Two-Unit Duplex with Separate
For Sale
Contact for pricing
Pending
1005 Green Street, West Palm Beach, FL 33405
Duplex offers two 2-bedroom, 2-bath units with private laundry areas and separate electric meters.
Property Size2,564 SF
Days on Market64
Property Features for 1005 Green Street
General Information
Standard status
Pending
Size
2,564 SF
Property subtype
Multifamily
Zoning
SF7 (city)
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1982
Units
2
Tenancy
Multi
Listing Agency:
Realty Hub
Listed By:
Samuel Deulofeu · License #3647157
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Jul 25 at 7:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty Hub
Investment Insights
Based on property information with market context.
This duplex is configured as two separate units, with each side offering two bedrooms and two bathrooms. Each unit includes a primary suite with a private bathroom, along with its own laundry area. Separate electric meters are in place to support independent utility arrangements for the two households. The property’s total layout provides 4 bedrooms and 4 bathrooms across both units.
The property is positioned in a desirable area with ample parking. Public remarks indicate convenient proximity to shopping, dining, schools, and major roadways, which can support everyday accessibility for tenants and guests.
For investors or owner-occupants, the separate-unit design and independent electric metering can be attractive for flexibility in managing each side of the property. The current tenancy profile described as long-term, stable tenants may also appeal to buyers seeking an income-producing residential setup. Families looking for versatile living may benefit from the ability to occupy one unit while the other remains available as a separate residence, depending on their needs.
The property is positioned in a desirable area with ample parking. Public remarks indicate convenient proximity to shopping, dining, schools, and major roadways, which can support everyday accessibility for tenants and guests.
For investors or owner-occupants, the separate-unit design and independent electric metering can be attractive for flexibility in managing each side of the property. The current tenancy profile described as long-term, stable tenants may also appeal to buyers seeking an income-producing residential setup. Families looking for versatile living may benefit from the ability to occupy one unit while the other remains available as a separate residence, depending on their needs.
Key Highlights
- Duplex built in 1982 with 2 separate units, each offering 2 bedrooms and 2 bathrooms
- Each unit has its own laundry area
- Separate electric meters for added convenience and flexibility
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
$47,981
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
9.07%
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%
$959,620
$959.6K
Cap Rate 7%
$685,443
$685.4K
Cap Rate 9%
$533,122
$533.1K
Market Conditions
NOI Build-Up for 2,564 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
$72.3K $28.20/SF
− Vacancy
−$3.8K −$1.47/SF
EGI
$68.5K $26.73/SF
− OpEx
−$20.6K −$8.02/SF
NOI
$48.0K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /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%
$959,620
Cap Rate 7%
$685,443
Cap Rate 9%
$533,122
Alternative Uses
Best Use
Multifamily LT 5
$685.4K
$599.8K – $799.7K
NOI $47,981 @ 7.0% cap · market cap 9.07%
Second Best
Apartment 5plus
$637.5K
$557.8K – $743.8K
NOI $44,625 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,400 @ 7.0% cap · market cap 23.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
771
Businesses Nearby
Explore this area
Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
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 - Duplex offers two 2-bedroom, 2-bath units with private laundry areas and separate electric meters.
Where is this duplex located?
The property is located at 1005 Green Street West Palm Beach, FL.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Duplex built in 1982 with 2 separate units, each offering 2 bedrooms and 2 bathrooms; Each unit has its own laundry area; Separate electric meters for added convenience and flexibility
