Renovated Duplex with Solar
For Sale
$715,000
1657 MAGNOLIA Drive, West Palm Beach, FL 33417
Two separately metered residences offer private laundry rooms and dedicated outdoor areas.
Property Size2,228 SF
Price / SF$406.25
Days on Market41
Property Features for 1657 MAGNOLIA Drive
General Information
Standard status
Active
Size
2,228 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
RM
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$9,729
Amenities
private laundry rooms
private fenced backyard
screened patio
impact-rated windows and doors
solar panels
Building Details
Building Size
2,228 SF
Year Built
1974
Buildings
1
Stories
1
Listing Agency:
Illustrated Properties
Listed By:
Mohammed Ismail · License #3250368
(561) 236-4775
Source:
Laerrealty
Added: Sep 16
Changed: Oct 25
Last Checked: Oct 26 at 12:52PM
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 Illustrated Properties
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Investment Insights
Based on property information with market context.
Renovated duplex with 1,760 square feet across a 3-bedroom, 2-bath residence and a 2-bedroom, 1-bath residence. Interior updates include tile flooring, fresh paint, LED lighting, and chandeliers. Each unit has separate electric and water meters, a private laundry room with washer and dryer, and its own outdoor area. Impact-rated windows and doors are installed throughout.
The 2-bedroom residence includes a fenced backyard and screened patio, while the 3-bedroom residence has a backyard suited to outdoor use. Solar panels are in place, and the seller will satisfy the existing solar balance at closing. The property was built in 1974, carries RM zoning, and is positioned near Turnpike access, parks, shopping, and major amenities in West Palm Beach.
The 2-bedroom residence includes a fenced backyard and screened patio, while the 3-bedroom residence has a backyard suited to outdoor use. Solar panels are in place, and the seller will satisfy the existing solar balance at closing. The property was built in 1974, carries RM zoning, and is positioned near Turnpike access, parks, shopping, and major amenities in West Palm Beach.
Key Highlights
- 1,760 SF duplex with 3‑bedroom, 2‑bath and 2‑bedroom, 1‑bath residences
- Separate electric and water meters for each unit
- Private laundry rooms with washer and dryer in both residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,936
Cap Rate
4.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$658,720
$658.7K
Cap Rate 7%
$470,514
$470.5K
Cap Rate 9%
$365,956
$366.0K
Market Conditions
NOI Build-Up for 1,760 SF
Gross rent
$49.6K $28.20/SF
− Vacancy
−$2.6K −$1.47/SF
EGI
$47.1K $26.73/SF
− OpEx
−$14.1K −$8.02/SF
NOI
$32.9K $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 Rate 5%
$658,720
Cap Rate 7%
$470,514
Cap Rate 9%
$365,956
Alternative Uses
Best Use
Multifamily LT 5
$470.5K
$411.7K – $548.9K
NOI $32,936 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$437.6K
$382.9K – $510.5K
NOI $30,632 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$1.24M
$1.08M – $1.45M
NOI $86,764 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
694
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
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer private laundry rooms and dedicated outdoor areas.
Where is this duplex located?
The property is located at 1657 MAGNOLIA Drive West Palm Beach, FL.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: 1,760 SF duplex with 3‑bedroom, 2‑bath and 2‑bedroom, 1‑bath residences; Separate electric and water meters for each unit; Private laundry rooms with washer and dryer in both residences
