Listing Spotlight
At a glance
- Asking price: $6,300,000 (4 units, $1,575,000 per unit)
- Location: Highland Beach, Palm Beach County, FL
- Listing-reported NOI: $319,988, an implied cap rate of about 5.08% (two units owner-occupied)
- 5,764 sq ft, built 1974, 100-ft deepwater dock, deeded beach access
- Why it stands out: the highest asking price of 67 multifamily listings within about 10 miles of Boca Raton
Out of 67 multifamily and income properties for sale within about 10 miles of Boca Raton this week, one costs more than twice as much as the next. It's a four-unit building in Highland Beach with an asking price of $6,300,000. That works out to $1,575,000 per unit, in a search where the typical listing asks $885,000 for the whole building.
So what makes a fourplex worth $6.3 million? Here's what the listing shows, and what we think it means if you're buying or selling an income property near Boca.
Highland Beach Fourplex: $6,300,000 Asking, 4 Units, 5.08% Implied Cap Rate
The building is in the Bel Lido Estates condominium community in Highland Beach, the barrier-island town between Boca Raton and Delray Beach. According to the listing, it has:
- Units: 4 (three 2-bedroom units and one 3-bedroom unit), each with 2 full baths
- Building area: 5,764 sq ft on a 100 x 130 lot
- Year built: 1974
- Water: canal front on navigable water with a seawall and a 100-ft deepwater dock; the remarks say there are no fixed bridges to the ocean
- Beach: deeded beach access, per the listing
- Updates (per the listing remarks): full impact glass, a 2022 roof, newer appliances and washers/dryers, and two fully renovated units
- Extras: pool, courtyard, garden, barbecue area, balconies and patios, and parking for 16
- Taxes: $54,875 (2025)
It's a new listing, and the price hasn't changed from the original $6,300,000.
The most interesting line in the remarks: the four units are described as grandfathered on a lot where current zoning allows two, which the listing calls "a density that can't be rebuilt today." The listing itself says buyers should verify that, and so would we. If it holds up, that scarcity is a big part of what the price is paying for.
The Numbers: What the Rent Roll Says
The listing shows rents of $8,500, $9,000, $7,500 and $8,000 a month for the four units. Per the listing, two units are leased annually and two are owner-occupied, so ask how much of that is in-place rent versus projected rent. The listing also reports gross income of $420,000, annual expenses of $100,012 and net operating income of $319,988.
Divide the listing-reported NOI by the asking price and you get an implied cap rate of about 5.08%. That figure is based on listing-reported numbers, and with two units owner-occupied, part of that income isn't being collected from tenants today. For context, 14 of the 67 listings in this search report enough figures to calculate one. Their median is about 5.57%, and the highest is about 8.35%, a Pompano Beach building asking $970,000. So the most expensive building in the search isn't the highest-yielding one. It's selling the water and the location.
A quick reality check: the asking price is about 15 times the reported gross income. Expenses run about 24% of gross. Insurance, reserves and condo association costs on the barrier island are the first numbers we would verify, because they can move a waterfront cap rate quickly.
Our Take: Who Buys a $1.6M-per-Door Fourplex?
The buyer isn't someone chasing yield. More likely it's one of these:
- A 1031 exchange buyer who needs to place a large gain into one property that's easy to manage. (See our Florida 1031 exchange guide.)
- A long-term waterfront holder betting that Intracoastal frontage in Highland Beach stays scarce.
- An owner-user who wants to live in one unit and rent the other three, which the listing itself pitches.
Before making an offer, we would ask for leases and rent history, the condo documents and reserves, the seawall condition, flood zone and insurance quotes, and any recent inspection reports. One unit's lease runs through April 30, 2027; full rent history and the other leases aren't disclosed.
What It Means If You Own a Multifamily Near Boca
Pricing like this tends to get owners asking what their own building is worth. Values here still swing on rents, condition, water access and the cap rate a buyer will accept, so your neighbor's asking price isn't your number. If you own a duplex, triplex, fourplex or small apartment building in Boca Raton, Delray Beach, Highland Beach, Deerfield Beach, Pompano Beach or Coral Springs, Jon can run a free valuation based on your real rent roll.
The Bottom Line
A $6.3 million fourplex is an outlier, and the numbers show why: you pay for the water, not the yield. If you want the full listing package, a showing, or a list of cheaper, higher-yielding alternatives, contact Jon Shilalis, email Jon@shilalis.com, or book a call. You can also browse every multifamily listing near Boca on our live MLS search.
Listing courtesy of Compass Florida LLC (MLS# B26097917). Data from BeachesMLS as of November 10, 2026, from Jon Shilalis's MLS search of multifamily and income properties within about 10 miles of Boca Raton (67 active listings). Rankings cover only that search. Information is deemed reliable but not guaranteed and should be independently verified. Shilalis Real Estate is not the listing broker for this property. The implied cap rate is our calculation from the NOI reported in the listing. Zoning and grandfathered-density statements come from the listing remarks and must be verified by the buyer.
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