Triplex with Mixed Unit
For Sale
$234,999
32 N PALMETTO Ave, Fort Meade, FL 33841
Three-unit residential property with two one-bedroom residences and one two-bedroom residence.
Property Size1,920 SF
Days on Market42
Property Features for 32 N PALMETTO Ave
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
interior improvements
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,373
Building Details
Building Size
1,920 SF
Year Built
1956
Listing Agency:
(610) 463-8333
Listed By:
Nicholas Catando
(610) 463-8333
Source:
Elliman
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 9:42PM
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 Nicholas Catando
Investment Insights
Based on property information with market context.
This Fort Meade triplex contains three residential units: one two-bedroom, one-bath residence and two one-bedroom, one-bath residences. The property was built in 1956 and is located at 32 N Palmetto Ave in Fort Meade, Florida.
Walk Score is 29, indicating a car-dependent setting, while the property’s Bike Score is 40, classified as somewhat bikeable.
Walk Score is 29, indicating a car-dependent setting, while the property’s Bike Score is 40, classified as somewhat bikeable.
Key Highlights
- Three‑unit property with one 2‑bedroom/1‑bath unit and two 1‑bedroom/1‑bath units
- Built in 1956
- Located at 32 N PALMETTO Ave, Fort Meade, FL 33841
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
$20,358
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
8.66%
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%
$407,160
$407.2K
Cap Rate 7%
$290,829
$290.8K
Cap Rate 9%
$226,200
$226.2K
Market Conditions
NOI Build-Up for 1,920 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
$31.1K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.1K $15.15/SF
− OpEx
−$8.7K −$4.54/SF
NOI
$20.4K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /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%
$407,160
Cap Rate 7%
$290,829
Cap Rate 9%
$226,200
Alternative Uses
Best Use
Multifamily LT 5
$290.8K
$254.5K – $339.3K
NOI $20,358 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$259.8K
$227.3K – $303.1K
NOI $18,186 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$461.4K
$403.7K – $538.3K
NOI $32,297 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Explore this area
Business Placement
Demographics for 33841, FL
7,439
Population
3,776
Households
2
Avg Household Size
40
Median Age
9%
College-Educated
77%
High-School Grad
168.4 sq mi
ZIP Area
44
Density / Sq Mi
$39,608
Median Household Income
$35,374
Median Earnings
$860
Median Rent
$138,700
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?
Triplex - Three-unit residential property with two one-bedroom residences and one two-bedroom residence.
Where is this triplex located?
The property is located at 32 N PALMETTO Ave Fort Meade, FL.
What is the asking price?
The asking price for this property is $234,999.
What are key features of this property?
This property features: Three‑unit property with one 2‑bedroom/1‑bath unit and two 1‑bedroom/1‑bath units; Built in 1956; Located at 32 N PALMETTO Ave, Fort Meade, FL 33841
