Two-Unit Duplex with Updated
For Sale
$249,900
2308 Fern Palm Drive, Edgewater, FL 32141
Residential Income, Edgewater, FL
Property Size2,040 SF
Lot Size0.18 Acres
Price / SF$122.50
Days on Market92
Property Features for 2308 Fern Palm Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2
Parking features
Driveway
Appliances
Washer, Refrigerator, Electric Water Heater, Electric Range, Dryer
Subdivision
Florida Shores
Lot features
Few Trees
Elementary school
Indian River
Middle school
New Smyrna Beach
High school
New Smyrna Beach
Directions
From Indian River Blvd, go South on Guava Dr, left on 22nd St, right on Fern Palm Dr, 2308 and 2310 are on the right.
Standard status
Active
APN
8402-01-06-6060
Size
2,040 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 6606 & 6607 INC EXC W 25 FT BLK 217 FLORIDA SHORES UNIT 7 MB 23 PGS 117-118 INC PER OR 4735 PG 0470 PER OR 6741 PG 2818 PER OR 8379 PG 0716 PER OR 8498 PG 3801 PER OR 8535 PG 0738
Tax Annual Amount
4973
Legal Description
LOTS 6606 & 6607 INC EXC W 25 FT BLK 217 FLORIDA SHORES UNIT 7 MB 23 PGS 117-118 INC PER OR 4735 PG 0470 PER OR 6741 PG 2818 PER OR 8379 PG 0716 PER OR 8498 PG 3801 PER OR 8535 PG 0738
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2002
Number of units
2
Flooring type
Tile
Building materials
Block, Concrete
Roof type
Membrane
Listing Agency:
Local Living Realty Group
(386) 314-5458
Listed By:
Jennifer Napier
(386) 689-3310
Added: Jun 25
Changed: Sep 12
Last Checked: Sep 24 at 3:06PM
MLS# 1227948
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 two-unit duplex contains 2,040 square feet and was constructed in 2002. The property includes block and concrete construction, tile flooring, central heating, central air, and a membrane roof installed in 2021. Each unit includes a bathroom and bedroom, with shared property features including a driveway, washer, dryer, refrigerator, electric range, and electric water heater.
Located at 2308 Fern Palm Drive in Edgewater, the property occupies 0.18 acres and is served by public water and public sewer. One unit is vacant for occupancy or leasing, while the other has a lease extending through December 2026. Cable service is available.
Located at 2308 Fern Palm Drive in Edgewater, the property occupies 0.18 acres and is served by public water and public sewer. One unit is vacant for occupancy or leasing, while the other has a lease extending through December 2026. Cable service is available.
Key Highlights
- Two‑unit duplex totaling 2,040 square feet
- One unit vacant; second unit leased through December 2026
- Membrane roof installed in 2021
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
$17,896
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
7.16%
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%
$357,920
$357.9K
Cap Rate 7%
$255,657
$255.7K
Cap Rate 9%
$198,844
$198.8K
Market Conditions
NOI Build-Up for 2,040 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
$28.4K $13.92/SF
− Vacancy
−$2.8K −$1.39/SF
EGI
$25.6K $12.53/SF
− OpEx
−$7.7K −$3.76/SF
NOI
$17.9K $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%
$357,920
Cap Rate 7%
$255,657
Cap Rate 9%
$198,844
Alternative Uses
Best Use
Multifamily LT 5
$255.7K
$223.7K – $298.3K
NOI $17,896 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$222.1K
$194.3K – $259.1K
NOI $15,545 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$601.5K
$526.3K – $701.8K
NOI $42,106 @ 7.0% cap · market cap 16.85%
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
380
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
View Realmo Analytics
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 - One unit is vacant, while the second remains leased through December 2026.
Where is this duplex located?
The property is located at 2308 Fern Palm Drive Edgewater, FL.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,040 square feet; One unit vacant; second unit leased through December 2026; Membrane roof installed in 2021
