32 of 69 Multifamily Listings Near Boca Have Cut Their Price. Here's How to Price Yours Right the First Time

Seller Guide

32 of the 69 multifamily and income properties for sale within about 10 miles of Boca Raton are now asking less than their original list price. The median cut is about $60,000, or 6.9%. Those reduced listings have been on the market a median of 131 days, compared with 83 days for the listings that haven't cut. Most of those price cuts trace back to the first number on the listing, and that's the one number you fully control.

Here's what the MLS data shows about pricing right now, the math buyers use to check your price, and how to set an asking price that doesn't need a correction.

What the Price Cuts Near Boca Are Telling Sellers

These figures come from the MLS data behind Jon's live searches, pulled the morning of November 14, 2026:

• Inventory: 69 active multifamily and income listings: 35 duplexes, 11 triplexes and 23 fourplexes. The median asking price is $850,000.
• Reductions: 32 of the 69 (46%) have cut their price. Eight of those cuts are 10% or more, and the largest is 24.2%.
• Cuts rise with time on market: 3 of the 14 listings on the market 30 days or less have already cut. Among listings on the market more than 180 days, 13 of 20 have cut, and 8 of the 12 that have been listed a year or longer have cut.
• Days on market: the median listing has been active for 113 days, and 39 of 69 have passed 90 days.

A price cut doesn't always mean the first price was wrong. Sometimes a seller's plans change. But the pattern is hard to miss: the longer a listing sits, the more likely the seller ends up chasing the market down.

The Math Buyers Use to Check Your Price

Buyers of duplexes, triplexes and fourplexes don't price your building the way you might. They work backward from income:

• Cap rate: annual net operating income divided by price. Only 14 of the 69 listings report an NOI. Their median implied cap rate is 5.75% (implied cap rate = listing-reported annual NOI / asking price), with a range of about 2.4% to 8.4%.
• Gross rent multiplier: asking price divided by annual gross income. Among the 29 listings where it can be calculated within a plausible range, the median is about 12.
• Price per unit and per sq ft: the median listing asks $375,000 per unit and about $407 per sq ft.

Put those together and you can see where a price stops working. The median fourplex near Boca asks $1,559,000. At the 5.75% median cap rate, that price needs about $89,600 a year in net operating income to pencil out. If your building's actual annual rents, minus actual annual expenses, come in well below that, buyers will notice, and the price cut usually follows.

Here's a simple example with made-up numbers. Say a fourplex rents each unit for $2,500 a month. That's $10,000 a month, or $120,000 a year in gross rent. The open question is expenses: taxes, insurance, repairs, management, reserves and vacancy. If annual expenses run $40,000, annual NOI is $80,000, and at a 5.75% cap rate the building is worth about $1.39 million. If insurance and taxes push annual expenses to $55,000, annual NOI drops to $65,000 and the value falls to about $1.13 million. Same rents, a $260,000 difference. That's why your real expense history matters as much as your rent roll.

Three Pricing Mistakes That Lead to a Cut

• Pricing off a neighbor's asking price. An asking price is a hope, not a sale. Close to half of today's listings have already admitted theirs was too high.
• Pricing off projected rents. Buyers pay for income they can verify. If units are vacant, owner-occupied or rented below market, say so and price for it.
• Leaving out expenses. 55 of the 69 listings don't report an NOI. A buyer who can't see your expenses will assume the worst ones, especially insurance.

How to Set a Price That Holds

Start with a rent roll that shows which units are leased, at what monthly rent and through what date. Add 12 to 24 months of actual expenses, the current tax bill and your insurance renewal. Then compare against recent closed sales, not just active listings, and against the cap rates and gross rent multipliers buyers are seeing today. Price where the numbers support you, and the first two to three weeks on the market, when buyer attention is highest, work for you instead of against you.

Taxes affect your bottom line too. Capital gains, depreciation recapture and a possible 1031 exchange can change what you actually walk away with, so talk with your CPA and a real estate attorney before you set a price or sign a listing agreement. Our Florida 1031 exchange guide is a good place to start.

The Bottom Line

The 32 price cuts near Boca show what happens when the first price is too high. If you own a duplex, triplex, fourplex, small apartment building or commercial property in Boca Raton, Delray Beach, Highland Beach, Deerfield Beach, Pompano Beach, Coral Springs or nearby, Jon can give you a free, no-obligation valuation based on your real rent roll, your real expenses and today's competing listings. 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.

Market figures: data from BeachesMLS as of November 14, 2026, from Jon Shilalis's MLS search of multifamily and income properties within about 10 miles of Boca Raton (69 active for-sale listings). Days on market and original vs current list price are the MLS fields; medians, implied cap rates (listing-reported annual NOI / asking price) and gross rent multipliers (asking price / annual gross income) are our calculations. The fourplex example uses hypothetical numbers. Information is deemed reliable but not guaranteed. This article is general information, not tax or legal advice.