Corner-Lot
For Sale
$550,000
Pending
2 RYAPPLE LANE A and B, Palm Coast, FL 32164
Fully leased two-unit property with attached garages, open living areas, and upgraded kitchen finishes.
Property Size3,049 SF
Days on Market512
Property Features for 2 RYAPPLE LANE A and B
General Information
Standard status
Pending
Size
3,049 SF
Total Parking Spaces
4
Property subtype
Multi Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$7,782
Building Details
Year Built
2022
Tenancy
Multi
Listing Agency:
SERHANT
(857) 234-0953
Listed By:
Jocelin Yau · License #3602845
(857) 234-0953
Source:
Exitrealty
Added: Apr 7, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:47PM
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 SERHANT
Investment Insights
Based on property information with market context.
Built in 2022, this fully leased duplex places two four-bedroom residences within one corner-lot property. Each unit includes two full bathrooms, more than 1,500 square feet, and an attached two-car garage that can also provide additional storage. Open-concept interiors feature high vaulted ceilings and tile flooring throughout.
The kitchens are finished with quartz countertops, stainless steel appliances, and tiled backsplashes. The property is positioned a short drive from the beach, Palm Coast Corner, US Route 1, and I-95. There are no HOA or CDD fees. The two-unit layout supports multiple ownership and occupancy arrangements, including leasing both residences or occupying one while leasing the other.
The kitchens are finished with quartz countertops, stainless steel appliances, and tiled backsplashes. The property is positioned a short drive from the beach, Palm Coast Corner, US Route 1, and I-95. There are no HOA or CDD fees. The two-unit layout supports multiple ownership and occupancy arrangements, including leasing both residences or occupying one while leasing the other.
Key Highlights
- Fully leased duplex built in 2022
- Each unit offers 4 bedrooms, 2 full bathrooms, and over 1,500 sq. ft.
- Attached 2‑car garage serving each unit
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
$35,206
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
6.40%
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%
$704,120
$704.1K
Cap Rate 7%
$502,943
$502.9K
Cap Rate 9%
$391,178
$391.2K
Market Conditions
NOI Build-Up for 3,049 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
$53.1K $17.40/SF
− Vacancy
−$2.8K −$0.90/SF
EGI
$50.3K $16.50/SF
− OpEx
−$15.1K −$4.95/SF
NOI
$35.2K $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%
$704,120
Cap Rate 7%
$502,943
Cap Rate 9%
$391,178
Alternative Uses
Best Use
Multifamily LT 5
$502.9K
$440.1K – $586.8K
NOI $35,206 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$446.8K
$391.0K – $521.3K
NOI $31,278 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$732.7K
$641.1K – $854.8K
NOI $51,289 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
97
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 - Fully leased two-unit property with attached garages, open living areas, and upgraded kitchen finishes.
Where is this duplex located?
The property is located at 2 RYAPPLE LANE A and B Palm Coast, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Fully leased duplex built in 2022; Each unit offers 4 bedrooms, 2 full bathrooms, and over 1,500 sq. ft.; Attached 2‑car garage serving each unit
