New Construction
New
For Sale
$624,900
1623-1625 Chamorro Street SE, Palm Bay, FL 32909
MULTI_FAMILY - Palm Bay, FL
Property Size2,784 SF
Lot Size0.43 Acres
Price / SF$224.46
Days on Market2
Property Features for 1623-1625 Chamorro Street SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 1
Parking features
Garage
Exterior features
Impact Windows
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Freezer, Microwave, Refrigerator, Tankless Water Heater, Washer/Dryer Stacked
Subdivision
Port Malabar Unit 46
Lot features
Cleared
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
Size
2,784 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1133
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Number of units
2
Building materials
Block, Stucco
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# 1085051
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 2,784 square feet across two distinct residences. Each side offers 3 bedrooms and 2 bathrooms, creating clear separation between living spaces and flexibility for an owner occupant, leasing, or multigenerational use. 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, tankless water heaters, central air, and electric heating add to the property’s features. Both residences open to back porches facing the 0.43-acre backyard. The property also includes garage parking, public water, and septic service, with no HOA or CDD fees. It is near Waterstone, a new Publix shopping center, and ongoing surrounding development in Palm Bay, Florida.
Key Highlights
- 2025‑built duplex with 2,784 square feet
- Two residences, each with 3 bedrooms and 2 bathrooms
- 0.43‑acre parcel with a spacious backyard and back porches
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
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 separate residences support owner occupancy, rental use, or multigenerational living arrangements.
Where is this duplex located?
The property is located at 1623-1625 Chamorro Street 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: 2025‑built duplex with 2,784 square feet; Two residences, each with 3 bedrooms and 2 bathrooms; 0.43‑acre parcel with a spacious backyard and back porches
