Two-Unit
For Sale
$372,900
4108 Greenwood Ave, West Palm Beach, FL 33407
Occupied income property with individually metered electric service.
Property Size1,548 SF
Price / SF$240.89
Days on Market357
Property Features for 4108 Greenwood Ave
General Information
Standard status
Active
Size
1,548 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,939
Listing Agency:
LoKation
(954) 993-8560
Listed By:
Arkeshia Love · License #3564977
(954) 993-8560
Source:
Exprealty
Added: Aug 21, 2025
Changed: Aug 9
Last Checked: Aug 11 at 11:34AM
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 LoKation
Investment Insights
Based on property information with market context.
This 1,548-square-foot duplex contains two separate residential units, giving each unit its own electric meter. The property is currently leased to long-term tenants, providing an existing occupied configuration for an income-property buyer.
Located at 4108 Greenwood Ave in West Palm Beach, Florida, the property offers a straightforward two-unit layout within an established residential setting. Current tenancy and separate utility metering are the primary documented operating features.
Located at 4108 Greenwood Ave in West Palm Beach, Florida, the property offers a straightforward two-unit layout within an established residential setting. Current tenancy and separate utility metering are the primary documented operating features.
Key Highlights
- Two separate residential units
- 1,548 square feet of property size
- Individual electric meter 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
$28,969
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
7.77%
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%
$579,380
$579.4K
Cap Rate 7%
$413,843
$413.8K
Cap Rate 9%
$321,878
$321.9K
Market Conditions
NOI Build-Up for 1,548 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 $28.20/SF
− Vacancy
−$2.3K −$1.47/SF
EGI
$41.4K $26.73/SF
− OpEx
−$12.4K −$8.02/SF
NOI
$29.0K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /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%
$579,380
Cap Rate 7%
$413,843
Cap Rate 9%
$321,878
Alternative Uses
Best Use
Multifamily LT 5
$413.8K
$362.1K – $482.8K
NOI $28,969 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$384.9K
$336.8K – $449.0K
NOI $26,942 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$1.09M
$953.9K – $1.27M
NOI $76,313 @ 7.0% cap · market cap 20.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 33407, FL
34,558
Population
15,147
Households
2.3
Avg Household Size
35
Median Age
26%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
3,491
Density / Sq Mi
$56,606
Median Household Income
$34,886
Median Earnings
$1,551
Median Rent
$290,500
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 - Occupied income property with individually metered electric service.
Where is this duplex located?
The property is located at 4108 Greenwood Ave West Palm Beach, FL.
What is the asking price?
The asking price for this property is $372,900.
What are key features of this property?
This property features: Two separate residential units; 1,548 square feet of property size; Individual electric meter for each unit
