Delray Beach Legal
For Sale
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607 SW 3rd St, Delray Beach, FL 33444
Legal duplex in Delray Beach, suitable for short-term rentals.
Property Size1,550 SF
Lot Size0.18 Acres
Price / SF$419.35
Days on Market191
Property Features for 607 SW 3rd St
General Information
Standard status
Active
Size
1,550 SF
Lot size
0.18 Acres
Property subtype
Multifamily
Zoning
R-1-A
Building Details
Year Built
1945
Listing Agency:
Horizon Homes Realty Corp
(305) 905-0996
Listed By:
Diego Kogutek · License #3438535
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Jul 22 at 2:05PM
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 Horizon Homes Realty Corp
Investment Insights
Based on property information with market context.
This legal duplex is located in Delray Beach, minutes from the beach and downtown. The property is suitable for both residential leasing and tourist rentals. Unit 1/1 is currently rented for $2,200 monthly. The property is located in an area with high-demand vacation properties. The double lot is nearly 8,000 sqft. The property has automated irrigation and is zoned for short-term rental. The property is a mine for investors looking for passive income. The duplex includes a 2/2 unit and a 1/1 unit, plus laundry. The property size is 1,550 sqft.
Key Highlights
- Legal Duplex in Delray Beach: Immediate rental income potential with a 2/2 and 1/1 unit.
- Short‑Term Rental Zoned: Perfect for Airbnb, capitalizing on the high‑demand vacation market.
- High Income Potential: 1/1 unit currently rented at $2,200 monthly.
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
$25,838
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
3.98%
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%
$516,760
$516.8K
Cap Rate 7%
$369,114
$369.1K
Cap Rate 9%
$287,089
$287.1K
Market Conditions
NOI Build-Up for 1,550 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
$39.1K $25.20/SF
− Vacancy
−$2.1K −$1.39/SF
EGI
$36.9K $23.81/SF
− OpEx
−$11.1K −$7.14/SF
NOI
$25.8K $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%
$516,760
Cap Rate 7%
$369,114
Cap Rate 9%
$287,089
Alternative Uses
Best Use
Multifamily LT 5
$369.1K
$323.0K – $430.6K
NOI $25,838 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$340.5K
$298.0K – $397.3K
NOI $23,838 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$1.09M
$955.2K – $1.27M
NOI $76,412 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 33444, FL
22,671
Population
10,469
Households
2.2
Avg Household Size
41
Median Age
33%
College-Educated
84%
High-School Grad
5.0 sq mi
ZIP Area
4,534
Density / Sq Mi
$74,803
Median Household Income
$37,915
Median Earnings
$1,712
Median Rent
$425,200
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 - Legal duplex in Delray Beach, suitable for short-term rentals.
Where is this duplex located?
The property is located at 607 SW 3rd St Delray Beach, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Legal Duplex in Delray Beach: Immediate rental income potential with a 2/2 and 1/1 unit.; Short‑Term Rental Zoned: Perfect for Airbnb, capitalizing on the high‑demand vacation market.; High Income Potential: 1/1 unit currently rented at $2,200 monthly.
