Duplex on Oversized Corner
New
For Sale
$650,000
702 Fernwood Drive, West Palm Beach, FL 33405
The two-unit property has separate entrances and a recently installed roof.
Property Size1,821 SF
Price / SF$356.95
Days on Market3
Property Features for 702 Fernwood Drive
General Information
Standard status
Active
Size
1,821 SF
Property subtype
Duplex
Site & Location
Neighborhood
Dreher Park Neighborhood Association
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Building Details
Year Built
1945
Listing Agency:
Douglas Elliman
(305) 695-6070
Listed By:
John McSherry · License #3535188
(610) 805-9699
Source:
Lehmannflorida
Added: Oct 28
Changed: Oct 30
Last Checked: Oct 30 at 2:22PM
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 Douglas Elliman
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Investment Insights
Based on property information with market context.
This duplex contains 1,821 square feet and was built in 1945. Separate entrances serve the two residences, and the roof has been replaced recently. The property occupies a corner lot at 702 Fernwood Drive in West Palm Beach.
The address is minutes from the beach and Downtown West Palm Beach. The site’s oversized lot provides additional land area alongside the existing duplex.
The address is minutes from the beach and Downtown West Palm Beach. The site’s oversized lot provides additional land area alongside the existing duplex.
Key Highlights
- Two‑unit duplex on an oversized corner lot
- 1,821‑square‑foot property built in 1945
- Separate entrances for the residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,077
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$681,540
$681.5K
Cap Rate 7%
$486,814
$486.8K
Cap Rate 9%
$378,633
$378.6K
Market Conditions
NOI Build-Up for 1,821 SF
Gross rent
$51.4K $28.20/SF
− Vacancy
−$2.7K −$1.47/SF
EGI
$48.7K $26.73/SF
− OpEx
−$14.6K −$8.02/SF
NOI
$34.1K $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 Rate 5%
$681,540
Cap Rate 7%
$486,814
Cap Rate 9%
$378,633
Alternative Uses
Best Use
Multifamily LT 5
$486.8K
$426.0K – $568.0K
NOI $34,077 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$452.8K
$396.2K – $528.2K
NOI $31,694 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,772 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,005
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The two-unit property has separate entrances and a recently installed roof.
Where is this duplex located?
The property is located at 702 Fernwood Drive West Palm 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: Two‑unit duplex on an oversized corner lot; 1,821‑square‑foot property built in 1945; Separate entrances for the residences
