Remodeled Duplex with Two 3BR
For Sale
$1,025,000
204 NW 1st Street, Boynton Beach, FL 33435
Turnkey duplex with two renovated 3-bedroom units, each with in-unit laundry and outdoor space.
Property Size2,238 SF
Price / SF$457
Days on Market83
Property Features for 204 NW 1st Street
General Information
Standard status
Active
Size
2,238 SF
Property subtype
Duplex
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,661
Building Details
Building Size
2,238 SF
Year Built
1960
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Xcellence
(561) 441-9695
Listed By:
Paul Jacques · License #3187171
(561) 441-9695
Source:
Pamandtoni
Added: Jun 3
Changed: Aug 23
Last Checked: Aug 20 at 8:54AM
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 Xcellence
Investment Insights
Based on property information with market context.
This beautifully remodeled duplex is configured as two mirrored 3-bedroom, 2-bath units. Upgrades include a 2022 roof, fully renovated kitchens, bathrooms, and bedrooms, along with new appliances and exterior improvements. Each unit is set up for day-to-day convenience with its own washer, dryer, and water heater. The property also features ample parking, including a covered carport and a spacious front driveway. Outdoor space is built into both units: Unit 208 offers a private fenced backyard, while Unit 204 includes a screened-in porch.
Located just 1 mile from the beach, the property sits directly across from Boynton Beach City Hall. It also benefits from proximity to restaurants, shopping, entertainment, and major transportation routes, supporting a convenient, tenant-friendly lifestyle.
The layout and improvements make this duplex a strong fit for investors seeking an income-producing rental setup or owner-occupants interested in living in one unit while renting the other. With turnkey interior finishes and unit-level laundry and hot water, the home is positioned for use across common rental strategies, including long-term or short-term occupancy.
Located just 1 mile from the beach, the property sits directly across from Boynton Beach City Hall. It also benefits from proximity to restaurants, shopping, entertainment, and major transportation routes, supporting a convenient, tenant-friendly lifestyle.
The layout and improvements make this duplex a strong fit for investors seeking an income-producing rental setup or owner-occupants interested in living in one unit while renting the other. With turnkey interior finishes and unit-level laundry and hot water, the home is positioned for use across common rental strategies, including long-term or short-term occupancy.
Key Highlights
- Remodeled duplex built in 1960 with two mirrored 3‑bedroom, 2‑bath units
- Each unit has in‑unit washer/dryer and its own water heater
- Recent upgrades include a 2022 roof and fully renovated kitchens, bathrooms, and bedrooms
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
$37,307
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
3.64%
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%
$746,140
$746.1K
Cap Rate 7%
$532,957
$533.0K
Cap Rate 9%
$414,522
$414.5K
Market Conditions
NOI Build-Up for 2,238 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
$56.4K $25.20/SF
− Vacancy
−$3.1K −$1.39/SF
EGI
$53.3K $23.81/SF
− OpEx
−$16.0K −$7.14/SF
NOI
$37.3K $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%
$746,140
Cap Rate 7%
$532,957
Cap Rate 9%
$414,522
Alternative Uses
Best Use
Multifamily LT 5
$533.0K
$466.3K – $621.8K
NOI $37,307 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$491.7K
$430.2K – $573.7K
NOI $34,419 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,329 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 33435, FL
37,318
Population
20,058
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
5,741
Density / Sq Mi
$66,612
Median Household Income
$35,488
Median Earnings
$1,846
Median Rent
$306,900
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?
Duplex - Turnkey duplex with two renovated 3-bedroom units, each with in-unit laundry and outdoor space.
Where is this duplex located?
The property is located at 204 NW 1st Street Boynton Beach, FL.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Remodeled duplex built in 1960 with two mirrored 3‑bedroom, 2‑bath units; Each unit has in‑unit washer/dryer and its own water heater; Recent upgrades include a 2022 roof and fully renovated kitchens, bathrooms, and bedrooms
