Triplex with Detached Duplex
For Sale
$695,900
5555 Garden Avenue, West Palm Beach, FL 33405
MULTI_FAMILY - West Palm Beach, FL
Property Size2,328 SF
Lot Size0.15 Acres
Price / SF$298.93
Days on Market143
Property Features for 5555 Garden Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
SF7 (city)
Bedrooms
5
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 3
Window features
Storm Window(s), Blinds
Pets allowed
Yes, No
Exterior features
Garden, Storage
Subdivision
FERNWOOD
Lot features
Corner Lot, Landscaped, Sidewalks
View
City
Elementary school
Palmetto (Palm Beach)
Middle school
Conniston Community
High school
Forest Hill
Directions
GPS
Standard status
Active
APN
74434404160000230
Size
2,328 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FERNWOOD LTS 23 & 24
Tax Annual Amount
9792
Legal Description
FERNWOOD LTS 23 & 24
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1928
Floors in Building
2
Number of units
4
Flooring type
Carpet, Wood, Tile
Building materials
Stucco, Wood Frame
Roof type
Rolled Hot Mop, Flat
Additional Structures
Storage
Listing Agency:
United Realty Group, Inc
(561) 469-8706
Listed By:
Tonsela Newton Watts · License #3275643
(561) 707-0885
Added: Mar 23
Changed: Aug 5
Last Checked: Aug 12 at 1:06PM
MLS# B26006657
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 triplex property combines a single-family home with a detached duplex apartment building. The single-family portion is a two-bedroom, one-bath layout with hardwood floors in the main living areas and bedrooms, and ceramic tile in the updated bathroom and kitchen. The detached duplex includes two units described as 2/1 on the second floor and 1/1 on the first floor, with carpet and ceramic tile throughout and updated kitchens and baths. Additional features include washer and dryer, along with garden and storage exterior features.
Built in 1928, the property is constructed with stucco and wood frame materials. Heating is provided by central electric, with central air electric cooling. The roof is described as flat with rolled hot mop roofing. Utilities include public water and public sewer.
Zoned SF7 (city), this is located in West Palm Beach, FL 33405 on Garden Avenue.
Built in 1928, the property is constructed with stucco and wood frame materials. Heating is provided by central electric, with central air electric cooling. The roof is described as flat with rolled hot mop roofing. Utilities include public water and public sewer.
Zoned SF7 (city), this is located in West Palm Beach, FL 33405 on Garden Avenue.
Key Highlights
- Triplex arrangement with single‑family home plus detached duplex apartment building
- Detached duplex unit mix: 2/1 on the second floor and 1/1 on the first floor
- Central electric heating and central air electric cooling
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
$43,565
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
6.26%
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%
$871,300
$871.3K
Cap Rate 7%
$622,357
$622.4K
Cap Rate 9%
$484,056
$484.1K
Market Conditions
NOI Build-Up for 2,328 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
$65.6K $28.20/SF
− Vacancy
−$3.4K −$1.47/SF
EGI
$62.2K $26.73/SF
− OpEx
−$18.7K −$8.02/SF
NOI
$43.6K $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%
$871,300
Cap Rate 7%
$622,357
Cap Rate 9%
$484,056
Alternative Uses
Best Use
Multifamily LT 5
$622.4K
$544.6K – $726.1K
NOI $43,565 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$578.8K
$506.5K – $675.3K
NOI $40,518 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,766 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
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?
Triplex - Triplex setup with a detached duplex and single-family home, featuring central heating and cooling with public water and sewer.
Where is this triplex located?
The property is located at 5555 Garden Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $695,900.
What are key features of this property?
This property features: Triplex arrangement with single‑family home plus detached duplex apartment building; Detached duplex unit mix: 2/1 on the second floor and 1/1 on the first floor; Central electric heating and central air electric cooling
