Six-Bedroom Duplex with
For Sale
$810,000
Pending
1717 Ne 3rd Ave, Delray Beach, FL 33483
Two separate residences provide in-unit laundry, central air conditioning, and private living areas.
Property Size1,964 SF
Days on Market69
Property Features for 1717 Ne 3rd Ave
General Information
Standard status
Pending
Size
1,964 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,602
Amenities
indoor washer and dryer
central A/C
large backyard
Listing Agency:
Serhant
(561) 870-5598
Listed By:
Lemore Zausner · License #3473755
(561) 870-5598
Source:
Exprealty
Added: Jun 22
Changed: Aug 22
Last Checked: Aug 29 at 12:34PM
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 Serhant
Investment Insights
Based on property information with market context.
This duplex contains two separate residences, with each unit offering 3 bedrooms and 2 bathrooms. Both units include an indoor washer and dryer, central A/C, and dedicated living space. The property is in very good condition and includes a large backyard suitable for outdoor use and pets.
The property is located at 1717 NE 3rd Ave in Delray Beach, just north of Atlantic Avenue. Downtown Delray Beach is approximately a 2-minute drive away, with shopping, dining, entertainment, and beaches in the surrounding area. The layout, independent unit features, and outdoor space provide a straightforward configuration for residential occupancy.
The property is located at 1717 NE 3rd Ave in Delray Beach, just north of Atlantic Avenue. Downtown Delray Beach is approximately a 2-minute drive away, with shopping, dining, entertainment, and beaches in the surrounding area. The layout, independent unit features, and outdoor space provide a straightforward configuration for residential occupancy.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 bathrooms in each unit
- Indoor washer and dryer provided separately in both units
- Central A/C serves 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
$32,739
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
4.04%
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%
$654,780
$654.8K
Cap Rate 7%
$467,700
$467.7K
Cap Rate 9%
$363,767
$363.8K
Market Conditions
NOI Build-Up for 1,964 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
$49.5K $25.20/SF
− Vacancy
−$2.7K −$1.39/SF
EGI
$46.8K $23.81/SF
− OpEx
−$14.0K −$7.14/SF
NOI
$32.7K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$654,780
Cap Rate 7%
$467,700
Cap Rate 9%
$363,767
Alternative Uses
Best Use
Multifamily LT 5
$467.7K
$409.2K – $545.7K
NOI $32,739 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$431.5K
$377.6K – $503.4K
NOI $30,205 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,821 @ 7.0% cap · market cap 11.95%
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
537
Businesses Nearby
Explore this area
Business Placement
Demographics for 33483, FL
13,103
Population
9,493
Households
1.4
Avg Household Size
59
Median Age
57%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
3,448
Density / Sq Mi
$117,854
Median Household Income
$60,502
Median Earnings
$2,306
Median Rent
$755,700
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 provide in-unit laundry, central air conditioning, and private living areas.
Where is this duplex located?
The property is located at 1717 Ne 3rd Ave Delray Beach, FL.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 bathrooms in each unit; Indoor washer and dryer provided separately in both units; Central A/C serves each unit
