Updated Two-Unit
For Sale
$724,998
400 NE 2nd Street, Boynton Beach, FL 33435
Residential Income, Boynton Beach, FL
Property Size2,503 SF
Lot Size0.27 Acres
Price / SF$289.65
Days on Market203
Property Features for 400 NE 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R2 (city)
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 3, Bathroom 2
Window features
Blinds
Patio and Porch features
Patio, Porch
Exterior features
Lighting
Fencing
Fenced
Subdivision
COPPS C W ADD TO BOYNTON
Elementary school
Forest Park
Middle school
Congress
High school
Boynton Beach
Directions
I-95 east on Boynton Beach Blvd, left on 2nd Street, Duplex is on the right side of the street next to the vacant lot.
Standard status
Active
APN
08434521050000250
Size
2,503 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
C W COPPS ADD LTS 25~ 27 & 29
Tax Annual Amount
10370
Legal Description
C W COPPS ADD LTS 25~ 27 & 29
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Electric, Central Air
Water source
Public
Amenities
shared laundry area
Building Details
Year built
1975
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block, CBS, Concrete, Concrete Block - With Stucco, Stucco
Roof type
Composition, Shingle
Listing Agency:
Douglas Elliman
(954) 874-0740
Listed By:
Brandon Tillemans · License #3466853
(954) 805-0906
Added: Feb 27
Changed: Sep 17
Last Checked: Sep 18 at 7:06PM
MLS# F10555287
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1975 duplex contains 2,503 square feet of living space in two approximately 1,252-square-foot residences. Each unit offers 2 bedrooms, 2 full bathrooms, an open living and dining area, tile flooring, central A/C, substantial closet storage, and a private patio accessed through sliding doors. Both interiors have been updated, with kitchens featuring wood-tone cabinetry, tile backsplashes, and dedicated storage. A shared laundry area includes a newer washer and dryer.
The property occupies a fenced 0.27-acre lot at 400 NE 2nd Street in Boynton Beach, within the Boynton Beach Community Redevelopment Area. The site includes a paved, striped driveway, parking for up to 8 vehicles, exterior lighting, and low-maintenance landscaping. Public water and sewer serve the property, which is zoned R2 by the city. Its setting provides access to the downtown core, City Hall and Library/Town Square complex, I-95, Ocean Avenue, Boynton Harbor Marina, restaurants, shopping, and the beach.
The property occupies a fenced 0.27-acre lot at 400 NE 2nd Street in Boynton Beach, within the Boynton Beach Community Redevelopment Area. The site includes a paved, striped driveway, parking for up to 8 vehicles, exterior lighting, and low-maintenance landscaping. Public water and sewer serve the property, which is zoned R2 by the city. Its setting provides access to the downtown core, City Hall and Library/Town Square complex, I-95, Ocean Avenue, Boynton Harbor Marina, restaurants, shopping, and the beach.
Key Highlights
- Two residences, each with 2 bedrooms and 2 full bathrooms
- 2,503 square feet of living space on a 0.27‑acre fenced lot
- Parking for up to 8 vehicles with a paved, striped driveway
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
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Single-story property with two-bedroom residences, private patios, central air, and a shared laundry area.
Where is this duplex located?
The property is located at 400 NE 2nd Street 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 residences, each with 2 bedrooms and 2 full bathrooms; 2,503 square feet of living space on a 0.27‑acre fenced lot; Parking for up to 8 vehicles with a paved, striped driveway
