Tenant-Occupied
For Sale
$894,900
128 SW 3rd Avenue, Delray Beach, FL 33444
MULTI_FAMILY - Delray Beach, FL
Property Size2,400 SF
Lot Size0.16 Acres
Price / SF$372.88
Days on Market175
Property Features for 128 SW 3rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM(cit
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4
Subdivision
DELRAY BEACH
Directions
I-95 TOATLANTIC BLVD., EAST TO PROPERTY.
Standard status
Active
APN
12434617070380130
Size
2,400 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RESUB OF S 1/2 OF BLK 38 & N 1/2 OF BLK 39~ DELRAY BCH LT 13 BLK 38
Tax Annual Amount
8984
Legal Description
RESUB OF S 1/2 OF BLK 38 & N 1/2 OF BLK 39~ DELRAY BCH LT 13 BLK 38
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1990
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic
Building materials
CBS
Roof type
Composition
Listing Agency:
Highlight Realty Corp/LW
(561) 641-6787
Listed By:
Kuljon Pierre · License #3541989
(561) 662-8301
Added: Feb 18
Changed: Aug 1
Last Checked: Aug 12 at 2:06PM
MLS# R11165334
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This tenant-occupied duplex at 128 SW 3rd Avenue in Delray Beach is configured as two 3-bedroom, 2-bath units. Both units are currently tenant occupied on a month-to-month basis, providing immediate in-place residential income potential. The property was built in 1990 with CBS construction and features ceramic tile flooring. Heating is central, and cooling is central air. The roof is composition.
The site sits on a 0.16-acre lot and totals 2,400 square feet. Public water and public sewer service are available, and cable is listed as available, supporting standard residential utility connections. The property is zoned RM(cit
The site sits on a 0.16-acre lot and totals 2,400 square feet. Public water and public sewer service are available, and cable is listed as available, supporting standard residential utility connections. The property is zoned RM(cit
Key Highlights
- Two 3‑bedroom, 2‑bath units, currently tenant occupied on a month‑to‑month basis
- 2,400 SF duplex on a 0.16‑acre lot
- Built in 1990 with CBS construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,008
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$800,160
$800.2K
Cap Rate 7%
$571,543
$571.5K
Cap Rate 9%
$444,533
$444.5K
Market Conditions
NOI Build-Up for 2,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.5K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$57.2K $23.81/SF
− OpEx
−$17.1K −$7.14/SF
NOI
$40.0K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$800,160
Cap Rate 7%
$571,543
Cap Rate 9%
$444,533
Alternative Uses
Best Use
Multifamily LT 5
$571.5K
$500.1K – $666.8K
NOI $40,008 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$527.3K
$461.4K – $615.2K
NOI $36,910 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,315 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,939
Businesses Nearby
Explore this area
Business Placement
Demographics for 33444, FL
22,671
Population
10,469
Households
2.2
Avg Household Size
41
Median Age
33%
College-Educated
84%
High-School Grad
5.0 sq mi
ZIP Area
4,534
Density / Sq Mi
$74,803
Median Household Income
$37,915
Median Earnings
$1,712
Median Rent
$425,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied duplex on a 0.16-acre lot with public water and sewer and central air conditioning.
Where is this duplex located?
The property is located at 128 SW 3rd Avenue Delray Beach, FL.
What is the asking price?
The asking price for this property is $894,900.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units, currently tenant occupied on a month‑to‑month basis; 2,400 SF duplex on a 0.16‑acre lot; Built in 1990 with CBS construction
