Concrete Block Duplex on Corner
For Sale
$465,000
2304 INDIA PALM DRIVE, Edgewater, FL 32141
A solid duplex with two-bedroom, two-bath units and private screened porches on a corner lot.
Property Size2,368 SF
Lot Size0.23 Acres
Price / SF$196.37
Days on Market14
Property Features for 2304 INDIA PALM DRIVE
General Information
Standard status
Active
Size
2,368 SF
Lot size
0.23 Acres
Property subtype
Duplex
Amenities
screened porches
Building Details
Year Built
1980
Buildings
1
Construction
concrete block
Tenancy
Multi
Listing Agency:
THE BARNETT GROUP, INC.
(386) 426-7234
Listed By:
Tracey Barlow · License #3438904
Source:
Dennisrealty
Added: Jul 28
Changed: Aug 10
Last Checked: Aug 10 at 8:20AM
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 THE BARNETT GROUP, INC.
Investment Insights
Based on property information with market context.
This solid concrete block duplex offers flexibility for an owner-occupant or tenant setup, with the entire duplex being offered. Each unit includes two bedrooms, two full bathrooms, a spacious living room, and a functional kitchen, along with private living space featuring an independent screened porch for each unit.
The property has a newer roof installed in 2020. It sits on an oversized 80' x 125' corner lot, providing outdoor space and room for additional parking potential. At approximately 2,368 SF, it is positioned in Edgewater near shopping, dining, and schools, with nearby waterfront parks that include boat launching facilities, and it is just minutes from the beaches.
The area is also connected to the regional rails to trails statewide paved trail system, supporting active outdoor access.
The property has a newer roof installed in 2020. It sits on an oversized 80' x 125' corner lot, providing outdoor space and room for additional parking potential. At approximately 2,368 SF, it is positioned in Edgewater near shopping, dining, and schools, with nearby waterfront parks that include boat launching facilities, and it is just minutes from the beaches.
The area is also connected to the regional rails to trails statewide paved trail system, supporting active outdoor access.
Key Highlights
- Solid concrete block duplex with independent screened porches for each unit
- Each unit offers two bedrooms and two full bathrooms
- Roof installed in 2020
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
$20,773
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
4.47%
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%
$415,460
$415.5K
Cap Rate 7%
$296,757
$296.8K
Cap Rate 9%
$230,811
$230.8K
Market Conditions
NOI Build-Up for 2,368 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
$33.0K $13.92/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$29.7K $12.53/SF
− OpEx
−$8.9K −$3.76/SF
NOI
$20.8K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /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%
$415,460
Cap Rate 7%
$296,757
Cap Rate 9%
$230,811
Alternative Uses
Best Use
Multifamily LT 5
$296.8K
$259.7K – $346.2K
NOI $20,773 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$257.8K
$225.6K – $300.7K
NOI $18,044 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$698.2K
$611.0K – $814.6K
NOI $48,876 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 32141, FL
17,955
Population
9,400
Households
1.9
Avg Household Size
54
Median Age
23%
College-Educated
93%
High-School Grad
23.6 sq mi
ZIP Area
761
Density / Sq Mi
$61,110
Median Household Income
$37,874
Median Earnings
$1,481
Median Rent
$244,000
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 - A solid duplex with two-bedroom, two-bath units and private screened porches on a corner lot.
Where is this duplex located?
The property is located at 2304 INDIA PALM DRIVE Edgewater, FL.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Solid concrete block duplex with independent screened porches for each unit; Each unit offers two bedrooms and two full bathrooms; Roof installed in 2020
