Two-Home Duplex
For Sale
Contact for pricing
512 Bayberry Drive, Lake Park, FL 33403
Two completely separate residences on one lot, both renovated in 2023, with multiple parking options and an RV hook-up.
Property Size2,694 SF
Price / SF$278.03
Days on Market287
Property Features for 512 Bayberry Drive
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Multifamily
Zoning
R1(cit
Net Operating Income
$57,300
Building Details
Year Built
1958
Units
2
Listing Agency:
Charles & Charles Realty LLC
Listed By:
Michaelle Moise · License #359063
Source:
Crexi
Added: Nov 6, 2025
Changed: Aug 8
Last Checked: Jul 19 at 4:18AM
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 Charles & Charles Realty LLC
Investment Insights
Based on property information with market context.
This property is a special duplex-style setup with two completely separate homes on the same lot. Both the front and rear residences were newly renovated in 2023 and include two-year-old roofs, new attic insulation, impact windows and doors, laminate flooring throughout, and tiled bathrooms. Each home also features updated kitchens with quartz counters and stainless steel appliances, remodeled bathrooms, newer AC systems, and newer water heaters. The front house is a 2/2 with a large bonus room, carport, and laundry room. The rear house is a 2/1 with a bonus room and a laundry room, and it is positioned for privacy because it cannot be seen from the street.
Parking and access are well supported. There is a carport, driveway, gravel area, and a second driveway that together provide multiple parking spaces. An RV hook-up is also included; however, the listing notes that the RV does not convey.
With separate living spaces under one roofline of ownership, this configuration can suit tenants seeking long-term rentals, or operators interested in short-term rental flexibility. The combination of privacy in the rear unit and the shared-lot layout with dedicated parking areas can help streamline how the two homes are operated while keeping them functionally independent.
Parking and access are well supported. There is a carport, driveway, gravel area, and a second driveway that together provide multiple parking spaces. An RV hook-up is also included; however, the listing notes that the RV does not convey.
With separate living spaces under one roofline of ownership, this configuration can suit tenants seeking long-term rentals, or operators interested in short-term rental flexibility. The combination of privacy in the rear unit and the shared-lot layout with dedicated parking areas can help streamline how the two homes are operated while keeping them functionally independent.
Key Highlights
- Two completely separate residences on one lot, built in 1958
- Both homes renovated in 2023 with 2‑year‑old roofs, new attic insulation, and impact windows and doors
- Each home features updated interiors, including kitchens with quartz counters and stainless steel appliances, plus remodeled bathrooms
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
$44,908
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
6.00%
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%
$898,160
$898.2K
Cap Rate 7%
$641,543
$641.5K
Cap Rate 9%
$498,978
$499.0K
Market Conditions
NOI Build-Up for 2,694 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
$67.9K $25.20/SF
− Vacancy
−$3.7K −$1.39/SF
EGI
$64.2K $23.81/SF
− OpEx
−$19.2K −$7.14/SF
NOI
$44.9K $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%
$898,160
Cap Rate 7%
$641,543
Cap Rate 9%
$498,978
Alternative Uses
Best Use
Multifamily LT 5
$641.5K
$561.4K – $748.5K
NOI $44,908 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$591.9K
$517.9K – $690.5K
NOI $41,432 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,809 @ 7.0% cap · market cap 17.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
886
Businesses Nearby
Explore this area
Business Placement
Demographics for 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
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 completely separate residences on one lot, both renovated in 2023, with multiple parking options and an RV hook-up.
Where is this duplex located?
The property is located at 512 Bayberry Drive Lake Park, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Two completely separate residences on one lot, built in 1958; Both homes renovated in 2023 with 2‑year‑old roofs, new attic insulation, and impact windows and doors; Each home features updated interiors, including kitchens with quartz counters and stainless steel appliances, plus remodeled bathrooms
