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    442 27th St West Palm Beach, FL 33407

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    442 27th St West Palm Beach, FL 33407

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    • Residential income homes
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    • Residential income homes

    Property Details for 442 27th St

    Year built
    1925
    Property type
    Residential income homes
    Property subtype
    Residential income properties

    Description

    Exceptional investment opportunity: a beautifully renovated 3-unit apartment building in desirable West Palm Beach, FL (33407). This property boasts a charming main house (3 bedrooms, 3 baths) featuring 10-foot ceilings with wood beam accents, original hardwood floors, a fireplace, and plaster walls. The first floor includes a den/office, full bath, and laundry. The primary suite offers a new walk-in shower. Three additional bedrooms and two baths are located on the second floor. The kitchen is equipped with brand-new appliances and a gas range. Two additional units, each a 1-bedroom, 1-bathroom apartment with full kitchens, living areas, and patios (one with a screened porch), are housed in a two-story guest house. The property also features a resort-style pool deck complete with lounge areas and a grill, perfect for entertaining. Built in 1924 and extensively renovated in 2019, this property includes a new metal roof, updated electrical service, and a freshly painted exterior. All units are professionally decorated, and furnishings are negotiable. The property currently operates as a successful vacation rental complex ("The Citrus Cottage"), and the owner will assist with transferring future bookings. The 0.18-acre lot offers ample space. The total building size is 3261 square feet. Currently operating at 85% occupancy. Showings are available only when not occupied by guests.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    State
    Florida

    Comparable in this City

    • $5,739,000
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      Preconstruction Intracoastal Residences

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    • $7,990,000
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      Preconstruction Intracoastal Residences with Amenities

      Luxury residences with resort-style amenities on the Intracoastal waterway.
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    • $176,000
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      West Palm Beach Income Property

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      75,870 SF

      West Palm Beach Condominium Community

      68-unit condominium community near West Palm Beach redevelopment initiatives.
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    Similar Nearby for Sale

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      West Palm Beach Income Property

      Residential income property in West Palm Beach near amenities.
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    • $5,739,000
      Pending

      Preconstruction Intracoastal Residences

      Luxury residences with resort-style amenities on the Intracoastal waterway.
      1919 N Flagler Dr, West Palm Beach, FL 33407
      View Details
    • $7,990,000
      Pending

      Preconstruction Intracoastal Residences with Amenities

      Luxury residences with resort-style amenities on the Intracoastal waterway.
      1919 N Flagler Dr, West Palm Beach, FL 33407
      View Details
    • $659,900
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      West Palm Beach Income Property

      Spanish Mission style home with guest house near Nora District.
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    Similar Nearby for Lease

    • $1,600 /Mo

      West Palm Beach Triplex Unit

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    • $1,200,000
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      Commercial Property Near Flagler Drive

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      West Palm Beach Office Space

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      2,244 SF

      Office Space in Metrocentre Park

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    West Palm Beach, FL 33407
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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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    442 27th St, West Palm Beach, FL, 33407

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