New Construction 2-Unit
For Sale
$639,900
1611-1613 Chamorro St SE, Palm Bay, FL 32909
Each residence includes three bedrooms, two bathrooms, and an enclosed Florida room overlooking the backyard.
Property Size2,780 SF
Price / SF$230.18
Days on Market18
Property Features for 1611-1613 Chamorro St SE
General Information
Standard status
Active
Size
2,780 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
impact windows and doors
energy efficient LED lighting
tankless water heaters
enclosed Florida room
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Keller Williams Space Coast
(321) 877-4800
Listed By:
Lynnette Hendricks · License #651304
(321) 877-4800
Source:
Floridaeastcoastrealestate
Added: Aug 16
Changed: Aug 30
Last Checked: Sep 1 at 6:04PM
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 Keller Williams Space Coast
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two separate residences totaling 2,780 square feet. Each side offers three bedrooms and two bathrooms, with a layout designed to maintain separation between units. Interior finishes include luxury vinyl plank flooring, large-format tile, quartz and butcher block countertops, wood shaker cabinetry, and black and brass fixtures. Impact-rated windows and doors, LED lighting, and tankless water heaters are installed throughout. Both residences also feature enclosed Florida rooms positioned toward the backyard, adding flexible year-round living space.
The property is located at 1611-1613 Chamorro St SE in Palm Bay, near Waterstone, the new Publix shopping center, and ongoing surrounding development. There are no HOA or CDD fees. The two-unit configuration supports separate occupancy, leasing of both residences, or multigenerational use.
The property is located at 1611-1613 Chamorro St SE in Palm Bay, near Waterstone, the new Publix shopping center, and ongoing surrounding development. There are no HOA or CDD fees. The two-unit configuration supports separate occupancy, leasing of both residences, or multigenerational use.
Key Highlights
- 2025‑built duplex with two private residences
- Each unit has 3 bedrooms and 2 bathrooms
- 2,780 square feet across both residences
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
$32,617
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
5.10%
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%
$652,340
$652.3K
Cap Rate 7%
$465,957
$466.0K
Cap Rate 9%
$362,411
$362.4K
Market Conditions
NOI Build-Up for 2,780 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
$50.4K $18.12/SF
− Vacancy
−$3.8K −$1.36/SF
EGI
$46.6K $16.76/SF
− OpEx
−$14.0K −$5.03/SF
NOI
$32.6K $11.73/SF
Area
Palm Bay, FL
Vacancy
7.50%
Lease Rate
$18.12 /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%
$652,340
Cap Rate 7%
$465,957
Cap Rate 9%
$362,411
Alternative Uses
Best Use
Multifamily LT 5
$466.0K
$407.7K – $543.6K
NOI $32,617 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$413.9K
$362.2K – $482.9K
NOI $28,975 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$733.4K
$641.8K – $855.7K
NOI $51,341 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Explore this area
Business Placement
Demographics for 32909, FL
36,789
Population
14,278
Households
2.6
Avg Household Size
42
Median Age
23%
College-Educated
92%
High-School Grad
57.7 sq mi
ZIP Area
638
Density / Sq Mi
$76,708
Median Household Income
$36,071
Median Earnings
$1,502
Median Rent
$261,400
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 - Each residence includes three bedrooms, two bathrooms, and an enclosed Florida room overlooking the backyard.
Where is this duplex located?
The property is located at 1611-1613 Chamorro St SE Palm Bay, FL.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: 2025‑built duplex with two private residences; Each unit has 3 bedrooms and 2 bathrooms; 2,780 square feet across both residences
