2-Unit Concrete Block
For Sale
Contact for pricing
9 Wheeler Place, Palm Coast, FL 32164
Two residential units provide private entries, carports, storage rooms, and laundry closets.
Property Size2,844 SF
Lot Size0.25 Acres
Price / SF$149.40
Days on Market62
Property Features for 9 Wheeler Place
General Information
Standard status
Active
Size
2,844 SF
Total Parking Spaces
4
Lot size
0.25 Acres
Property subtype
Multifamily, Land
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
laundry closet
private storage rooms
Building Details
Year Built
2000
Buildings
1
Units
2
Construction
concrete block
Tenancy
Multi
Listing Agency:
Worth Clark Realty
(904) 859-2885
Listed By:
Nichole Brosch · License #FL
Source:
Crexi
Added: Jul 1
Changed: Aug 31
Last Checked: Aug 31 at 9:42AM
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 Worth Clark Realty
Investment Insights
Based on property information with market context.
This 2,844-square-foot duplex, built in 2000, contains two residential units with matching two-bedroom, two-bath layouts. Each side includes a separate entrance, laundry closet, dedicated carport, and private storage room. Tile flooring, updated appliances, and concrete block construction are among the property’s existing features, while established tenants are already in place. The roof was replaced in 2022, and both HVAC systems and both water heaters date to 2019.
The property occupies a quarter-acre lot at 9 Wheeler Place in Palm Coast, Florida. Its location is approximately a short drive from Flagler County beaches, 35 minutes from historic St. Augustine, and 30 minutes from Daytona Speedway and the Daytona International Airport. State parks, local trails, and community events are also identified in the surrounding area.
The property occupies a quarter-acre lot at 9 Wheeler Place in Palm Coast, Florida. Its location is approximately a short drive from Flagler County beaches, 35 minutes from historic St. Augustine, and 30 minutes from Daytona Speedway and the Daytona International Airport. State parks, local trails, and community events are also identified in the surrounding area.
Key Highlights
- 2,844‑square‑foot duplex on a quarter‑acre lot
- Two units, each with 2 bedrooms and 2 full bathrooms
- Separate entries, dedicated carports, laundry closets, and private storage rooms
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
$32,839
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
7.73%
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%
$656,780
$656.8K
Cap Rate 7%
$469,129
$469.1K
Cap Rate 9%
$364,878
$364.9K
Market Conditions
NOI Build-Up for 2,844 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
$49.5K $17.40/SF
− Vacancy
−$2.6K −$0.90/SF
EGI
$46.9K $16.50/SF
− OpEx
−$14.1K −$4.95/SF
NOI
$32.8K $11.55/SF
Area
Flagler County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$656,780
Cap Rate 7%
$469,129
Cap Rate 9%
$364,878
Alternative Uses
Best Use
Multifamily LT 5
$469.1K
$410.5K – $547.3K
NOI $32,839 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$416.8K
$364.7K – $486.3K
NOI $29,175 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$683.4K
$598.0K – $797.4K
NOI $47,841 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 32164, FL
49,412
Population
22,902
Households
2.2
Avg Household Size
48
Median Age
26%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
1,520
Density / Sq Mi
$71,738
Median Household Income
$37,976
Median Earnings
$1,724
Median Rent
$308,100
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 - Two residential units provide private entries, carports, storage rooms, and laundry closets.
Where is this duplex located?
The property is located at 9 Wheeler Place Palm Coast, FL.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 2,844‑square‑foot duplex on a quarter‑acre lot; Two units, each with 2 bedrooms and 2 full bathrooms; Separate entries, dedicated carports, laundry closets, and private storage rooms
