Renovated Two-Unit
New
For Sale
$849,000
1305 N Palmway, Lake Worth, FL 33460
Separate entrances, private outdoor areas, and hurricane-impact openings support flexible two-unit living.
Property Size1,798 SF
Price / SF$491.89
Days on Market2
Property Features for 1305 N Palmway
General Information
Standard status
Active
Size
1,798 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
SF-R (city)
Taxes and HOA fees
Annual Taxes
$15,080
Building Details
Building Size
1,798 SF
Year Built
1933
Stories
1
Listing Agency:
Illustrated Properties LLC
(561) 312-8713
Listed By:
Jonathan Allen · License #3250090
(561) 312-8713
Source:
Laerrealty
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 18 at 10:28AM
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 Illustrated Properties LLC
Investment Insights
Based on property information with market context.
Renovated in 2021/2022, this duplex contains a 1,066-square-foot front residence and a 660-square-foot rear unit. The primary residence offers two bedrooms and one bathroom, oak flooring, an open kitchen with a separate coffee bar, formal dining space, a walk-in shower, and a wood deck. The second unit includes two bedrooms, one bathroom, a kitchen, storage or closet-conversion space, and a fenced private patio. Each unit has its own entrance, and the rear residence also has alley-accessed off-street parking.
The property includes hurricane-impact windows and doors, recessed lighting, custom window treatments, walk-in closets, and professional landscaping. It is located in a predominantly single-family residential area east of Federal Highway, one block from a golf course and the Intracoastal. The property is currently operated as an Airbnb.
The property includes hurricane-impact windows and doors, recessed lighting, custom window treatments, walk-in closets, and professional landscaping. It is located in a predominantly single-family residential area east of Federal Highway, one block from a golf course and the Intracoastal. The property is currently operated as an Airbnb.
Key Highlights
- Two‑unit duplex with 1,726 SF under air
- Front unit measures 1,066 SF; rear unit measures 660 SF
- Renovated in 2021/2022 with high‑end finishes
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
$28,772
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
3.39%
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%
$575,440
$575.4K
Cap Rate 7%
$411,029
$411.0K
Cap Rate 9%
$319,689
$319.7K
Market Conditions
NOI Build-Up for 1,726 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
$43.5K $25.20/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$41.1K $23.81/SF
− OpEx
−$12.3K −$7.14/SF
NOI
$28.8K $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%
$575,440
Cap Rate 7%
$411,029
Cap Rate 9%
$319,689
Alternative Uses
Best Use
Multifamily LT 5
$411.0K
$359.7K – $479.5K
NOI $28,772 @ 7.0% cap · market cap 3.39%
Second Best
Apartment 5plus
$379.2K
$331.8K – $442.4K
NOI $26,545 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,088 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 33460, FL
36,409
Population
14,769
Households
2.5
Avg Household Size
36
Median Age
24%
College-Educated
72%
High-School Grad
4.7 sq mi
ZIP Area
7,747
Density / Sq Mi
$61,702
Median Household Income
$32,388
Median Earnings
$1,411
Median Rent
$333,200
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 - Separate entrances, private outdoor areas, and hurricane-impact openings support flexible two-unit living.
Where is this duplex located?
The property is located at 1305 N Palmway Lake Worth, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,726 SF under air; Front unit measures 1,066 SF; rear unit measures 660 SF; Renovated in 2021/2022 with high‑end finishes
