Two-Unit Residential Income
For Sale
$1,100,000
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$578.95
Days on Market35
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
(703) 999-4214
Listed By:
Noreen Payne · License #R11165434
(703) 999-4214
Source:
Lehmannflorida
Added: Jul 9
Changed: Aug 12
Last Checked: Aug 12 at 6:08AM
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
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 = 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
$31,673
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
2.88%
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%
$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
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
$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 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%
$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 2.88%
Second Best
Apartment 5plus
$417.4K
$365.3K – $487.0K
NOI $29,221 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,666 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,333
Businesses Nearby
Explore this area
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
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 - 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 $1,100,000.
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
