Duplex with Four Living
For Sale
$799,000
1499 17TH W STREET, Palmetto, FL 34221
Flexible layout includes private entrances, shared laundry, and multiple living areas for extended household or rental use.
Property Size5,132 SF
Price / SF$155.69
Days on Market760
Property Features for 1499 17TH W STREET
General Information
Standard status
Active
Size
5,132 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,979
Building Details
Year Built
1975
Listing Agency:
COLDWELL BANKER REALTY
(813) 245-2858
Listed By:
Rachel McCoy · License #3294805
(813) 245-2858
Source:
Exitrealty
Added: Aug 3, 2024
Changed: Aug 30
Last Checked: Aug 31 at 1:40PM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
Built in 1975, this 5,132-square-foot duplex property combines four separate living spaces with substantial shared and accessory improvements. The larger residence offers 2,392 square feet, a kitchen updated in 2022 with a six-burner gas range, butcher block counters, oversized island, antique sink, and salvaged lighting. It also includes two bedrooms, a Jack-and-Jill bath, laminate flooring, and an insulated Florida room. The second residence contains 1,092 square feet, two bedrooms, one bath, a private entrance, tiled floors, stainless steel appliances, and a newer AC unit.
Additional accommodations include a 258-square-foot efficiency studio with a bathroom, kitchenette, and Murphy bed, plus a furnished studio attached to the oversized garage. The garage has a 20-foot-wide door, storage rooms, workshop space, and shared laundry access. A Tesla solar system with 120 panels carries a 14-year transferable warranty. The property also provides a patio, fruit trees, exterior storage, and no HOA, with boat or RV parking permitted on site. Palmetto amenities and destinations include Snead Island, parks, marinas, schools, shopping, dining, and historic sights.
Additional accommodations include a 258-square-foot efficiency studio with a bathroom, kitchenette, and Murphy bed, plus a furnished studio attached to the oversized garage. The garage has a 20-foot-wide door, storage rooms, workshop space, and shared laundry access. A Tesla solar system with 120 panels carries a 14-year transferable warranty. The property also provides a patio, fruit trees, exterior storage, and no HOA, with boat or RV parking permitted on site. Palmetto amenities and destinations include Snead Island, parks, marinas, schools, shopping, dining, and historic sights.
Key Highlights
- Duplex property with four separate living spaces
- 5,132 SF property built in 1975
- Main residence offers 2,392 SF with a 2022 kitchen update
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
$67,417
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
8.44%
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%
$1,348,340
$1.3M
Cap Rate 7%
$963,100
$963.1K
Cap Rate 9%
$749,078
$749.1K
Market Conditions
NOI Build-Up for 5,132 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
$101.6K $19.80/SF
− Vacancy
−$5.3K −$1.03/SF
EGI
$96.3K $18.77/SF
− OpEx
−$28.9K −$5.63/SF
NOI
$67.4K $13.14/SF
Area
Manatee County, FL
Vacancy
5.22%
Lease Rate
$19.80 /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%
$1,348,340
Cap Rate 7%
$963,100
Cap Rate 9%
$749,078
Alternative Uses
Best Use
Multifamily LT 5
$963.1K
$842.7K – $1.12M
NOI $67,417 @ 7.0% cap · market cap 8.44%
Second Best
Apartment 5plus
$887.1K
$776.2K – $1.03M
NOI $62,096 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,641 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 34221, FL
48,082
Population
24,812
Households
1.9
Avg Household Size
45
Median Age
28%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
892
Density / Sq Mi
$74,314
Median Household Income
$40,072
Median Earnings
$1,459
Median Rent
$298,200
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 - Flexible layout includes private entrances, shared laundry, and multiple living areas for extended household or rental use.
Where is this duplex located?
The property is located at 1499 17TH W STREET Palmetto, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Duplex property with four separate living spaces; 5,132 SF property built in 1975; Main residence offers 2,392 SF with a 2022 kitchen update
