Residential Income
For Sale
$769,000
2227 NE 3rd Avenue, Delray Beach, FL 33444
MULTI_FAMILY - Delray Beach, FL
Property Size1,682 SF
Lot Size0.24 Acres
Price / SF$457.19
Days on Market69
Property Features for 2227 NE 3rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1-A(
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 3
Patio and Porch features
Patio
Pets allowed
Yes, No
Fencing
Fenced
Subdivision
SEACREST PARK
Lot features
Many Trees, Room for Pool
Elementary school
Plumosa School of the Arts K-8
High school
Atlantic
Standard status
Active
APN
12434604210110150
Size
1,682 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SEACREST PARK LT 15 (LESS W 10 FT RD R/W) BLK 11
Tax Annual Amount
9426
Legal Description
SEACREST PARK LT 15 (LESS W 10 FT RD R/W) BLK 11
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1973
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
CBS
Roof type
Composition
Listing Agency:
Compass Florida LLC
(561) 285-4283
Listed By:
Jeffrey Creegan · License #3432383
(561) 939-9819
Added: Jun 5
Changed: Aug 5
Last Checked: Aug 12 at 10:06AM
MLS# B26037499
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale residential income property is listed as a duplex/multifamily asset with a total building size of 1,682 square feet. The site sits on a 0.24-acre lot and is identified under zoning R-1-A(. Because the listing does not provide unit-by-unit features, buyers and brokers should confirm the current configuration and interior details during due diligence.
The property is located at 2227 NE 3rd Avenue in Delray Beach, Florida 33444, within Palm Beach County. Prospective purchasers should review local zoning requirements and permitted uses tied to the R-1-A( designation, along with any applicable development or modification rules that may affect renovations, tenant improvements, or changes to the building.
For tenants, this type of duplex or residential income setup can support households seeking an attached, income-oriented rental format. For buyers, the asset’s compact building footprint and defined lot size may appeal to those looking to acquire a modest-sized residential income property in Delray Beach. As with any income property purchase, confirm all operating assumptions and compliance items directly with the seller and through applicable permitting and inspection processes.
The property is located at 2227 NE 3rd Avenue in Delray Beach, Florida 33444, within Palm Beach County. Prospective purchasers should review local zoning requirements and permitted uses tied to the R-1-A( designation, along with any applicable development or modification rules that may affect renovations, tenant improvements, or changes to the building.
For tenants, this type of duplex or residential income setup can support households seeking an attached, income-oriented rental format. For buyers, the asset’s compact building footprint and defined lot size may appeal to those looking to acquire a modest-sized residential income property in Delray Beach. As with any income property purchase, confirm all operating assumptions and compliance items directly with the seller and through applicable permitting and inspection processes.
Key Highlights
- CBS construction with composition roof
- Central air cooling plus ceiling fans
- Central heating and electric heating
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
$28,039
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
3.65%
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%
$560,780
$560.8K
Cap Rate 7%
$400,557
$400.6K
Cap Rate 9%
$311,544
$311.5K
Market Conditions
NOI Build-Up for 1,682 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
$42.4K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$40.1K $23.81/SF
− OpEx
−$12.0K −$7.14/SF
NOI
$28.0K $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%
$560,780
Cap Rate 7%
$400,557
Cap Rate 9%
$311,544
Alternative Uses
Best Use
Multifamily LT 5
$400.6K
$350.5K – $467.3K
NOI $28,039 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$369.5K
$323.4K – $431.1K
NOI $25,868 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,919 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 33444, FL
22,671
Population
10,469
Households
2.2
Avg Household Size
41
Median Age
33%
College-Educated
84%
High-School Grad
5.0 sq mi
ZIP Area
4,534
Density / Sq Mi
$74,803
Median Household Income
$37,915
Median Earnings
$1,712
Median Rent
$425,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex-style residential income property for sale with zoning designated for R-1-A use in Delray Beach.
Where is this duplex located?
The property is located at 2227 NE 3rd Avenue Delray Beach, FL.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: CBS construction with composition roof; Central air cooling plus ceiling fans; Central heating and electric heating
