Two-Unit Duplex
For Sale
Under Contract
$499,900
1602 Meridian Road, West Palm Beach, FL 33417
Residential Income, West Palm Beach, FL
Property Size1,620 SF
Lot Size0.23 Acres
Price / SF$308.58
Days on Market137
Property Features for 1602 Meridian Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 1
Window features
Blinds
Pets allowed
Yes, No
Fencing
Fenced
Subdivision
PLANTATION VILLAGE UNREC ON AM-8
Elementary school
Wynnebrook
Middle school
Jeaga
High school
Royal Palm Beach
Directions
Okeechobee Blvd to Meridian Rd
Standard status
Active Under Contract
APN
00424326040250130
Size
1,620 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PLANTATION VILLAGE LT 13 BLK 25
Tax Annual Amount
5165
Legal Description
PLANTATION VILLAGE LT 13 BLK 25
Utilities
Utilities
Water Available
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1974
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Concrete, Stucco
Roof type
Shingle
Listing Agency:
CGI Realty
(561) 507-0107
Listed By:
Cynthia De L Valdez · License #3543253
(561) 444-5488
Added: May 2
Changed: Sep 13
Last Checked: Sep 15 at 3:06AM
MLS# B26023574
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 1602 Meridian Road in West Palm Beach contains 1,620 square feet across two residences. Unit A and Unit B each include two bedrooms and one bathroom, providing a clear two-unit layout within the 1974-built property. Concrete and stucco construction, tile flooring, central heating, and central air serve the building, while fencing encloses the 0.23-acre lot.
The property has public water available through a public water source and uses a septic tank for sewer service. A shingle roof completes the structure, and the property is located in Palm Beach County, Florida, within postal code 33417.
The property has public water available through a public water source and uses a septic tank for sewer service. A shingle roof completes the structure, and the property is located in Palm Beach County, Florida, within postal code 33417.
Key Highlights
- Two‑unit duplex with 2/1 Unit A and 2/1 Unit B
- 1,620 square feet of property size
- 0.23‑acre lot
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Concrete-and-stucco duplex with two separately configured two-bedroom residences.
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: Two‑unit duplex with 2/1 Unit A and 2/1 Unit B; 1,620 square feet of property size; 0.23‑acre lot
