Remodeled 2-Unit
New
For Sale
$1,175,000
2975 NE 2nd Avenue, Boca Raton, FL 33431
Each residence has two bedrooms, two bathrooms, and an in-unit washer and dryer.
Property Size2,687 SF
Price / SF$488.77
Days on Market3
Property Features for 2975 NE 2nd Avenue
General Information
Standard status
Active
Size
2,687 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
R2 (city)
Taxes and HOA fees
Annual Taxes
$9,388
Building Details
Building Size
2,687 SF
Year Built
1969
Stories
1
Listing Agency:
Prime Time Realty LLC
Listed By:
Nicole Dimattina
(561) 324-6082
Source:
Laerrealty
Added: Sep 30
Last Checked: Oct 1 at 8:07AM
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 Prime Time Realty LLC
Investment Insights
Based on property information with market context.
This 1969-built duplex in Boca Raton contains two 2-bedroom, 2-bathroom residences totaling 2,404 square feet under air. The interiors have been renovated with tile floors, quartz-counter kitchens, stainless steel appliances, and updated bathrooms. Each unit has a stackable washer and dryer. Impact windows and sliders, a metal roof, a new driveway, and a paver patio are also part of the property. The air-conditioning systems date to 07/21 and 05/23.
Located at 2975 NE 2nd Avenue, the property is zoned R2 by the city. Both residences have matching bedroom and bathroom counts, with separate in-unit laundry facilities.
Located at 2975 NE 2nd Avenue, the property is zoned R2 by the city. Both residences have matching bedroom and bathroom counts, with separate in-unit laundry facilities.
Key Highlights
- Two residences, each with 2 bedrooms and 2 bathrooms
- 2,404 total square feet under air
- R2 (city) zoning
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
$40,074
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
3.41%
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%
$801,480
$801.5K
Cap Rate 7%
$572,486
$572.5K
Cap Rate 9%
$445,267
$445.3K
Market Conditions
NOI Build-Up for 2,404 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
$60.6K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$57.2K $23.81/SF
− OpEx
−$17.2K −$7.14/SF
NOI
$40.1K $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%
$801,480
Cap Rate 7%
$572,486
Cap Rate 9%
$445,267
Alternative Uses
Best Use
Multifamily LT 5
$572.5K
$500.9K – $667.9K
NOI $40,074 @ 7.0% cap · market cap 3.41%
Second Best
Apartment 5plus
$528.2K
$462.2K – $616.2K
NOI $36,972 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,512 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 33431, FL
22,047
Population
9,005
Households
2.4
Avg Household Size
33
Median Age
58%
College-Educated
94%
High-School Grad
8.3 sq mi
ZIP Area
2,656
Density / Sq Mi
$103,252
Median Household Income
$23,794
Median Earnings
$2,361
Median Rent
$575,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence has two bedrooms, two bathrooms, and an in-unit washer and dryer.
Where is this duplex located?
The property is located at 2975 NE 2nd Avenue Boca Raton, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 2 bathrooms; 2,404 total square feet under air; R2 (city) zoning
