Two-Unit Residential Income
For Sale
$925,000
610 SE 2nd Avenue, Delray Beach, FL 33483
Two fully renovated residences with in-unit laundry are currently rented, with a roof replacement completed in 2021.
Property Size1,900 SF
Price / SF$486.84
Days on Market107
Property Features for 610 SE 2nd Avenue
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
Lang Realty/Delray Beach
(561) 455-3300
Listed By:
Noreen Payne · License #3342729
(703) 999-4214
Source:
Lehmannflorida
Added: Jul 9
Changed: Oct 21
Last Checked: Oct 20 at 9:51PM
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 Lang Realty/Delray Beach
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Investment Insights
Based on property information with market context.
This residential income property is currently configured as two separate, fully renovated units. One unit offers three bedrooms and two bathrooms, and the second unit offers three bedrooms and one bathroom. Both residences include in-unit laundry and are currently rented, providing immediate income at the property level. The roof was replaced in 2021.
The property is located at 610 SE 2nd Avenue in Delray Beach, with an adjacent vacant lot also available for purchase to support an assemblage approach.
As offered, the building provides a straightforward two-unit setup designed to support ongoing rental occupancy while leaving flexibility for future plans.
The property is located at 610 SE 2nd Avenue in Delray Beach, with an adjacent vacant lot also available for purchase to support an assemblage approach.
As offered, the building provides a straightforward two-unit setup designed to support ongoing rental occupancy while leaving flexibility for future plans.
Key Highlights
- Year built 1985 single property configured as two separate residences
- 3‑bedroom, 2‑bath unit and 3‑bedroom, 1‑bath unit, both currently rented
- Both residences include in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,673
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$633,460
$633.5K
Cap Rate 7%
$452,471
$452.5K
Cap Rate 9%
$351,922
$351.9K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$47.9K $25.20/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$45.2K $23.81/SF
− OpEx
−$13.6K −$7.14/SF
NOI
$31.7K $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 Rate 5%
$633,460
Cap Rate 7%
$452,471
Cap Rate 9%
$351,922
Alternative Uses
Best Use
Multifamily LT 5
$452.5K
$395.9K – $527.9K
NOI $31,673 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$417.4K
$365.3K – $487.0K
NOI $29,221 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,666 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,524
Businesses Nearby
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Business Placement
Demographics for 33483, FL
13,103
Population
9,493
Households
1.4
Avg Household Size
59
Median Age
57%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
3,448
Density / Sq Mi
$117,854
Median Household Income
$60,502
Median Earnings
$2,306
Median Rent
$755,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two fully renovated residences with in-unit laundry are currently rented, with a roof replacement completed in 2021.
Where is this duplex located?
The property is located at 610 SE 2nd Avenue Delray Beach, FL.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Year built 1985 single property configured as two separate residences; 3‑bedroom, 2‑bath unit and 3‑bedroom, 1‑bath unit, both currently rented; Both residences include in‑unit laundry
