Two-Unit Duplex
For Sale
Contact for pricing
2227 NE 3rd Avenue # 2 #1 & 2, Delray Beach, FL 33444
Residential income property with two units at a Delray Beach address.
Property Size1,682 SF
Price / SF$457.19
Days on Market88
Property Features for 2227 NE 3rd Avenue # 2 #1 & 2
General Information
Standard status
Active
Size
1,682 SF
Property subtype
Multifamily
Zoning
R-1-A(
Additional Details
Multifamily Units
2
Building Details
Year Built
1973
Units
2
Listing Agency:
Compass Florida LLC
(561) 939-9819
Listed By:
Jeffrey Creegan · License #3432383
Source:
Crexi
Added: Jun 6
Changed: Aug 31
Last Checked: Aug 31 at 8:49PM
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 Compass Florida LLC
Investment Insights
Based on property information with market context.
This duplex property contains two residential units and is identified as a multifamily asset. The property was built in 1973 and carries a listed property size of 1,682.
The asset is located at 2227 NE 3rd Avenue in Delray Beach, Florida, with the source record identifying unit and suite references for #1 and #2.
The asset is located at 2227 NE 3rd Avenue in Delray Beach, Florida, with the source record identifying unit and suite references for #1 and #2.
Key Highlights
- Two residential units
- Built in 1973
- Listed property size of 1,682
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
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,027
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
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Frequently Asked Questions
What type of property is this?
Duplex - Residential income property with two units at a Delray Beach address.
Where is this duplex located?
The property is located at 2227 NE 3rd Avenue # 2 #1 & 2 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: Two residential units; Built in 1973; Listed property size of 1,682
