New Construction
For Sale
$624,900
1623-1625 Chamorro St SE, Palm Bay, FL 32909
Two private residences combine flexible occupancy with rental income potential and no HOA or CDD fees.
Property Size2,784 SF
Price / SF$224.46
Days on Market15
Property Features for 1623-1625 Chamorro St SE
General Information
Standard status
Active
Size
2,784 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
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: Aug 30 at 7:08AM
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 2,784 square feet. Each side offers three bedrooms and two bathrooms, with clear separation between units and a private back porch facing the spacious backyard.
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 efficiency features. The property is near Waterstone, the new Publix shopping center, and ongoing surrounding development in Palm Bay. No HOA or CDD fees are reported.
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 efficiency features. The property is near Waterstone, the new Publix shopping center, and ongoing surrounding development in Palm Bay. No HOA or CDD fees are reported.
Key Highlights
- Built in 2025 with 2,784 SF across two separate residences
- Each unit has 3 bedrooms and 2 bathrooms
- Luxury vinyl plank, large‑format tile, quartz and butcher block countertops, and wood shaker cabinetry
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
$32,664
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
5.23%
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%
$653,280
$653.3K
Cap Rate 7%
$466,629
$466.6K
Cap Rate 9%
$362,933
$362.9K
Market Conditions
NOI Build-Up for 2,784 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
$46.7K $16.76/SF
− OpEx
−$14.0K −$5.03/SF
NOI
$32.7K $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%
$653,280
Cap Rate 7%
$466,629
Cap Rate 9%
$362,933
Alternative Uses
Best Use
Multifamily LT 5
$466.6K
$408.3K – $544.4K
NOI $32,664 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$414.5K
$362.7K – $483.6K
NOI $29,017 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$734.5K
$642.7K – $856.9K
NOI $51,415 @ 7.0% cap · market cap 8.23%
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
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 - Two private residences combine flexible occupancy with rental income potential and no HOA or CDD fees.
Where is this duplex located?
The property is located at 1623-1625 Chamorro St SE Palm Bay, FL.
What is the asking price?
The asking price for this property is $624,900.
What are key features of this property?
This property features: Built in 2025 with 2,784 SF across two separate residences; Each unit has 3 bedrooms and 2 bathrooms; Luxury vinyl plank, large‑format tile, quartz and butcher block countertops, and wood shaker cabinetry
