Historic Duplex with Hardwood
New
For Sale
$699,500
526 38TH Street, West Palm Beach, FL 33407
1926 property with updated kitchen and bathrooms, fenced outdoor space, and a large driveway.
Property Size2,925 SF
Price / SF$239.15
Days on Market2
Property Features for 526 38TH Street
General Information
Standard status
Active
Size
2,925 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$9,167
Amenities
hardwood flooring
fireplace
updated bathrooms & kitchen
private backyard
fully fenced
large driveway
Building Details
Building Size
2,925 SF
Year Built
1926
Listing Agency:
Mastropieri Group LLC
Listed By:
Lawrence A Mastropieri · License #3252988
(561) 544-7000
Source:
Meyerlucas
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:06AM
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 Mastropieri Group LLC
Investment Insights
Based on property information with market context.
Built in 1926, this 2,925-square-foot duplex offers a flexible residential layout with multiple bedrooms, generous living areas, hardwood flooring, and a fireplace. The interior also includes an updated kitchen and bathrooms. Outdoor features include a fully fenced backyard, open patio, tropical landscaping, and a large driveway.
The property is located near beaches, the Intracoastal Waterway, downtown West Palm Beach, Northwood Village dining, shopping, and major roadways. Notable property updates include a 2006 roof, AC installations dated 2019 and 2006, and a 2009 water heater.
The property is located near beaches, the Intracoastal Waterway, downtown West Palm Beach, Northwood Village dining, shopping, and major roadways. Notable property updates include a 2006 roof, AC installations dated 2019 and 2006, and a 2009 water heater.
Key Highlights
- 2,925 square feet of living area
- Built in 1926
- Hardwood flooring and fireplace
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
$54,737
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
7.83%
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%
$1,094,740
$1.1M
Cap Rate 7%
$781,957
$782.0K
Cap Rate 9%
$608,189
$608.2K
Market Conditions
NOI Build-Up for 2,925 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
$82.5K $28.20/SF
− Vacancy
−$4.3K −$1.47/SF
EGI
$78.2K $26.73/SF
− OpEx
−$23.5K −$8.02/SF
NOI
$54.7K $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%
$1,094,740
Cap Rate 7%
$781,957
Cap Rate 9%
$608,189
Alternative Uses
Best Use
Multifamily LT 5
$782.0K
$684.2K – $912.3K
NOI $54,737 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$727.3K
$636.4K – $848.5K
NOI $50,908 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,196 @ 7.0% cap · market cap 20.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
514
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 - 1926 property with updated kitchen and bathrooms, fenced outdoor space, and a large driveway.
Where is this duplex located?
The property is located at 526 38TH Street West Palm Beach, FL.
What is the asking price?
The asking price for this property is $699,500.
What are key features of this property?
This property features: 2,925 square feet of living area; Built in 1926; Hardwood flooring and fireplace
