Historic Duplex with Flexible
New
For Sale
$699,500
526 38TH Street, West Palm Beach, FL 33407
Residential Income, West Palm Beach, FL
Property Size2,925 SF
Lot Size0.14 Acres
Price / SF$239.15
Days on Market7
Property Features for 526 38TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SF14 (city)
Bedrooms
7
Full bathrooms
3
Rooms
Bedroom 6, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 7, Bedroom 2
Pets allowed
No, Yes
Exterior features
Storage
Fencing
Fenced
Subdivision
NORTHWOOD ADD
Elementary school
Northmore
Middle school
John F. Kennedy (Palm Beach)
High school
Palm Beach Lakes
Standard status
Active
APN
74434309050300070
Size
2,925 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTHWOOD ADD LT 7 BLK 30
Tax Annual Amount
9167
Legal Description
NORTHWOOD ADD LT 7 BLK 30
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Ceiling Fan(s), Ductless, Central Air, Heat Pump
Water source
Public
Building Details
Year built
1926
Floors in Building
1
Number of units
2
Flooring type
Wood, Tile, Concrete
Building materials
CBS, Stucco
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Mastropieri Group LLC
Listed By:
Lawrence A Mastropieri · License #3252988
(561) 544-7000
Added: Sep 1
Changed: Sep 7
Last Checked: Sep 7 at 6:06AM
MLS# B26071091
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.
Built in 1926, this duplex property contains 2,925 square feet on a 0.14-acre lot. The residence includes seven bedrooms and three bathrooms, with a flexible interior arrangement, wood, tile, and concrete flooring, plus a fireplace. Kitchen and bathroom updates complement the existing character of the home.
Exterior features include a fenced backyard with an open patio, tropical landscaping, storage, and a large driveway. The property has public water and public sewer service, CBS and stucco construction, a shingle roof, central air, ductless cooling, ceiling fans, and electric heating. The address is near beaches, the Intracoastal Waterway, downtown West Palm Beach, Northwood Village dining, shopping, and major roadways.
Exterior features include a fenced backyard with an open patio, tropical landscaping, storage, and a large driveway. The property has public water and public sewer service, CBS and stucco construction, a shingle roof, central air, ductless cooling, ceiling fans, and electric heating. The address is near beaches, the Intracoastal Waterway, downtown West Palm Beach, Northwood Village dining, shopping, and major roadways.
Key Highlights
- 2,925 square feet on a 0.14‑acre lot
- Seven bedrooms and three bathrooms
- Built in 1926 with CBS and stucco construction
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex offering seven bedrooms, updated kitchen and bathrooms, wood and tile finishes, fenced outdoor space, and public utilities.
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 on a 0.14‑acre lot; Seven bedrooms and three bathrooms; Built in 1926 with CBS and stucco construction
