Well-Maintained Duplex with Private
For Sale
$570,000
3194 Prince Drive, Lake Worth, FL 33461
Duplex with separate meters, dedicated parking, private backyards, and included washer/dryer for each unit.
Property Size1,736 SF
Price / SF$328.34
Days on Market32
Property Features for 3194 Prince Drive
General Information
Standard status
Active
Size
1,736 SF
Property subtype
Duplex
Building Details
Year Built
1964
Listing Agency:
KW Reserve Palm Beach
(561) 678-5584
Listed By:
Loodmy Jacques · License #R11165434
(561) 678-5584
Source:
Lehmannflorida
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 8 at 9:28AM
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 KW Reserve Palm Beach
Investment Insights
Based on property information with market context.
This well-maintained duplex offers two separate residences with distinct living layouts. One unit features three bedrooms and two bathrooms, while the second unit has two bedrooms and one bathroom. Each unit includes private backyard space and dedicated parking, and washer/dryer is included for added convenience. Separate water and electric meters support straightforward ownership.
The property has a roof dated 2014 and updated central AC. With two independently metered units and in-unit laundry included, the duplex is set up for comfortable day-to-day use.
From a configuration standpoint, the building provides separate home bases with independent utilities, private outdoor areas, and parking assigned to each unit.
The property has a roof dated 2014 and updated central AC. With two independently metered units and in-unit laundry included, the duplex is set up for comfortable day-to-day use.
From a configuration standpoint, the building provides separate home bases with independent utilities, private outdoor areas, and parking assigned to each unit.
Key Highlights
- Well‑maintained duplex built in 1964 with two units: 3BR/2BA and 2BR/1BA
- Each unit has its own dedicated parking and private backyard space
- Separate water and electric meters 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
$28,939
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
5.08%
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%
$578,780
$578.8K
Cap Rate 7%
$413,414
$413.4K
Cap Rate 9%
$321,544
$321.5K
Market Conditions
NOI Build-Up for 1,736 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
$43.7K $25.20/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$41.3K $23.81/SF
− OpEx
−$12.4K −$7.14/SF
NOI
$28.9K $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%
$578,780
Cap Rate 7%
$413,414
Cap Rate 9%
$321,544
Alternative Uses
Best Use
Multifamily LT 5
$413.4K
$361.7K – $482.3K
NOI $28,939 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$381.4K
$333.7K – $445.0K
NOI $26,698 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,581 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,036
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 - Duplex with separate meters, dedicated parking, private backyards, and included washer/dryer for each unit.
Where is this duplex located?
The property is located at 3194 Prince Drive Lake Worth, FL.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Well‑maintained duplex built in 1964 with two units: 3BR/2BA and 2BR/1BA; Each unit has its own dedicated parking and private backyard space; Separate water and electric meters for each unit
