Updated Duplex with Private
For Sale
$724,998
400 NE 2nd St, Boynton Beach, FL 33435
Two residential units offer renovated interiors, central A/C, and shared laundry facilities.
Property Size2,503 SF
Price / SF$289.65
Days on Market42
Property Features for 400 NE 2nd St
General Information
Standard status
Active
Size
2,503 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private patio
laundry area
Building Details
Year Built
1975
Year Renovated
2017
Listing Agency:
Douglas Elliman
(954) 805-0906
Listed By:
Brandon Tillemans · License #3466853
Source:
Wesellhomes
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 8:49PM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
Built in 1975, this duplex contains two 2-bedroom, 2-bath residences updated in 2017 with renovated kitchens, bathrooms, flooring, appliances, and central A/C systems. Each unit includes a private outdoor patio. A shared laundry area is equipped with a newer washer and dryer. The property also includes an oversized fenced lot, on-site parking, and a driveway that was re-asphalted and striped in 2022. There is no HOA.
The property is located at 400 NE 2nd St in Boynton Beach’s downtown redevelopment district, directly across from the City Hall & Library Complex. It is near I-95, Ocean Ave, downtown Boynton Beach, and the beach, with new residential and retail projects underway and planned nearby.
The property is located at 400 NE 2nd St in Boynton Beach’s downtown redevelopment district, directly across from the City Hall & Library Complex. It is near I-95, Ocean Ave, downtown Boynton Beach, and the beach, with new residential and retail projects underway and planned nearby.
Key Highlights
- Two 2‑bedroom, 2‑bath units
- Both residences updated in 2017
- Private outdoor patio 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
$41,725
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
5.76%
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%
$834,500
$834.5K
Cap Rate 7%
$596,071
$596.1K
Cap Rate 9%
$463,611
$463.6K
Market Conditions
NOI Build-Up for 2,503 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
$63.1K $25.20/SF
− Vacancy
−$3.5K −$1.39/SF
EGI
$59.6K $23.81/SF
− OpEx
−$17.9K −$7.14/SF
NOI
$41.7K $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%
$834,500
Cap Rate 7%
$596,071
Cap Rate 9%
$463,611
Alternative Uses
Best Use
Multifamily LT 5
$596.1K
$521.6K – $695.4K
NOI $41,725 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$549.9K
$481.2K – $641.6K
NOI $38,494 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,393 @ 7.0% cap · market cap 17.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 33435, FL
37,318
Population
20,058
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
85%
High-School Grad
6.5 sq mi
ZIP Area
5,741
Density / Sq Mi
$66,612
Median Household Income
$35,488
Median Earnings
$1,846
Median Rent
$306,900
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 - Two residential units offer renovated interiors, central A/C, and shared laundry facilities.
Where is this duplex located?
The property is located at 400 NE 2nd St Boynton Beach, FL.
What is the asking price?
The asking price for this property is $724,998.
What are key features of this property?
This property features: Two 2‑bedroom, 2‑bath units; Both residences updated in 2017; Private outdoor patio for each unit
