Two-Unit Duplex with Separate
For Sale
$329,900
131 W 35th St Unit 1, Riviera Beach, FL 33404
One unit is renovated, while the second awaits interior completion for a new configuration.
Property Size1,644 SF
Price / SF$200.67
Days on Market59
Property Features for 131 W 35th St Unit 1
General Information
Standard status
Active
Size
1,644 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
blank slate down to the studs
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1956
Buildings
1
Listing Agency:
United Realty Group Inc.
(561) 860-1245
Listed By:
Kiyana Gauvin · License #3372953
Source:
Wesellhomes
Added: Jul 3
Changed: Aug 29
Last Checked: Aug 25 at 5:50AM
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 United Realty Group Inc.
Investment Insights
Based on property information with market context.
This 1,764-square-foot duplex, built in 1956, contains two residential units, each with two bedrooms and one bathroom. One unit has been renovated and is ready for occupancy, while the other is unfinished to the studs, allowing its interior to be completed from the existing structure. Separate electric meters serve the units.
The property is zoned RS-6 by the city and is located in Riviera Beach, near the beach, downtown West Palm Beach, and major highways. The unfinished unit and distinct utility metering provide a clear physical separation between the two residences.
The property is zoned RS-6 by the city and is located in Riviera Beach, near the beach, downtown West Palm Beach, and major highways. The unfinished unit and distinct utility metering provide a clear physical separation between the two residences.
Key Highlights
- Two‑unit duplex with 1,764 SF of total property size
- Two 2‑bedroom, 1‑bath units
- One unit renovated and ready for occupancy
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
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
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 - One unit is renovated, while the second awaits interior completion for a new configuration.
Where is this duplex located?
The property is located at 131 W 35th St Unit 1 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‑unit duplex with 1,764 SF of total property size; Two 2‑bedroom, 1‑bath units; One unit renovated and ready for occupancy
