Updated Triplex With RV
For Sale
$875,000
1947 Holman Dr, North Palm Beach, FL 33408
Three connected units offer a compact multifamily configuration in a non-HOA community near the beach.
Property Size1,598 SF
Price / SF$547.56
Days on Market71
Property Features for 1947 Holman Dr
General Information
Standard status
Active
Size
1,598 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,065
Amenities
water softener and water purification system
mature fruit trees
additional storage space
Building Details
Buildings
1
Listing Agency:
Coldwell Banker/ WPB
(954) 614-2080
Listed By:
Chloe Zambrano · License #3492662
(954) 614-2080
Source:
Exprealty
Added: Jun 6
Changed: Aug 12
Last Checked: Aug 14 at 12:26PM
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 Coldwell Banker/ WPB
Investment Insights
Based on property information with market context.
This 1,598-square-foot triplex contains three connected residential units within a compact multifamily configuration. The property has all-new electrical wiring, along with a recently added water softener and water purification system. Mature fruit trees and supplemental storage suitable for a boat, trailer, or RV add functional value to the site.
The property is located in Juno Ridge near PGA Blvd and the beach. Its non-HOA setting supports flexibility for an income-producing multifamily use or a live-and-rent arrangement, as described for the property.
The property is located in Juno Ridge near PGA Blvd and the beach. Its non-HOA setting supports flexibility for an income-producing multifamily use or a live-and-rent arrangement, as described for the property.
Key Highlights
- 1,598‑square‑foot triplex with three connected units
- All‑new electrical throughout the property
- Recently installed water softener and water purification system
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
$26,638
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
3.04%
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%
$532,760
$532.8K
Cap Rate 7%
$380,543
$380.5K
Cap Rate 9%
$295,978
$296.0K
Market Conditions
NOI Build-Up for 1,598 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
$40.3K $25.20/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$38.1K $23.81/SF
− OpEx
−$11.4K −$7.14/SF
NOI
$26.6K $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%
$532,760
Cap Rate 7%
$380,543
Cap Rate 9%
$295,978
Alternative Uses
Best Use
Multifamily LT 5
$380.5K
$333.0K – $444.0K
NOI $26,638 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$351.1K
$307.2K – $409.6K
NOI $24,576 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$1.13M
$984.7K – $1.31M
NOI $78,778 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,407
Businesses Nearby
Explore this area
Business Placement
Demographics for 33408, FL
18,965
Population
13,490
Households
1.4
Avg Household Size
58
Median Age
52%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,789
Density / Sq Mi
$91,390
Median Household Income
$65,606
Median Earnings
$1,885
Median Rent
$502,900
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?
Triplex - Three connected units offer a compact multifamily configuration in a non-HOA community near the beach.
Where is this triplex located?
The property is located at 1947 Holman Dr North Palm Beach, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 1,598‑square‑foot triplex with three connected units; All‑new electrical throughout the property; Recently installed water softener and water purification system
