Modern Duplex with Private
For Sale
$549,000
2518 Fern Palm Drive, Edgewater, FL 32141
Residential Income, Edgewater, FL
Property Size3,006 SF
Lot Size0.28 Acres
Price / SF$182.63
Days on Market48
Property Features for 2518 Fern Palm Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 6, Bathroom 4, Bathroom 2, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 1
Parking features
Garage, RV
Exterior features
Impact Windows
Appliances
Refrigerator, Electric Range, Dishwasher
Subdivision
Florida Shores
Lot features
Cleared
Directions
From I-95 take Exit 244 and Go East on on FL-442 E/Indian River Blvd.; Turn Right onto Guava Dr.; Turn Left onto 22nd St.; Turn right onto Fern Palm Dr.
Standard status
Active
APN
840201065680
Size
3,006 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8124
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
soaring vaulted ceilings
luxury vinyl plank flooring
granite countertops
white shaker cabinetry
stainless steel appliances
spacious kitchen islands
interior laundry rooms
generous primary suites with dual vanities and walk in showers
covered rear lanais
central air conditioning systems
private backyards
Building Details
Year built
2021
Number of units
2
Flooring type
Carpet, Tile
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
Keller Williams Realty Florida Partners
(386) 944-2800
Listed By:
Mike Bretzel · License #SL3288645
(386) 631-5757
Added: Jul 22
Changed: Aug 20
Last Checked: Sep 7 at 12:06PM
MLS# 1228946
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.
Constructed in 2021, this duplex contains 3,006 square feet across two occupied residences. Each unit offers three bedrooms, two bathrooms, an oversized one-car garage, vaulted ceilings, luxury vinyl plank flooring in the main living areas, granite counters, white shaker cabinets, stainless steel appliances, a kitchen island, interior laundry, and a primary suite with dual vanities and a walk-in shower. Covered rear lanais and private backyards overlook a wooded setting. Impact windows, central air, public water, and public sewer are also included.
The property sits on an oversized 120' x 100' lot totaling 0.28 acres in Edgewater, with access to shopping, dining, parks, the Indian River, public boat ramps, and New Smyrna Beach. Cape Canaveral, the Kennedy Space Center, Orlando, and other Space Coast destinations are also accessible from the central location.
Electric and water are separately metered for each residence, and the tenants pay their own utilities. Parking includes the attached garages and RV parking.
The property sits on an oversized 120' x 100' lot totaling 0.28 acres in Edgewater, with access to shopping, dining, parks, the Indian River, public boat ramps, and New Smyrna Beach. Cape Canaveral, the Kennedy Space Center, Orlando, and other Space Coast destinations are also accessible from the central location.
Electric and water are separately metered for each residence, and the tenants pay their own utilities. Parking includes the attached garages and RV parking.
Key Highlights
- Built in 2021 with 3,006 square feet across two residences
- Each unit includes 3 bedrooms, 2 bathrooms, and an oversized one‑car garage
- Both residences are occupied by long‑term tenants
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
$26,370
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
4.80%
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%
$527,400
$527.4K
Cap Rate 7%
$376,714
$376.7K
Cap Rate 9%
$293,000
$293.0K
Market Conditions
NOI Build-Up for 3,006 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
$41.8K $13.92/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$37.7K $12.53/SF
− OpEx
−$11.3K −$3.76/SF
NOI
$26.4K $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%
$527,400
Cap Rate 7%
$376,714
Cap Rate 9%
$293,000
Alternative Uses
Best Use
Multifamily LT 5
$376.7K
$329.6K – $439.5K
NOI $26,370 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$327.2K
$286.3K – $381.8K
NOI $22,906 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$886.3K
$775.6K – $1.03M
NOI $62,044 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
277
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 - Two occupied residences feature separate utility metering, private yards, and contemporary finishes throughout.
Where is this duplex located?
The property is located at 2518 Fern Palm Drive Edgewater, FL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Built in 2021 with 3,006 square feet across two residences; Each unit includes 3 bedrooms, 2 bathrooms, and an oversized one‑car garage; Both residences are occupied by long‑term tenants
