Two-Unit Duplex
For Sale
$485,000
Ab-148 Secretary Trl, Palm Coast, FL 32164
Residential income property with separate living spaces and a layout suited to long-term rental use.
Property Size2,422 SF
Price / SF$200.25
Days on Market14
Property Features for Ab-148 Secretary Trl
General Information
Standard status
Active
Size
2,422 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,044
Listing Agency:
VIRTUAL HOMES REALTY
(386) 237-7688
Listed By:
Kseniya Edwards · License #3312959
(386) 237-7688
Source:
Exprealty
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 31 at 6:44PM
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 VIRTUAL HOMES REALTY
Investment Insights
Based on property information with market context.
This duplex contains two residential units within a 2,422-square-foot property, with each unit providing its own living space. The configuration supports separate occupancy and is suited to long-term residential rental use.
Located in Palm Coast, Florida, the property is near shopping, restaurants, schools, parks, golf courses, recreational amenities, medical facilities, major roadways, and Atlantic Coast beaches. The address is 148 Secretary Trail.
Located in Palm Coast, Florida, the property is near shopping, restaurants, schools, parks, golf courses, recreational amenities, medical facilities, major roadways, and Atlantic Coast beaches. The address is 148 Secretary Trail.
Key Highlights
- Two residential units in one duplex property
- 2,422 square feet of property size
- Each unit includes its own living space
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
$27,966
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
5.77%
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%
$559,320
$559.3K
Cap Rate 7%
$399,514
$399.5K
Cap Rate 9%
$310,733
$310.7K
Market Conditions
NOI Build-Up for 2,422 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
$42.1K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$40.0K $16.50/SF
− OpEx
−$12.0K −$4.95/SF
NOI
$28.0K $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%
$559,320
Cap Rate 7%
$399,514
Cap Rate 9%
$310,733
Alternative Uses
Best Use
Multifamily LT 5
$399.5K
$349.6K – $466.1K
NOI $27,966 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$354.9K
$310.6K – $414.1K
NOI $24,846 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$582.0K
$509.3K – $679.0K
NOI $40,742 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
46
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 - Residential income property with separate living spaces and a layout suited to long-term rental use.
Where is this duplex located?
The property is located at Ab-148 Secretary Trl Palm Coast, FL.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two residential units in one duplex property; 2,422 square feet of property size; Each unit includes its own living space
