Four-Unit Rental
New
For Sale
$695,000
928 FLAMINGO Drive, West Palm Beach, FL 33401
Three one-bedroom apartments and a studio provide a compact four-unit configuration.
Property Size1,199 SF
Days on Market4
Property Features for 928 FLAMINGO Drive
General Information
Standard status
Active
Size
1,199 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$5,891
Building Details
Building Size
1,199 SF
Year Built
1969
Listing Agency:
Partnership Realty Inc.
Listed By:
Denisse Mabel Zamora Trivino · License #3504232
(561) 360-9418
Source:
Darlenestreit
Added: Sep 28
Changed: Sep 30
Last Checked: Sep 30 at 3:02PM
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 Partnership Realty Inc.
Investment Insights
Based on property information with market context.
Built in 1969, the property contains three one-bedroom, one-bathroom units and a studio with its own bathroom. The studio has been under lease since 2018. The roof and air-conditioning systems were installed in 2018.
The property is a short distance from Flamingo Park and the city center in West Palm Beach.
The property is a short distance from Flamingo Park and the city center in West Palm Beach.
Key Highlights
- Three one‑bedroom, one‑bathroom units and one studio with a bathroom
- Roof and air‑conditioning systems installed in 2018
- Studio lease in place since 2018
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
$22,438
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
3.23%
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%
$448,760
$448.8K
Cap Rate 7%
$320,543
$320.5K
Cap Rate 9%
$249,311
$249.3K
Market Conditions
NOI Build-Up for 1,199 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
$33.8K $28.20/SF
− Vacancy
−$1.8K −$1.47/SF
EGI
$32.1K $26.73/SF
− OpEx
−$9.6K −$8.02/SF
NOI
$22.4K $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%
$448,760
Cap Rate 7%
$320,543
Cap Rate 9%
$249,311
Alternative Uses
Best Use
Multifamily LT 5
$320.5K
$280.5K – $374.0K
NOI $22,438 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$298.1K
$260.9K – $347.8K
NOI $20,868 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$844.4K
$738.9K – $985.1K
NOI $59,108 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,790
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?
Short term rental property - Three one-bedroom apartments and a studio provide a compact four-unit configuration.
Where is this short term rental property located?
The property is located at 928 FLAMINGO Drive West Palm Beach, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Three one‑bedroom, one‑bathroom units and one studio with a bathroom; Roof and air‑conditioning systems installed in 2018; Studio lease in place since 2018
