Renovated Two-Unit
For Sale
$1,195,000
705 New York Street, West Palm Beach, FL 33401
Two finished residences feature updated kitchens, baths, impact windows, roofing, interiors, and landscaped grounds.
Property Size2,025 SF
Days on Market8
Property Features for 705 New York Street
General Information
Standard status
Active
Size
2,025 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,175
Building Details
Building Size
2,025 SF
Year Built
1984
Buildings
1
Listing Agency:
Sotheby's Intl. Realty, Inc.
Listed By:
Lisa A Mastronardi · License #3281601
(561) 346-8220
Source:
Darlenestreit
Added: Sep 19
Changed: Sep 25
Last Checked: Sep 24 at 6:21PM
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 Sotheby's Intl. Realty, Inc.
Investment Insights
Based on property information with market context.
This duplex contains two residences, each configured with 2 bedrooms and 2 bathrooms, within a 2,025-square-foot property built in 1984. Recent improvements include impact windows, a new roof, custom kitchen cabinetry, premium appliances, contemporary bathroom finishes, new flooring, updated lighting, interior and exterior paint, and landscaping. The property is zoned SF14(c.
Located at 705 New York Street in West Palm Beach’s Grandview Heights Historic District, the property is two blocks from the Norton Museum of Art and three blocks from The Square, also known as CityPlace. Restaurants, cafés, boutiques, Howard Park, tennis courts, the Armory Art Center, Palm Beach Island, and Palm Beach International Airport are also identified as nearby destinations. The two-unit layout supports separate residential use and provides flexibility for an owner-occupant arrangement or rental operation.
Located at 705 New York Street in West Palm Beach’s Grandview Heights Historic District, the property is two blocks from the Norton Museum of Art and three blocks from The Square, also known as CityPlace. Restaurants, cafés, boutiques, Howard Park, tennis courts, the Armory Art Center, Palm Beach Island, and Palm Beach International Airport are also identified as nearby destinations. The two-unit layout supports separate residential use and provides flexibility for an owner-occupant arrangement or rental operation.
Key Highlights
- Two residences, each with 2 bedrooms and 2 bathrooms
- 2,025‑square‑foot duplex built in 1984
- Impact windows and new roof
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
$37,895
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
3.17%
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%
$757,900
$757.9K
Cap Rate 7%
$541,357
$541.4K
Cap Rate 9%
$421,056
$421.1K
Market Conditions
NOI Build-Up for 2,025 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
$57.1K $28.20/SF
− Vacancy
−$3.0K −$1.47/SF
EGI
$54.1K $26.73/SF
− OpEx
−$16.2K −$8.02/SF
NOI
$37.9K $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 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%
$757,900
Cap Rate 7%
$541,357
Cap Rate 9%
$421,056
Alternative Uses
Best Use
Multifamily LT 5
$541.4K
$473.7K – $631.6K
NOI $37,895 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$503.5K
$440.6K – $587.4K
NOI $35,244 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,828 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,446
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two finished residences feature updated kitchens, baths, impact windows, roofing, interiors, and landscaped grounds.
Where is this duplex located?
The property is located at 705 New York Street West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 2 bathrooms; 2,025‑square‑foot duplex built in 1984; Impact windows and new roof
