2021 Duplex with Open
For Sale
$485,000
148 SECRETARY Trail, Palm Coast, FL 32164
Residential Income, PALM COAST, FL
Property Size2,422 SF
Lot Size0.23 Acres
Price / SF$200.25
Days on Market11
Property Features for 148 SECRETARY Trail
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
DPX
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Family Room, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1
Window features
Blinds, Double Pane Windows
Pets allowed
Cats OK, Dogs OK
Interior features
Ceiling Fans(s), Kitchen/Family Room Combo, Open Floorplan, Solid Surface Counters, Solid Wood Cabinets, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Private Mailbox
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
PALM COAST SEC 58
Directions
State HWY 100E to Seminole Woods to Sesame BLVD to Selma Trail to Secretary TRL
Standard status
Active
APN
07-11-31-7058-00820-0070
Size
2,422 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PALM COAST SEC 58 BLK 82 LOT 7 OR 487/1340 OR 2325/1392
Tax Annual Amount
6045
Legal Description
PALM COAST SEC 58 BLK 82 LOT 7 OR 487/1340 OR 2325/1392
Utilities
Sewer type
Public Sewer
Heating system
Central, Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2021
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
VIRTUAL HOMES REALTY
(386) 569-5383
Listed By:
Kseniya Edwards · License #3312959
(386) 237-7688
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 29 at 5:06PM
MLS# FC320680
Copyright © 2026 Stellar MLS. 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.
Located at 148 Secretary Trail in Palm Coast, this duplex contains two residential units within a 2,422-square-foot property on 0.23 acres. The building was constructed in 2021 and offers an open floorplan, kitchen and family room combination, solid surface counters, solid wood cabinets, walk-in closets, ceiling fans, window treatments, and thermostats. Each unit includes residential living space designed for separate occupancy.
The property is served by public water and public sewer. Construction includes block and stucco, with ceramic tile flooring, a shingle roof, central air conditioning, electric heat, a heat pump, and a private mailbox. Appliances include a dishwasher, microwave, range, and refrigerator. DPX zoning is also identified for the property.
The property is served by public water and public sewer. Construction includes block and stucco, with ceramic tile flooring, a shingle roof, central air conditioning, electric heat, a heat pump, and a private mailbox. Appliances include a dishwasher, microwave, range, and refrigerator. DPX zoning is also identified for the property.
Key Highlights
- Two‑unit duplex with 2,422 square feet on 0.23 acres
- Constructed in 2021 with block and stucco construction
- DPX zoning
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
$27,966
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
5.77%
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%
$559,320
$559.3K
Cap Rate 7%
$399,514
$399.5K
Cap Rate 9%
$310,733
$310.7K
Market Conditions
NOI Build-Up for 2,422 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
$42.1K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$40.0K $16.50/SF
− OpEx
−$12.0K −$4.95/SF
NOI
$28.0K $11.55/SF
Area
Flagler County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$559,320
Cap Rate 7%
$399,514
Cap Rate 9%
$310,733
Alternative Uses
Best Use
Multifamily LT 5
$399.5K
$349.6K – $466.1K
NOI $27,966 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$354.9K
$310.6K – $414.1K
NOI $24,846 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$582.0K
$509.3K – $679.0K
NOI $40,742 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 32164, FL
49,412
Population
22,902
Households
2.2
Avg Household Size
48
Median Age
26%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
1,520
Density / Sq Mi
$71,738
Median Household Income
$37,976
Median Earnings
$1,724
Median Rent
$308,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature private living spaces, public utilities, and ceramic tile flooring throughout.
Where is this duplex located?
The property is located at 148 SECRETARY Trail Palm Coast, FL.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,422 square feet on 0.23 acres; Constructed in 2021 with block and stucco construction; DPX zoning
