Duplex with Two-Car
For Sale
$565,000
Pending
1 WHEEL PLACE, Palm Coast, FL 32164
Tenant-occupied property offers two separately configured residences with private outdoor areas and direct access to attached garages.
Property Size2,622 SF
Lot Size0.33 Acres
Days on Market882
Property Features for 1 WHEEL PLACE
General Information
Standard status
Pending
Size
2,622 SF
Total Parking Spaces
4
Lot size
0.33 Acres
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$842
Building Details
Year Built
2023
Buildings
1
Listing Agency:
WATSON REALTY CORP
(386) 290-0613
Listed By:
Carol Carroll · License #3530074
(386) 290-0613
Source:
Exitrealty
Added: Apr 2, 2024
Changed: Aug 31
Last Checked: Aug 30 at 1:06PM
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 WATSON REALTY CORP
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains 2,622 SF across two fully firewall-separated residences. Each unit provides 1,311 SF of living space, an open living area with cathedral ceilings ranging from 10'-13', recessed lighting, three bedrooms, two bathrooms, a kitchen with quartz countertops and tile backsplash, and a 158 SF covered, tiled lanai. Each side also includes a 499 SF two-car garage with an electric opener, pull-down attic stairs, epoxy-coated flooring, and Samsung washer and dryer. Interior details include eight-foot doors, ten-foot ceilings, ceiling fans throughout, a tray ceiling in the primary bedroom, and tiled bath surrounds with glass shower enclosure in the primary suite.
Key Highlights
- 2,622 SF duplex on a 14,258 SF lot (.33 Acres)
- Two 1,311 SF units, each with a 499 SF two‑car garage
- Both units currently tenant‑occupied under 6‑12 month leases
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
$30,275
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
5.36%
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%
$605,500
$605.5K
Cap Rate 7%
$432,500
$432.5K
Cap Rate 9%
$336,389
$336.4K
Market Conditions
NOI Build-Up for 2,622 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
$45.6K $17.40/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$43.3K $16.50/SF
− OpEx
−$13.0K −$4.95/SF
NOI
$30.3K $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%
$605,500
Cap Rate 7%
$432,500
Cap Rate 9%
$336,389
Alternative Uses
Best Use
Multifamily LT 5
$432.5K
$378.4K – $504.6K
NOI $30,275 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$384.2K
$336.2K – $448.3K
NOI $26,897 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$630.1K
$551.3K – $735.1K
NOI $44,106 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
67
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 - Tenant-occupied property offers two separately configured residences with private outdoor areas and direct access to attached garages.
Where is this duplex located?
The property is located at 1 WHEEL PLACE Palm Coast, FL.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 2,622 SF duplex on a 14,258 SF lot (.33 Acres); Two 1,311 SF units, each with a 499 SF two‑car garage; Both units currently tenant‑occupied under 6‑12 month leases
