Renovated Duplex with
For Sale
$468,000
Pending
207 E PALMETTO STREET, Davenport, FL 33837
Two-unit property with separate water and electric service, updated systems, and no HOA.
Property Size2,240 SF
Lot Size0.41 Acres
Days on Market486
Property Features for 207 E PALMETTO STREET
General Information
Standard status
Pending
Size
2,240 SF
Lot size
0.41 Acres
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,802
Amenities
air-conditioned laundry room
basement
Building Details
Year Built
1948
Buildings
1
Listing Agency:
REAL BROKER, LLC
(855) 450-0442
Listed By:
Liz Wilson · License #3187689
(863) 557-6135
Source:
Exitrealty
Added: May 10, 2025
Changed: Sep 2
Last Checked: Sep 7 at 6:07AM
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 REAL BROKER, LLC
Investment Insights
Based on property information with market context.
This renovated duplex offers 2,240 square feet across two separately serviced units. Unit A includes three bedrooms and two full bathrooms, while Unit B provides two bedrooms and one full bathroom. The property also includes an air-conditioned laundry room and a basement that can support office, gym, workshop, or storage use. Updated flooring, paint, kitchens, bathrooms, electrical systems, plumbing, air-conditioning systems, water heaters, and roofs contribute to the property’s current condition.
Set on a .41-acre lot at 207 E Palmetto Street in Davenport, the property is located near historic Downtown Davenport and provides access to I-4, shopping, schools, and parks. The duplex has no HOA and was built in 1948.
Set on a .41-acre lot at 207 E Palmetto Street in Davenport, the property is located near historic Downtown Davenport and provides access to I-4, shopping, schools, and parks. The duplex has no HOA and was built in 1948.
Key Highlights
- 2,240‑square‑foot duplex on a .41‑acre lot
- Unit A: 3 bedrooms and 2 full bathrooms
- Unit B: 2 bedrooms and 1 full bathroom
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
$23,750
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
5.07%
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%
$475,000
$475.0K
Cap Rate 7%
$339,286
$339.3K
Cap Rate 9%
$263,889
$263.9K
Market Conditions
NOI Build-Up for 2,240 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
$36.3K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$33.9K $15.15/SF
− OpEx
−$10.2K −$4.54/SF
NOI
$23.8K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /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%
$475,000
Cap Rate 7%
$339,286
Cap Rate 9%
$263,889
Alternative Uses
Best Use
Multifamily LT 5
$339.3K
$296.9K – $395.8K
NOI $23,750 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$303.1K
$265.2K – $353.6K
NOI $21,217 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$538.3K
$471.0K – $628.0K
NOI $37,680 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 33837, FL
36,302
Population
19,082
Households
1.9
Avg Household Size
40
Median Age
27%
College-Educated
90%
High-School Grad
51.3 sq mi
ZIP Area
708
Density / Sq Mi
$75,861
Median Household Income
$39,246
Median Earnings
$1,739
Median Rent
$297,700
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-unit property with separate water and electric service, updated systems, and no HOA.
Where is this duplex located?
The property is located at 207 E PALMETTO STREET Davenport, FL.
What is the asking price?
The asking price for this property is $468,000.
What are key features of this property?
This property features: 2,240‑square‑foot duplex on a .41‑acre lot; Unit A: 3 bedrooms and 2 full bathrooms; Unit B: 2 bedrooms and 1 full bathroom
