Renovated Duplex With Two
New
For Sale
$1,195,000
705 New York Street, West Palm Beach, FL 33401
Residential Income, West Palm Beach, FL
Property Size2,025 SF
Lot Size0.16 Acres
Price / SF$590.12
Days on Market5
Property Features for 705 New York Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SF14(c
Bedrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2
Pets allowed
Yes, No
Fencing
Fenced
Subdivision
GRANDVIEW HGTS IN PB7P58
Elementary school
Palm Beach Public
Middle school
Conniston Community
High school
Forest Hill
Standard status
Active
APN
74434328050001000
Size
2,025 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
GRANDVIEW HEIGHTS LTS 100 & 101
Tax Annual Amount
14175
Legal Description
GRANDVIEW HEIGHTS LTS 100 & 101
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1984
Floors in Building
1
Number of units
4
Flooring type
Carpet, Laminate
Building materials
CBS, Stucco
Roof type
Composition
Listing Agency:
Sotheby's Intl. Realty, Inc. · Sotheby's International Realty
(561) 659-3555
Listed By:
Lisa A Mastronardi · License #3281601
(561) 346-8220
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 21 at 10:06AM
MLS# B26078201
Copyright © 2026 BeachesMLS. 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 duplex contains two 2-bedroom, 2-bath residences within a 2,025-square-foot property on 0.16 acres. Built in 1984, the building has CBS and stucco construction, impact windows, a new roof, updated kitchens with custom cabinetry and premium appliances, contemporary bathroom finishes, new flooring, refreshed interior and exterior paint, and updated lighting. Central air conditioning, central and electric heating, fencing, public water, and public sewer are also in place. The property is zoned SF14(c.
The address is in West Palm Beach’s Grandview Heights Historic District, with the Norton Museum of Art two blocks away and The Square three blocks away. Restaurants, cafes, boutiques, Howard Park, and the Armory Art Center are within the surrounding area, while Palm Beach International Airport is approximately 10 minutes away. The property’s two separate residences support an owner-occupant arrangement with an additional residence on site.
The address is in West Palm Beach’s Grandview Heights Historic District, with the Norton Museum of Art two blocks away and The Square three blocks away. Restaurants, cafes, boutiques, Howard Park, and the Armory Art Center are within the surrounding area, while Palm Beach International Airport is approximately 10 minutes away. The property’s two separate residences support an owner-occupant arrangement with an additional residence on site.
Key Highlights
- Two 2‑bedroom, 2‑bath residences
- 2,025 square feet on 0.16 acres
- Built in 1984 with CBS and stucco construction
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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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
Check the figures for this property
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 residences feature updated kitchens, contemporary baths, new flooring, and fresh interior and exterior paint.
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 2‑bedroom, 2‑bath residences; 2,025 square feet on 0.16 acres; Built in 1984 with CBS and stucco construction
