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    3902 Melaleuca Ln Lake Worth Beach, FL 33461

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    3902 Melaleuca Ln Lake Worth Beach, FL 33461

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    • Apartment buildings
    • 3.51 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 3902 Melaleuca Ln

    Year built
    2019
    Lot size
    3.51 lot acres
    Property type
    Apartment buildings

    Description

    Aviara Lake Worth, a 36-unit apartment building in Lake Worth Beach, Florida, presents a compelling investment opportunity. Completed in 2019, this property comprises three two-story buildings situated on a 3.507-acre lot. The complex features a mix of 30 three-bedroom and 6 four-bedroom townhomes, all boasting modern designs and spacious interiors. Zoned RM - Multifamily (Medium Density), Aviara Lake Worth benefits from its location in a rapidly growing municipality, experiencing a 42% population increase between 2010 and 2020. Its proximity to major office markets in Palm Beach County, including over 20,000,000 square feet of office space within a 30-minute drive via I-95 (five minutes away), caters to a strong renter demand. The property offers significant rent growth potential, with comparable new construction townhomes renting for approximately $2,850 per month on average. Furthermore, Aviara Lake Worth participates in Palm Beach County's Workforce Housing Program, with a 25-year restrictive covenant requiring at least six units to be rented to workforce-income persons. The property also includes accretive, assumable fixed-rate debt with a sub 3% interest rate and over 12 years remaining until maturity, providing a highly attractive financial advantage in a rising interest rate environment. The combination of strong rental demand, favorable financing, and participation in a workforce housing program makes Aviara Lake Worth an exceptional investment prospect in a highly desirable location. The address is 3902 Melaleuca Ln, Lake Worth Beach, FL 33461.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lake Worth Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.1044
    Latitude
    26.6056

    Comparable in this City

    • Value Estimation by Request

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      3439 Kirk Rd

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    • Value Estimation
      $660,000
      1,260 SF

      3813 Coconut Rd, Unit 1

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    • Value Estimation
      $520,000
      2,100 SF

      4765 Davis Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,100 SF
      4765 Davis Rd, Lake Worth, FL 33461-5226
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    • Value Estimation
      $645,000
      3,451 SF

      3810 Lk Worth Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,451 SF
      3810 Lk Worth Rd, Lake Worth, FL 33461-4037
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    • Value Estimation
      $6,045,000
      22,408 SF

      2791 Florida Mango Rd

      HIGH-RISE APARTMENTS • 22,408 SF
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    Lake Worth Beach, FL 33461
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    3902 Melaleuca Ln, Lake Worth Beach, FL, 33461

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