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Recently Renovated Rent-Stabilized 4-Plex 518 Biscayne Dr 4 Unit Apartment Building $2,326,280 CAD ($581,570 CAD/Unit) 7.05% Cap Rate West Palm Beach, FL 33401
Investment Highlights
- Michelin Star Dining at Your Doorstep: Just a short stroll away is the crown jewel of the area's recent development—Konro
- High walkability to local markets, cafes, and the Intracoastal Waterway.
- Walking Distance from The Green School (whose expansion is happening just two houses away)
- You are walking distance to the Grandview Public Market for casual bites, the Norton Museum of Art for culture, and the boutique shops of The Square
- Located less than 10 minutes from Palm Beach International Airport (PBI) and the pristine beaches of Palm Beach Island
- Upstairs Units (1 & 2) Are 2 BR / 1 BA. Downstairs Units (3 & 4) Are 1 BR / 1 BA
Executive Summary
The "Park Place" Renaissance
The true value of this property lies in its location, just moments from the exploding culinary and cultural scene of the Park Place corridor. This specific pocket of the neighborhood has recently transformed into a destination for the elite food scene. The two warehouses at the end of the drive are vacant and belong to Jeff Greene who plans to repurpose the property for use by the Green School which is walking distance from the 4-plex. TheGreeneSchool.com
This West Palm Beach 4-plex has been meticulously maintained by the owner, with many improvements and repairs over the last 7 years of their ownership, including but not limited to: brand new floors in 3 units, brand new cabinets in 3 of the units, added a new full kitchen to another unit, foundation repairs and more.
3 of the 4 units are paying below market rents creating an opportunity for an immediate addition of +$15k per year of pre-tax cash flow.
The true value of this property lies in its location, just moments from the exploding culinary and cultural scene of the Park Place corridor. This specific pocket of the neighborhood has recently transformed into a destination for the elite food scene. The two warehouses at the end of the drive are vacant and belong to Jeff Greene who plans to repurpose the property for use by the Green School which is walking distance from the 4-plex. TheGreeneSchool.com
This West Palm Beach 4-plex has been meticulously maintained by the owner, with many improvements and repairs over the last 7 years of their ownership, including but not limited to: brand new floors in 3 units, brand new cabinets in 3 of the units, added a new full kitchen to another unit, foundation repairs and more.
3 of the 4 units are paying below market rents creating an opportunity for an immediate addition of +$15k per year of pre-tax cash flow.
Data Room Click Here to Access
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,326,280 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $581,570 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 7.05% | Building Size | 3,612 SF |
| No. Units | 4 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1925/2025 |
| Zoning | SF14-C2 - SF14-C2—HIST. SF HIGH DENSITY CONT. 2 (74-WEST PALM BEACH) | ||
| Price | $2,326,280 CAD |
| Price Per Unit | $581,570 CAD |
| Sale Type | Investment |
| Cap Rate | 7.05% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,612 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1925/2025 |
| Zoning | SF14-C2 - SF14-C2—HIST. SF HIGH DENSITY CONT. 2 (74-WEST PALM BEACH) |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- Yard
- Lawn
Site Amenities
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $3,489 CAD | 900 |
| 2+1 | 2 | $3,626 CAD | 900 |
Walk Score®
Very Walkable (86)
Property Taxes
| Parcel Number | 74-43-43-28-06-019-0030 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,033,793 CAD |
Property Taxes
Parcel Number
74-43-43-28-06-019-0030
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,033,793 CAD
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Recently Renovated Rent-Stabilized 4-Plex | 518 Biscayne Dr
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