Duplex with Washer/Dryer
For Sale
$749,900
296 Alemeda Drive, Palm Springs, FL 33461
MULTI_FAMILY - Palm Springs, FL
Property Size2,410 SF
Price / SF$311.16
Days on Market158
Property Features for 296 Alemeda Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM (city)
Bedrooms
5
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 5
Subdivision
PALM SPRINGS VILLAGE 4
Elementary school
Clifford O. Taylor / Kirklane
Middle school
Palm Springs Community (Palm Beach)
High school
John I. Leonard
Directions
I-95 to 10th Ave N going West to make a right ( going North) on Davis Rd to the corner of Davis Rd and Alemeda.
Standard status
Active
APN
70434418080590310
Size
2,410 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
VILLAGE OF PALM SPRINGS PL 4 LOT 31 BLK 59
Tax Annual Amount
9742
Legal Description
VILLAGE OF PALM SPRINGS PL 4 LOT 31 BLK 59
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block
Roof type
Shingle, Composition
Listing Agency:
Highlight Realty Corp/LW
(561) 641-6787
Listed By:
Jean M Alain · License #3094477
(561) 577-0347
Added: Mar 5
Changed: Aug 1
Last Checked: Aug 10 at 2:06PM
MLS# F10556435
Copyright © 2026 BeachesMLS. 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 at 296 Alemeda Drive features block construction and tile flooring, with central electric heating and central air cooling. The roof is shingle/composition, and the property includes public water and public sewer services, with cable available. Both units have a relatively big utility room with washer and dryer hookup, supporting in-unit laundry convenience.
The property is in Palm Springs, Florida, and is described as about 15 minutes from the beach and many centers of attraction by car. The area is noted as surrounded by West Palm Beach, Lake Worth Beach, Greenacres, and Wellington.
One side is ready to move in, while the other side is positioned for rental based on the described living arrangement.
The property is in Palm Springs, Florida, and is described as about 15 minutes from the beach and many centers of attraction by car. The area is noted as surrounded by West Palm Beach, Lake Worth Beach, Greenacres, and Wellington.
One side is ready to move in, while the other side is positioned for rental based on the described living arrangement.
Key Highlights
- Duplex at 296 Alemeda Drive in Palm Springs, FL 33461
- Block construction and tile flooring
- Both units include a utility room with washer and dryer hookup
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
$40,174
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
5.36%
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%
$803,480
$803.5K
Cap Rate 7%
$573,914
$573.9K
Cap Rate 9%
$446,378
$446.4K
Market Conditions
NOI Build-Up for 2,410 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
$60.7K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$57.4K $23.81/SF
− OpEx
−$17.2K −$7.14/SF
NOI
$40.2K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$803,480
Cap Rate 7%
$573,914
Cap Rate 9%
$446,378
Alternative Uses
Best Use
Multifamily LT 5
$573.9K
$502.2K – $669.6K
NOI $40,174 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$529.5K
$463.3K – $617.7K
NOI $37,064 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,808 @ 7.0% cap · market cap 15.84%
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
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 33461, FL
47,161
Population
18,095
Households
2.6
Avg Household Size
36
Median Age
17%
College-Educated
75%
High-School Grad
7.1 sq mi
ZIP Area
6,642
Density / Sq Mi
$61,218
Median Household Income
$31,503
Median Earnings
$1,615
Median Rent
$263,400
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 - Block-built duplex zoned RM, with public water and sewer and central electric HVAC, including washer/dryer hookups in both units.
Where is this duplex located?
The property is located at 296 Alemeda Drive Palm Springs, FL.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Duplex at 296 Alemeda Drive in Palm Springs, FL 33461; Block construction and tile flooring; Both units include a utility room with washer and dryer hookup
