Duplex with Updated
For Sale
Under Contract
$449,000
422 Caroline Avenue, West Palm Beach, FL 33413
Residential Income, Royal Palm Estates, FL
Property Size1,624 SF
Price / SF$276.48
Days on Market54
Property Features for 422 Caroline Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM
Bedrooms
4
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4
Pets allowed
Yes, No
Fencing
Fenced
Subdivision
ROYAL PALM ESTATES
Elementary school
Benoist Farms
Middle school
Jeaga
High school
Royal Palm Beach
Standard status
Active Under Contract
APN
00424335100070050
Size
1,624 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
ROYAL PALM ESTATES LT 5 BLK 7
Tax Annual Amount
7148
Legal Description
ROYAL PALM ESTATES LT 5 BLK 7
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic
Building materials
CBS
Roof type
Composition
Listing Agency:
CGI Realty
(561) 507-0107
Listed By:
Lorena Fabiola Calvo · License #3046951
(561) 951-7582
Added: Jul 2
Changed: Aug 24
Last Checked: Aug 24 at 9:06PM
MLS# B26047947
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 1,624-square-foot duplex, built in 1972, contains two residences with matching layouts of two bedrooms and one bathroom each. The building uses CBS construction, ceramic tile flooring, central heating, and central air conditioning. One unit is occupied, while the other is vacant. The composition roof was replaced in 2018.
The property is in Royal Palm Estates, Florida, within Palm Beach County. It has RM zoning, public water, a septic tank, cable availability, and fencing. The residential configuration supports continued rental use or an owner-occupancy arrangement with a second unit on site.
The property is in Royal Palm Estates, Florida, within Palm Beach County. It has RM zoning, public water, a septic tank, cable availability, and fencing. The residential configuration supports continued rental use or an owner-occupancy arrangement with a second unit on site.
Key Highlights
- 1,624 SF duplex with two 2‑bedroom, 1‑bath units
- One unit is tenant‑occupied; the second is vacant
- Composition roof replaced in 2018
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
$30,391
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
6.77%
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%
$607,820
$607.8K
Cap Rate 7%
$434,157
$434.2K
Cap Rate 9%
$337,678
$337.7K
Market Conditions
NOI Build-Up for 1,624 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
$45.8K $28.20/SF
− Vacancy
−$2.4K −$1.47/SF
EGI
$43.4K $26.73/SF
− OpEx
−$13.0K −$8.02/SF
NOI
$30.4K $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%
$607,820
Cap Rate 7%
$434,157
Cap Rate 9%
$337,678
Alternative Uses
Best Use
Multifamily LT 5
$434.2K
$379.9K – $506.5K
NOI $30,391 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$403.8K
$353.3K – $471.1K
NOI $28,265 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$1.14M
$1.00M – $1.33M
NOI $80,060 @ 7.0% cap · market cap 17.83%
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
262
Businesses Nearby
Explore this area
Business Placement
Demographics for 33413, FL
17,503
Population
6,217
Households
2.8
Avg Household Size
36
Median Age
27%
College-Educated
86%
High-School Grad
7.2 sq mi
ZIP Area
2,431
Density / Sq Mi
$80,527
Median Household Income
$41,644
Median Earnings
$2,016
Median Rent
$405,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with one occupied residence and a second unit available for occupancy.
Where is this duplex located?
The property is located at 422 Caroline Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 1,624 SF duplex with two 2‑bedroom, 1‑bath units; One unit is tenant‑occupied; the second is vacant; Composition roof replaced in 2018
