Concrete Block
For Sale
$565,000
28 Karat Path, Palm Coast, FL 32164
Two separate residences offer flexible living arrangements with private garages, shared outdoor space, and a fenced yard.
Property Size3,123 SF
Lot Size0.23 Acres
Price / SF$180.92
Days on Market34
Property Features for 28 Karat Path
General Information
Standard status
Active
Size
3,123 SF
Lot size
0.23 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/3BA, 1 x 3BR/2BA
Multifamily Units
2
Amenities
screened-in back patio
fully fenced backyard
Building Details
Year Built
2006
Buildings
1
Construction
concrete block
Listing Agency:
EXP REALTY LLC
(954) 445-4944
Listed By:
Carlos Arias · License #561991
Source:
Bradfordrealestatenetwork
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 30 at 6:51PM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
Built in 2006, this concrete block duplex contains two distinct residences totaling 3,123 square feet. The larger side provides approximately 1,726 square feet with four bedrooms, three full bathrooms, two master suites, a sizable kitchen, and an oversized 1.5-car garage. The second residence measures approximately 1,395 square feet and includes three bedrooms, two bathrooms, and a one-car garage.
Both units connect to a spacious screened patio and a fully fenced backyard, adding shared outdoor space to the property. The duplex occupies a 10,019 sq ft lot at 28 Karat Path in Palm Coast, near schools, shopping, hospitals, and walking and jogging trails. Flagler Beach is a short drive away, while St. Augustine is approximately 35 minutes from the property and Daytona Beach is approximately 30 minutes.
Both units connect to a spacious screened patio and a fully fenced backyard, adding shared outdoor space to the property. The duplex occupies a 10,019 sq ft lot at 28 Karat Path in Palm Coast, near schools, shopping, hospitals, and walking and jogging trails. Flagler Beach is a short drive away, while St. Augustine is approximately 35 minutes from the property and Daytona Beach is approximately 30 minutes.
Key Highlights
- Duplex totaling 3,123 square feet on a 10,019 sq ft lot
- Larger unit: approximately 1,726 sq ft, 4 bedrooms, 3 full bathrooms, and 1.5‑car garage
- Second unit: approximately 1,395 sq ft, 3 bedrooms, 2 bathrooms, and 1‑car garage
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
$36,060
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
6.38%
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%
$721,200
$721.2K
Cap Rate 7%
$515,143
$515.1K
Cap Rate 9%
$400,667
$400.7K
Market Conditions
NOI Build-Up for 3,123 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
$54.3K $17.40/SF
− Vacancy
−$2.8K −$0.90/SF
EGI
$51.5K $16.50/SF
− OpEx
−$15.5K −$4.95/SF
NOI
$36.1K $11.55/SF
Area
Flagler County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$721,200
Cap Rate 7%
$515,143
Cap Rate 9%
$400,667
Alternative Uses
Best Use
Multifamily LT 5
$515.1K
$450.8K – $601.0K
NOI $36,060 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$457.7K
$400.5K – $534.0K
NOI $32,037 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$750.5K
$656.7K – $875.6K
NOI $52,534 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 32164, FL
49,412
Population
22,902
Households
2.2
Avg Household Size
48
Median Age
26%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
1,520
Density / Sq Mi
$71,738
Median Household Income
$37,976
Median Earnings
$1,724
Median Rent
$308,100
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 separate residences offer flexible living arrangements with private garages, shared outdoor space, and a fenced yard.
Where is this duplex located?
The property is located at 28 Karat Path Palm Coast, FL.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Duplex totaling 3,123 square feet on a 10,019 sq ft lot; Larger unit: approximately 1,726 sq ft, 4 bedrooms, 3 full bathrooms, and 1.5‑car garage; Second unit: approximately 1,395 sq ft, 3 bedrooms, 2 bathrooms, and 1‑car garage
