Two-Unit Duplex
For Sale
$375,000
926 33rd Street, West Palm Beach, FL 33407
Two separate buildings provide a two-bedroom unit and a one-bedroom unit in West Palm Beach.
Property Size1,263 SF
Days on Market49
Property Features for 926 33rd Street
General Information
Standard status
Active
Size
1,263 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,210
Building Details
Building Size
1,263 SF
Year Built
1954
Buildings
2
Listing Agency:
Florida Professional Prop.
(561) 502-9900
Listed By:
Devon McLean · License #3017767
(561) 502-9900
Source:
Meyerlucas
Added: Jul 2
Changed: Aug 13
Last Checked: Aug 18 at 5:43AM
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 Florida Professional Prop.
Investment Insights
Based on property information with market context.
This duplex property, built in 1954, consists of two separate buildings with distinct residential configurations. One building contains a two-bedroom, one-bath unit, while the other offers a one-bedroom, one-bath layout.
The property is located at 926 33rd Street in West Palm Beach’s Northwood neighborhood. Downtown, shopping, hospitals, and major highways are identified as nearby destinations, providing access to established services and transportation routes.
The property is located at 926 33rd Street in West Palm Beach’s Northwood neighborhood. Downtown, shopping, hospitals, and major highways are identified as nearby destinations, providing access to established services and transportation routes.
Key Highlights
- Two separate buildings on one property
- Includes a 2‑bedroom, 1‑bath unit
- Includes a 1‑bedroom, 1‑bath unit
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
$23,635
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
6.30%
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%
$472,700
$472.7K
Cap Rate 7%
$337,643
$337.6K
Cap Rate 9%
$262,611
$262.6K
Market Conditions
NOI Build-Up for 1,263 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
$35.6K $28.20/SF
− Vacancy
−$1.9K −$1.47/SF
EGI
$33.8K $26.73/SF
− OpEx
−$10.1K −$8.02/SF
NOI
$23.6K $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%
$472,700
Cap Rate 7%
$337,643
Cap Rate 9%
$262,611
Alternative Uses
Best Use
Multifamily LT 5
$337.6K
$295.4K – $393.9K
NOI $23,635 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$314.0K
$274.8K – $366.4K
NOI $21,982 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$889.5K
$778.3K – $1.04M
NOI $62,263 @ 7.0% cap · market cap 16.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
798
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 - Two separate buildings provide a two-bedroom unit and a one-bedroom unit in West Palm Beach.
Where is this duplex located?
The property is located at 926 33rd Street West Palm Beach, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two separate buildings on one property; Includes a 2‑bedroom, 1‑bath unit; Includes a 1‑bedroom, 1‑bath unit
