Two-Unit Duplex
For Sale
$499,900
Pending
1602 Meridian Road, West Palm Beach, FL 33417
Duplex with two separate 2-bedroom, 1-bath units, offering straightforward rental income potential for investors.
Property Size1,620 SF
Days on Market146
Property Features for 1602 Meridian Road
General Information
Standard status
Pending
Size
1,620 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,165
Building Details
Building Size
1,620 SF
Year Built
1974
Listing Agency:
CGI Realty
Listed By:
Cynthia De La Paz Valdez · License #3543253
(561) 444-5488
Source:
Darlenestreit
Added: May 5
Changed: Sep 25
Last Checked: Sep 26 at 11:31AM
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 CGI Realty
Investment Insights
Based on property information with market context.
This for-sale duplex is configured as two separate 2-bedroom, 1-bath units, labeled Unit A and Unit B. The property size is listed as 1,850 square feet. It offers a clear, duplex-style layout designed to support two independent households under one ownership.
The address is 1602 Meridian Road in West Palm Beach, Florida. The offering is presented as a purchase opportunity for buyers seeking a residential income property structured as a duplex.
For investors, the unit-by-unit configuration can simplify management compared with larger multi-tenant buildings, since the property consists of two residential units with matching 2/1 layouts. For owner-occupants, it may also support living in one unit while renting the other. Prospective buyers should verify all details and operating considerations directly for their intended use, including financing and any future tenant requirements.
The address is 1602 Meridian Road in West Palm Beach, Florida. The offering is presented as a purchase opportunity for buyers seeking a residential income property structured as a duplex.
For investors, the unit-by-unit configuration can simplify management compared with larger multi-tenant buildings, since the property consists of two residential units with matching 2/1 layouts. For owner-occupants, it may also support living in one unit while renting the other. Prospective buyers should verify all details and operating considerations directly for their intended use, including financing and any future tenant requirements.
Key Highlights
- Duplex built in 1974
- Two separate units: Unit A is 2 bed / 1 bath
- Two separate units: Unit B is 2 bed / 1 bath
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
$30,316
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
6.06%
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%
$606,320
$606.3K
Cap Rate 7%
$433,086
$433.1K
Cap Rate 9%
$336,844
$336.8K
Market Conditions
NOI Build-Up for 1,620 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
$45.7K $28.20/SF
− Vacancy
−$2.4K −$1.47/SF
EGI
$43.3K $26.73/SF
− OpEx
−$13.0K −$8.02/SF
NOI
$30.3K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /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%
$606,320
Cap Rate 7%
$433,086
Cap Rate 9%
$336,844
Alternative Uses
Best Use
Multifamily LT 5
$433.1K
$379.0K – $505.3K
NOI $30,316 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$402.8K
$352.4K – $469.9K
NOI $28,195 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$1.14M
$998.3K – $1.33M
NOI $79,863 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 33417, FL
34,153
Population
20,450
Households
1.7
Avg Household Size
48
Median Age
26%
College-Educated
83%
High-School Grad
6.6 sq mi
ZIP Area
5,175
Density / Sq Mi
$50,077
Median Household Income
$35,036
Median Earnings
$1,533
Median Rent
$159,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with two separate 2-bedroom, 1-bath units, offering straightforward rental income potential for investors.
Where is this duplex located?
The property is located at 1602 Meridian Road West Palm Beach, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Duplex built in 1974; Two separate units: Unit A is 2 bed / 1 bath; Two separate units: Unit B is 2 bed / 1 bath
