is located at 915 N K Street Lake Worth, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Legal detached 1BR/1BA guest cottage; Main residence includes 2BR/1BA; Impact windows and doors throughout the main home
