6-Unit Multifamily
For Sale
$1,150,000
A-3063 Floweva St, Palm Springs, FL 33406
Three separate buildings offer a varied unit mix with individual electric metering and select private fenced backyards.
Property Size3,940 SF
Price / SF$291.88
Days on Market124
Property Features for A-3063 Floweva St
General Information
Standard status
Active
Size
3,940 SF
Financials
Asking Price
$1,125,000
Cap Rate
5.3%
Gross Income
$106,800
Units
Unit Mix
3 x 1BR/1BA, 2 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$13,183
Amenities
private fenced backyards
on-site laundry
Building Details
Buildings
3
Listing Agency:
The Keyes Company
(561) 577-0398
Listed By:
Michael J Johnston · License #3342965
(561) 577-0398
Source:
Exprealty
Added: Apr 30
Changed: Aug 29
Last Checked: Aug 29 at 8:31PM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This 6-unit multifamily property comprises three buildings on one parcel. The front triplex includes two 1-bedroom/1-bath units and one 3-bedroom/1-bath unit. A rear duplex adds two 2-bedroom/1-bath units, while a detached 1-bedroom/1-bath cottage completes the configuration. Several residences have private fenced backyards, and each unit is separately metered for electricity.
The property is described as being in overall good condition with no major deferred maintenance. One 1-bedroom/1-bath unit is scheduled for delivery vacant in June. Two on-site laundry machines serve residents through refillable laundry card systems. Existing leases include terms extending through 10/31/2026 and 3/31/2027, with leases transitioning to month-to-month at expiration. The current cap rate is approximately 5.3%, with a pro forma cap rate of approximately 6.9%+ based on market rents. The property is located at A-3063 Floweva St in Palm Springs, FL.
The property is described as being in overall good condition with no major deferred maintenance. One 1-bedroom/1-bath unit is scheduled for delivery vacant in June. Two on-site laundry machines serve residents through refillable laundry card systems. Existing leases include terms extending through 10/31/2026 and 3/31/2027, with leases transitioning to month-to-month at expiration. The current cap rate is approximately 5.3%, with a pro forma cap rate of approximately 6.9%+ based on market rents. The property is located at A-3063 Floweva St in Palm Springs, FL.
Key Highlights
- 6‑unit configuration across three separate buildings on one parcel
- Unit mix includes two 1‑bedroom/1‑bath units, two 2‑bedroom/1‑bath units, one 3‑bedroom/1‑bath unit, and one cottage
- Each unit has its own electric meter
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
$60,595
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
5.27%
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%
$1,211,900
$1.2M
Cap Rate 7%
$865,643
$865.6K
Cap Rate 9%
$673,278
$673.3K
Market Conditions
NOI Build-Up for 3,940 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
$115.4K $29.28/SF
− Vacancy
−$5.2K −$1.32/SF
EGI
$110.2K $27.96/SF
− OpEx
−$49.6K −$12.58/SF
NOI
$60.6K $15.38/SF
Area
Palm Beach County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,211,900
Cap Rate 7%
$865,643
Cap Rate 9%
$673,278
Alternative Uses
Best Use
Apartment 5plus
$865.6K
$757.4K – $1.01M
NOI $60,595 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.43M – $3.24M
NOI $194,234 @ 7.0% cap · market cap 16.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,618
Businesses Nearby
Explore this area
Business Placement
Demographics for 33406, FL
27,663
Population
9,426
Households
2.9
Avg Household Size
39
Median Age
24%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
3,180
Density / Sq Mi
$79,696
Median Household Income
$37,453
Median Earnings
$1,677
Median Rent
$358,300
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?
Apartment building - Three separate buildings offer a varied unit mix with individual electric metering and select private fenced backyards.
Where is this apartment building located?
The property is located at A-3063 Floweva St Palm Springs, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 6‑unit configuration across three separate buildings on one parcel; Unit mix includes two 1‑bedroom/1‑bath units, two 2‑bedroom/1‑bath units, one 3‑bedroom/1‑bath unit, and one cottage; Each unit has its own electric meter
