Concrete Block Duplex with Screened
For Sale
$465,000
2304 India Palm Drive, Edgewater, FL 32141
Residential Income, Edgewater, FL
Property Size2,368 SF
Lot Size0.33 Acres
Price / SF$196.37
Days on Market49
Property Features for 2304 India Palm Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 4
Appliances
Refrigerator, Electric Oven
Subdivision
Florida Shores
Lot features
Corner Lot
Elementary school
Indian River
Middle school
New Smyrna Beach
High school
New Smyrna Beach
Directions
US 1 to SR442/Indian River Blvd. West on SR442/Indian River Blvd. to Hibiscus Dr. South on Hibiscus Dr. to 22nd St. West on 22nd St to India Palm Dr. South on India Palm Dr. to address.
Standard status
Active
APN
8402-01-07-0960
Size
2,368 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 7096 TO 7098 INC BLK 231 FLORIDA SHORES UNIT 7 MB 23 PG 131 PER OR 4936 PG 4864 PER OR 6971 PG 4884 PER OR 7874 PG 0576 PER OR 8084 PG 4227
Tax Annual Amount
5536
Legal Description
LOTS 7096 TO 7098 INC BLK 231 FLORIDA SHORES UNIT 7 MB 23 PG 131 PER OR 4936 PG 4864 PER OR 6971 PG 4884 PER OR 7874 PG 0576 PER OR 8084 PG 4227
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
screened porches
Building Details
Year built
1980
Floors in Building
1
Number of units
2
Flooring type
Laminate
Building materials
Block, Brick
Roof type
Shingle
Listing Agency:
The Barnett Group Inc.
(386) 426-7234
Listed By:
Tracey Barlow · License #3438904
(386) 566-3715
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 13 at 2:06PM
MLS# 1229038
Copyright © 2026 Daytona Beach Area Association of Realtors. 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 duplex contains two residential units, each with 2 bedrooms, 2 full bathrooms, a living room, kitchen, and its own screened porch. The building uses concrete block and brick construction, with laminate flooring, central heating, central air, a shingle roof, refrigerators, and electric ovens. Public water and public sewer serve the property, while cable is available.
The property occupies a 0.33-acre corner lot measuring 80' x 125' in Edgewater, Florida. Shopping, dining, schools, waterfront parks with boat launching facilities, beaches, and the regional rails-to-trails paved trail system are identified in the surrounding area. The roof was installed in 2020, and the building was constructed in 1980.
The property occupies a 0.33-acre corner lot measuring 80' x 125' in Edgewater, Florida. Shopping, dining, schools, waterfront parks with boat launching facilities, beaches, and the regional rails-to-trails paved trail system are identified in the surrounding area. The roof was installed in 2020, and the building was constructed in 1980.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 2 full bathrooms in each unit
- 2,368 square feet on a 0.33‑acre corner lot
- 80' x 125' lot provides substantial outdoor area
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
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units offer private screened porches, separate living areas, and practical residential layouts.
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: Two‑unit duplex with 2 bedrooms and 2 full bathrooms in each unit; 2,368 square feet on a 0.33‑acre corner lot; 80' x 125' lot provides substantial outdoor area
