Two-Unit Duplex with Renovated
For Sale
Under Contract
$329,900
131 W 35th Street, Riviera Beach, FL 33404
Residential Income, Riviera Beach, FL
Property Size1,644 SF
Lot Size0.12 Acres
Price / SF$200.67
Days on Market143
Property Features for 131 W 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS-6 (city)
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2
Patio and Porch features
Patio
Pets allowed
Dogs OK, Cats OK, No, Yes
Subdivision
WHITE CAPS SUB
Lot features
Fruit Tree(s)
Elementary school
Lincoln
Middle school
John F. Kennedy (Palm Beach)
High school
Palm Beach Gardens
Directions
Driving north on I-95, take the Blue Heron Boulevard exit and head east. Turn left onto Avenue F, then right onto 34th Street, then left onto Avenue E. Make another left onto W 35th Street; the property will be on the left.
Special listing conditions
Short Sale
Standard status
Active Under Contract
APN
56434228300020170
Size
1,644 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WHITE CAPS SUB LT 17 BLK 2
Tax Annual Amount
6504
Legal Description
WHITE CAPS SUB LT 17 BLK 2
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Block, CBS
Roof type
Shingle
Listing Agency:
United Realty Group Inc.
(954) 450-2000
Listed By:
Kiyana Gauvin · License #3372953
(561) 860-1245
Added: Apr 22
Changed: Sep 8
Last Checked: Sep 11 at 11:06PM
MLS# B26019511
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 1,644-square-foot duplex, built in 1956 on a 0.12-acre lot, contains two 2-bedroom, 1-bath units. One unit has been renovated and is ready for occupancy; the second has been taken down to the studs for a future interior buildout. Separate electric meters support independent utility tracking for each residence.
The property uses block construction with shingle roofing, vinyl flooring, central heating, central air, public water, and public sewer. A patio provides additional exterior space. It is zoned RS-6 by the city and located in Riviera Beach near the beach, downtown West Palm Beach, and major highways.
The property uses block construction with shingle roofing, vinyl flooring, central heating, central air, public water, and public sewer. A patio provides additional exterior space. It is zoned RS-6 by the city and located in Riviera Beach near the beach, downtown West Palm Beach, and major highways.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,644‑square‑foot duplex
- One unit renovated and move‑in ready
- Second unit is open to the studs for interior reconstruction
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
$27,405
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
8.31%
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%
$548,100
$548.1K
Cap Rate 7%
$391,500
$391.5K
Cap Rate 9%
$304,500
$304.5K
Market Conditions
NOI Build-Up for 1,644 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
$41.4K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.2K $23.81/SF
− OpEx
−$11.7K −$7.14/SF
NOI
$27.4K $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%
$548,100
Cap Rate 7%
$391,500
Cap Rate 9%
$304,500
Alternative Uses
Best Use
Multifamily LT 5
$391.5K
$342.6K – $456.8K
NOI $27,405 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$361.2K
$316.1K – $421.4K
NOI $25,284 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,046 @ 7.0% cap · market cap 24.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 33404, FL
31,869
Population
15,990
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
87%
High-School Grad
7.3 sq mi
ZIP Area
4,366
Density / Sq Mi
$60,225
Median Household Income
$35,521
Median Earnings
$1,507
Median Rent
$305,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is completed, while the second awaits interior reconstruction and customization.
Where is this duplex located?
The property is located at 131 W 35th Street Riviera Beach, FL.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units within a 1,644‑square‑foot duplex; One unit renovated and move‑in ready; Second unit is open to the studs for interior reconstruction
