Duplex with Two 3BR/2BA
For Sale
Contact for pricing
731 21st Street # 2 #1-2, West Palm Beach, FL 33407
Duplex in West Palm Beach offering two mirrored 3-bedroom, 2-bath layouts for residential income.
Property Size2,590 SF
Price / SF$241.31
Days on Market327
Property Features for 731 21st Street # 2 #1-2
General Information
Standard status
Active
Size
2,590 SF
Property subtype
Multifamily
Zoning
SF11(c
Net Operating Income
$45,880
Building Details
Year Built
1983
Units
2
Listing Agency:
D'Alexis Realty Corp
Listed By:
David Alexis · License #511103
Source:
Crexi
Added: Sep 28, 2025
Changed: Aug 8
Last Checked: Aug 19 at 11:15PM
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 D'Alexis Realty Corp
Investment Insights
Based on property information with market context.
This duplex property features two separate sides, with each unit configured to include 3 bedrooms and 2 bathrooms. The building is presented as a residential income investment, with the mirrored unit layout designed to support consistent living arrangements on both sides.
Located in the center of West Palm Beach, the property is described as being a few blocks from Good Samaritan Hospital. The address is listed as 731 21st Street, with unit references noted as #1-2 and #2.
For tenants or buyers seeking a straightforward residential income setup, the repeating 3-bedroom, 2-bath floorplan can simplify leasing and tenant matching across both sides of the duplex. As reflected in the listing remarks, this is positioned as a nearby-hospital option within West Palm Beach, appealing to those looking for an income property with a clear, consistent unit configuration.
Located in the center of West Palm Beach, the property is described as being a few blocks from Good Samaritan Hospital. The address is listed as 731 21st Street, with unit references noted as #1-2 and #2.
For tenants or buyers seeking a straightforward residential income setup, the repeating 3-bedroom, 2-bath floorplan can simplify leasing and tenant matching across both sides of the duplex. As reflected in the listing remarks, this is positioned as a nearby-hospital option within West Palm Beach, appealing to those looking for an income property with a clear, consistent unit configuration.
Key Highlights
- Duplex in West Palm Beach built in 1983
- Two mirrored floorplans, each with 3 bedrooms and 2 baths
- Located a few blocks from Good Samaritan Hospital
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
$48,468
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
7.75%
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%
$969,360
$969.4K
Cap Rate 7%
$692,400
$692.4K
Cap Rate 9%
$538,533
$538.5K
Market Conditions
NOI Build-Up for 2,590 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
$73.0K $28.20/SF
− Vacancy
−$3.8K −$1.47/SF
EGI
$69.2K $26.73/SF
− OpEx
−$20.8K −$8.02/SF
NOI
$48.5K $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%
$969,360
Cap Rate 7%
$692,400
Cap Rate 9%
$538,533
Alternative Uses
Best Use
Multifamily LT 5
$692.4K
$605.9K – $807.8K
NOI $48,468 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$644.0K
$563.5K – $751.3K
NOI $45,078 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$1.82M
$1.60M – $2.13M
NOI $127,682 @ 7.0% cap · market cap 20.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 33407, FL
34,558
Population
15,147
Households
2.3
Avg Household Size
35
Median Age
26%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
3,491
Density / Sq Mi
$56,606
Median Household Income
$34,886
Median Earnings
$1,551
Median Rent
$290,500
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 - Duplex in West Palm Beach offering two mirrored 3-bedroom, 2-bath layouts for residential income.
Where is this duplex located?
The property is located at 731 21st Street # 2 #1-2 West Palm Beach, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Duplex in West Palm Beach built in 1983; Two mirrored floorplans, each with 3 bedrooms and 2 baths; Located a few blocks from Good Samaritan Hospital
