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Lucerne Apartments 202 Lucerne Ave 14 Unit Apartment Building $2,980,000 ($212,857/Unit) 6.31% Cap Rate Lake Worth, FL 33460
Investment Highlights
- Transitory License: Rare flexibility for short-term rental conversion, offering significant revenue upside beyond traditional annual leasing.
- Strong Unit Mix: 13 one-bedrooms and 1 two-bedroom, all with central A/C and private balconies.
- Prime Coastal Location: Minutes from the Intracoastal, Lake Worth Beach, and JFK Medical Center.
- Prime Downtown Location: Exceptional walkability just steps from Lake Avenue’s dining, retail, and entertainment in the heart of Lake Worth Beach.
- Value-Add Upside: Strong in-place income with upside through rent growth and laundry revenue.
Executive Summary
Well-located 14-unit multifamily property in the heart of downtown Lake Worth Beach at 202 Lucerne Avenue. The asset consists of thirteen 1-bedroom/1-bath units and one 2-bedroom/1-bath unit, all featuring central A/C, private balconies, and ample natural light, along with an on-site laundry facility for additional income. Built in 1974 with concrete block construction and a stucco exterior, the property is currently operated as annual rentals and also holds a valuable transitory license, allowing for potential conversion to short-term rentals and increased revenue. Positioned just steps from Lake Avenue, the property offers exceptional walkability to dining, retail, and entertainment, and is located just minutes from the Intracoastal Waterway, Lake Worth Beach Park, and JFK Medical Center. Strong in-place income with clear upside through rental growth and operational improvements in a highly active and improving downtown submarket supported by ongoing redevelopment and long-term demand drivers.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$288,120
|
$30.91
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$288,120
|
$30.91
|
| Taxes |
$52,941
|
$5.68
|
| Operating Expenses |
$47,200
|
$5.06
|
| Total Expenses |
$100,141
|
$10.74
|
| Net Operating Income |
$187,979
|
$20.17
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $288,120 |
| Annual Per SF | $30.91 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $288,120 |
| Annual Per SF | $30.91 |
| Taxes | |
|---|---|
| Annual | $52,941 |
| Annual Per SF | $5.68 |
| Operating Expenses | |
|---|---|
| Annual | $47,200 |
| Annual Per SF | $5.06 |
| Total Expenses | |
|---|---|
| Annual | $100,141 |
| Annual Per SF | $10.74 |
| Net Operating Income | |
|---|---|
| Annual | $187,979 |
| Annual Per SF | $20.17 |
Property Facts
| Price | $2,980,000 | Apartment Style | Low-Rise |
| Price Per Unit | $212,857 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 6.31% | Building Size | 9,320 SF |
| Gross Rent Multiplier | 10.47 | No. Stories | 2 |
| No. Units | 14 | Year Built | 1974 |
| Property Type | Multifamily | Parking Ratio | 2.36/1,000 SF |
| Property Subtype | Apartment | Cross Streets | N Palmway |
| Zoning | DT - Downtown | ||
| Price | $2,980,000 |
| Price Per Unit | $212,857 |
| Sale Type | Investment |
| Cap Rate | 6.31% |
| Gross Rent Multiplier | 10.47 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 9,320 SF |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 2.36/1,000 SF |
| Cross Streets | N Palmway |
| Zoning | DT - Downtown |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Heating
- Dining Room
- Freezer
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | 649 |
| 2+1 | 1 | - | 880 |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 38-43-44-21-15-030-0150 | Total Assessment | $2,303,230 |
| Land Assessment | $0 | Annual Taxes | $52,941 ($5.68/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Number
38-43-44-21-15-030-0150
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,303,230
Annual Taxes
$52,941 ($5.68/SF)
Tax Year
2025
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Lucerne Apartments | 202 Lucerne Ave
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