Updated Duplex With Separate
New
For Sale
$680,000
4804 Garden Avenue, West Palm Beach, FL 33405
Two independently metered units include private patios and direct exterior access.
Property Size2,298 SF
Price / SF$418.46
Days on Market2
Property Features for 4804 Garden Avenue
General Information
Standard status
Active
Size
2,298 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
SF7 (cit
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,215
Building Details
Building Size
2,298 SF
Year Built
1972
Stories
1
Listing Agency:
Realty One Group Evolution
(954) 305-8758
Listed By:
Luisa Agudelo · License #3391351
(954) 305-8758
Source:
Laerrealty
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 3:41AM
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 Realty One Group Evolution
Investment Insights
Based on property information with market context.
Located at 4804 Garden Avenue in West Palm Beach, this updated duplex contains two 2BR/1BA units of approximately 900 sq. ft. each. The 1625 sq. ft. property was built in 1972 and includes fresh paint, modern finishes, new appliances, and a new 2026 permitted roof.
Each residence has its own electric meter, water meter, private outdoor patio, and direct entry from outside. The property also provides private parking for 4+ vehicles and a designated storage area. Its two-unit configuration supports separate occupancy, including an owner-occupant arrangement with one unit retained for rental, or rental use of both units. Short-term rental use is subject to local regulations.
Each residence has its own electric meter, water meter, private outdoor patio, and direct entry from outside. The property also provides private parking for 4+ vehicles and a designated storage area. Its two-unit configuration supports separate occupancy, including an owner-occupant arrangement with one unit retained for rental, or rental use of both units. Short-term rental use is subject to local regulations.
Key Highlights
- Two 2BR/1BA units, approximately 900 sq. ft. each
- 1625 sq. ft. duplex built in 1972
- New 2026 permitted roof, fresh paint, modern finishes, and new appliances
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
$30,409
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
4.47%
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%
$608,180
$608.2K
Cap Rate 7%
$434,414
$434.4K
Cap Rate 9%
$337,878
$337.9K
Market Conditions
NOI Build-Up for 1,625 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%
$608,180
Cap Rate 7%
$434,414
Cap Rate 9%
$337,878
Alternative Uses
Best Use
Multifamily LT 5
$434.4K
$380.1K – $506.8K
NOI $30,409 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$404.0K
$353.5K – $471.4K
NOI $28,282 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$1.14M
$1.00M – $1.34M
NOI $80,109 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
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 independently metered units include private patios and direct exterior access.
Where is this duplex located?
The property is located at 4804 Garden Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Two 2BR/1BA units, approximately 900 sq. ft. each; 1625 sq. ft. duplex built in 1972; New 2026 permitted roof, fresh paint, modern finishes, and new appliances
