Renovated Duplex With Solar
For Sale
$750,000
1657 Magnolia Dr, West Palm Beach, FL 33403
Two updated villas offer separate utilities, private laundry rooms, and distinct outdoor areas for flexible occupancy.
Property Size1,760 SF
Price / SF$426.14
Days on Market8
Property Features for 1657 Magnolia Dr
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Residential Income
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
$9,728
Amenities
private laundry rooms
screened patio
fenced backyard
impact-rated windows and doors
solar panels
Building Details
Buildings
1
Listing Agency:
Illustrated Properties
(561) 366-1121
Listed By:
Mohammed Ismail · License #3250368
(561) 236-4775
Source:
Exprealty
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 22 at 11:24PM
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
Investment Insights
Based on property information with market context.
This renovated duplex contains two separate residences totaling 1,760 square feet. One villa includes 3 bedrooms and 2 baths, while the second provides 2 bedrooms and 1 bath. Both feature laminate plank flooring, updated interior and exterior paint, LED lighting, chandeliers, private laundry rooms with washer and dryer, separate electric and water meters, and dedicated outdoor areas. Impact-rated windows and doors are installed throughout.
The 2-bedroom, 1-bath residence adds a fenced backyard and screened patio, while the larger villa includes a backyard suited to outdoor use. Solar panels serve the property, and the seller will satisfy the existing solar balance at closing. The duplex also offers access to the Turnpike, parks, shopping, and major amenities in West Palm Beach.
The 2-bedroom, 1-bath residence adds a fenced backyard and screened patio, while the larger villa includes a backyard suited to outdoor use. Solar panels serve the property, and the seller will satisfy the existing solar balance at closing. The duplex also offers access to the Turnpike, parks, shopping, and major amenities in West Palm Beach.
Key Highlights
- Two‑villa duplex totaling 1,760 square feet
- Unit mix includes a 3‑bedroom, 2‑bath villa and a 2‑bedroom, 1‑bath villa
- Separate electric and water meters for each residence
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
$32,936
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
4.39%
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%
$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
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
$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 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%
$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 4.39%
Second Best
Apartment 5plus
$437.6K
$382.9K – $510.5K
NOI $30,632 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.24M
$1.08M – $1.45M
NOI $86,764 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated villas offer separate utilities, private laundry rooms, and distinct outdoor areas for flexible occupancy.
Where is this duplex located?
The property is located at 1657 Magnolia Dr West Palm Beach, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two‑villa duplex totaling 1,760 square feet; Unit mix includes a 3‑bedroom, 2‑bath villa and a 2‑bedroom, 1‑bath villa; Separate electric and water meters for each residence
