New Construction Duplex with Florida
New
For Sale
$639,900
1611-1613 Chamorro Street SE, Palm Bay, FL 32909
MULTI_FAMILY - Palm Bay, FL
Property Size2,780 SF
Lot Size0.43 Acres
Price / SF$230.18
Days on Market2
Property Features for 1611-1613 Chamorro Street SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 2, Bedroom 6, Bedroom 4, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking features
Garage, Driveway
Exterior features
Impact Windows
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Freezer, Ice Maker, Microwave, Refrigerator, Tankless Water Heater, Washer/Dryer Stacked
Subdivision
Port Malabar Unit 46
Lot features
Cleared, Sprinklers In Front, Sprinklers In Rear
Elementary school
Sunrise
Middle school
Southwest
High school
Bayside
Directions
From I-95 S ramp to Miami, take exit 173 toward Malabar RD SE. Use the left 2 lanes to take the Malabar Rd ramp to FL-514 E/Malabar. Merge onto Malabar RD SE. Turn right onto S Babcock St. Turn right onto Chamorro St SE
Standard status
Active
APN
29-37-28-Kq-02032.0-0017.00
Size
2,780 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
PORT MALABAR UNIT 46 LOT 17 BLK 2032
Tax Annual Amount
1180
Legal Description
PORT MALABAR UNIT 46 LOT 17 BLK 2032
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block, Stone
Roof type
Shingle
Listing Agency:
ZOOM Realty Group LLC
(954) 777-6336
Listed By:
Cole Nichter · License #3538625
(321) 684-9829
Added: Aug 14
Last Checked: Aug 15 at 4:06AM
MLS# 1085050
Copyright © 2026 Space Coast Association of Realtors. 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.
Completed in 2025, this duplex contains two separate residences, each with 3 bedrooms and 2 bathrooms. The property totals 2,780 square feet on 0.43 acres, with a layout that provides clear 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 windows and doors, LED lighting, and tankless water heaters add practical upgrades to both residences. Each unit also has an enclosed Florida room overlooking the backyard.
The property is located at 1611-1613 Chamorro Street SE in Palm Bay, near Waterstone and the new Publix shopping center. Parking includes garages and driveways. Public water and septic service are provided, and the building has block and stone construction with a shingle roof.
The property is located at 1611-1613 Chamorro Street SE in Palm Bay, near Waterstone and the new Publix shopping center. Parking includes garages and driveways. Public water and septic service are provided, and the building has block and stone construction with a shingle roof.
Key Highlights
- Duplex built in 2025 with 2 residences, each offering 3 bedrooms and 2 bathrooms
- 2,780 square feet on a 0.43‑acre parcel
- Enclosed Florida room included with 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
$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
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
55
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 - Two distinct residences feature contemporary finishes, separate living areas, and enclosed Florida rooms facing the backyard.
Where is this duplex located?
The property is located at 1611-1613 Chamorro Street 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: Duplex built in 2025 with 2 residences, each offering 3 bedrooms and 2 bathrooms; 2,780 square feet on a 0.43‑acre parcel; Enclosed Florida room included with each unit
