Renovated-Roof
For Sale
$475,000
2960 Chickamauga Avenue, West Palm Beach, FL 33409
Legal two-unit property with separate electric meters, on-site parking, and a central West Palm Beach location.
Property Size1,011 SF
Days on Market10
Property Features for 2960 Chickamauga Avenue
General Information
Standard status
Active
Size
1,011 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$39,600
Taxes and HOA fees
Annual Taxes
$5,482
Building Details
Building Size
1,011 SF
Year Built
1958
Listing Agency:
Paradise Real Estate Intl
(646) 265-6412
Listed By:
Ashley Vance · License #3337837
(646) 265-6412
Source:
Darlenestreit
Added: Aug 24
Changed: Aug 31
Last Checked: Sep 2 at 12:47AM
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 Paradise Real Estate Intl
Investment Insights
Based on property information with market context.
Built in 1958, this legal duplex contains two separate residential units. The front residence offers 4 bedrooms and 1 bathroom, while the rear unit provides 1 bedroom and 1 bathroom. A 2019 roof serves the property, and each unit has its own electric meter. The site also includes substantial parking on a dead-end street.
The property is located in West Palm Beach between I-95 and the Turnpike, with access to both major roadways. The front unit is currently rented, while the rear 1-bedroom, 1-bathroom unit is being offered for rent. The separate utility metering supports distinct operation of the two residences.
The property is located in West Palm Beach between I-95 and the Turnpike, with access to both major roadways. The front unit is currently rented, while the rear 1-bedroom, 1-bathroom unit is being offered for rent. The separate utility metering supports distinct operation of the two residences.
Key Highlights
- Legal duplex with a 4‑bed, 1‑bath front unit and a 1/1 rear unit
- 2019 roof
- Two separate electric meters, one for each unit
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
$18,919
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
3.98%
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%
$378,380
$378.4K
Cap Rate 7%
$270,271
$270.3K
Cap Rate 9%
$210,211
$210.2K
Market Conditions
NOI Build-Up for 1,011 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
$28.5K $28.20/SF
− Vacancy
−$1.5K −$1.47/SF
EGI
$27.0K $26.73/SF
− OpEx
−$8.1K −$8.02/SF
NOI
$18.9K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /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%
$378,380
Cap Rate 7%
$270,271
Cap Rate 9%
$210,211
Alternative Uses
Best Use
Multifamily LT 5
$270.3K
$236.5K – $315.3K
NOI $18,919 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$251.4K
$220.0K – $293.3K
NOI $17,596 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$712.0K
$623.0K – $830.7K
NOI $49,840 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,311
Businesses Nearby
Explore this area
Business Placement
Demographics for 33409, FL
33,061
Population
13,715
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
80%
High-School Grad
6.3 sq mi
ZIP Area
5,248
Density / Sq Mi
$65,206
Median Household Income
$34,994
Median Earnings
$1,633
Median Rent
$282,900
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 - Legal two-unit property with separate electric meters, on-site parking, and a central West Palm Beach location.
Where is this duplex located?
The property is located at 2960 Chickamauga Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Legal duplex with a 4‑bed, 1‑bath front unit and a 1/1 rear unit; 2019 roof; Two separate electric meters, one for each unit
