Duplex Near Small World
For Sale
Under Contract
$285,000
638 & 640 E PALMETTO Avenue, Longwood, FL 32750
Residential, LONGWOOD, FL
Property Size1,974 SF
Lot Size0.32 Acres
Price / SF$144.38
Days on Market59
Property Features for 638 & 640 E PALMETTO Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
LDR
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 3, Bathroom 3, Bedroom 1
Pets allowed
Yes
Interior features
Ninguno
Exterior features
Lighting
Subdivision
LAKE WAYMAN HEIGHTS
Elementary school
Longwood Elementary
Middle school
Milwee Middle
High school
Winter Springs High
Directions
Going West bound on436, turn north on Wayman to Palmetto, then West to subject property.
Standard status
Active Under Contract
APN
32-20-30-512-0P00-0060
Size
1,974 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 6 + 7 BLK P LAKE WAYMAN HEIGHTS PB 3 PG 82
Tax Annual Amount
453
Legal Description
LOTS 6 + 7 BLK P LAKE WAYMAN HEIGHTS PB 3 PG 82
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Building materials
Frame
Roof type
Shingle
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(407) 622-2122
Listed By:
Tim Malone · License #3310918
(407) 765-6987
Added: Jul 14
Changed: Sep 9
Last Checked: Sep 10 at 2:06PM
MLS# O6424907
Copyright © 2026 Stellar MLS. 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 frame-built duplex includes the residences at 638 and 640 E Palmetto Avenue, with a combined 1,974 square feet of interior space. The property was constructed in 1986 and features central air conditioning, electric heating, shingle roofing, and exterior lighting. Public water and public sewer serve the property, while phone service is available.
The 0.32-acre lot sits directly behind Small World Park, providing immediate access to a city park setting. The property is zoned LDR and includes three bedrooms and three bathrooms among the listed rooms. Both residential units are included in the offering.
The 0.32-acre lot sits directly behind Small World Park, providing immediate access to a city park setting. The property is zoned LDR and includes three bedrooms and three bathrooms among the listed rooms. Both residential units are included in the offering.
Key Highlights
- Duplex at 638 & 640 E PALMETTO Avenue
- 1,974 Square Feet of Property Size
- 0.32‑acre lot directly behind Small World Park
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
$24,241
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
8.51%
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%
$484,820
$484.8K
Cap Rate 7%
$346,300
$346.3K
Cap Rate 9%
$269,344
$269.3K
Market Conditions
NOI Build-Up for 1,974 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
$47.1K $23.88/SF
− Vacancy
−$3.1K −$1.55/SF
EGI
$44.1K $22.33/SF
− OpEx
−$19.8K −$10.05/SF
NOI
$24.2K $12.28/SF
Area
Seminole County, FL
Vacancy
6.50%
Lease Rate
$23.88 /SF/Yr
Expense Ratio
45.00%
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%
$484,820
Cap Rate 7%
$346,300
Cap Rate 9%
$269,344
Alternative Uses
Best Use
Multifamily LT 5
$376.1K
$329.1K – $438.8K
NOI $26,328 @ 7.0% cap · market cap 9.24%
Second Best
Apartment 5plus
$346.3K
$303.0K – $404.0K
NOI $24,241 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$561.7K
$491.5K – $655.4K
NOI $39,322 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 32750, FL
25,261
Population
10,541
Households
2.4
Avg Household Size
43
Median Age
37%
College-Educated
93%
High-School Grad
11.4 sq mi
ZIP Area
2,216
Density / Sq Mi
$85,227
Median Household Income
$48,311
Median Earnings
$1,633
Median Rent
$350,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with public water, public sewer, central air, and electric heating.
Where is this duplex located?
The property is located at 638 & 640 E PALMETTO Avenue Longwood, FL.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Duplex at 638 & 640 E PALMETTO Avenue; 1,974 Square Feet of Property Size; 0.32‑acre lot directly behind Small World Park
