Four-Unit
New
For Sale
$695,000
928 FLAMINGO Drive, West Palm Beach, FL 33401
Residential Income, West Palm Beach, FL
Property Size1,199 SF
Lot Size0.14 Acres
Price / SF$579.65
Days on Market5
Property Features for 928 FLAMINGO Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SF14 (city)
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Exterior features
Barbecue
Fencing
Gate, Fenced
Subdivision
BONNYVIEW ADD 2
Elementary school
Palm Beach Public
High school
Forest Hill
Standard status
Active
APN
74434328110020010
Size
1,199 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BONNYVIEW ADD NO 2 LTS 1 & 2 BLK 2
Tax Annual Amount
5891
Legal Description
BONNYVIEW ADD NO 2 LTS 1 & 2 BLK 2
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water front
1
Building Details
Year built
1969
Floors in Building
1
Number of units
4
Flooring type
Tile - Ceramic, Concrete, Tile
Building materials
CBS, Frame, Stucco
Roof type
Shingle
Listing Agency:
Partnership Realty Inc.
(561) 355-0270
Listed By:
Denisse Mabel Zamora Trivino · License #3504232
(561) 360-9418
Added: Sep 27
Changed: Oct 1
Last Checked: Oct 1 at 6:06PM
MLS# B26081548
Copyright © 2026 BeachesMLS. 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 1,199-square-foot quadplex in West Palm Beach contains three one-bedroom, one-bathroom residences and a studio with its own bathroom. The studio has been leased since 2018. The roof and air-conditioning systems were installed in 2018, and the property was built in 1969. The 0.14-acre parcel has SF14 city zoning.
The property is a short distance from Flamingo Park and the city center. It has central air and heating, water available, and a connection to public sewer.
The property is a short distance from Flamingo Park and the city center. It has central air and heating, water available, and a connection to public sewer.
Key Highlights
- Four residences: three one‑bedroom, one‑bathroom units and one studio with a bathroom
- 1,199 square feet on a 0.14‑acre parcel
- Studio under lease 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences include three one-bedroom layouts and a separate studio, with a studio lease in place since 2018.
Where is this quadplex 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: Four residences: three one‑bedroom, one‑bathroom units and one studio with a bathroom; 1,199 square feet on a 0.14‑acre parcel; Studio under lease since 2018
