Quadplex with Fenced
For Sale
$828,000
3621 Morton Avenue, West Palm Beach, FL 33405
MULTI_FAMILY - West Palm Beach, FL
Property Size3,069 SF
Lot Size0.16 Acres
Price / SF$269.79
Days on Market106
Property Features for 3621 Morton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
MF14 (city)
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 6, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 2, Bedroom 7, Bathroom 1
Window features
Storm Window(s)
Patio and Porch features
Porch
Pets allowed
No, Yes
Exterior features
Storage
Fencing
Fenced
Subdivision
ROSEDALE
Lot features
Fruit Tree(s), Room for Pool
Elementary school
Palmetto (Palm Beach)
Middle school
Conniston Community
High school
Forest Hill
Directions
i-95 to Southern Blvd E to Dixie Hwy ,N to Roseland ,1 blk W to Morton Ave, property on left.
Standard status
Active
APN
74434333290020030
Size
3,069 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
AMND PL OF ROSEDALE ADD LT 3 BLK 2
Tax Annual Amount
7254
Legal Description
AMND PL OF ROSEDALE ADD LT 3 BLK 2
Utilities
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1945
Floors in Building
2
Number of units
4
Flooring type
Tile - Ceramic
Building materials
Frame, Stucco
Roof type
Shingle, Composition
Additional Structures
Storage
Listing Agency:
Southdale Properties Inc.
(561) 586-1160
Listed By:
Gabriel Isasi · License #3183776
(561) 714-3235
Added: Apr 28
Changed: Aug 3
Last Checked: Aug 11 at 5:06PM
MLS# B26021453
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 quadplex is configured across two separate buildings on an oversized lot, with a total of 3,069 SF. The layout includes a 3-bedroom, 1-bath house, a 1-bedroom efficiency/mother-in-law unit, and two separate 2-bedroom, 1-bath units. The property includes a porch, fenced yard, and storage.
Built in 1945, the exterior is framed stucco construction with a shingle/composition roof and ceramic tile flooring. Cooling is provided via wall/window units and window units. Utilities include public water and public sewer.
The property is centrally located just a few blocks from the Intercoastal and close to I-95, schools, and parks. It also offers potential for an additional laundry setup (including possible coin laundry) and includes options discussed for redevelopment, subject to permissions.
Built in 1945, the exterior is framed stucco construction with a shingle/composition roof and ceramic tile flooring. Cooling is provided via wall/window units and window units. Utilities include public water and public sewer.
The property is centrally located just a few blocks from the Intercoastal and close to I-95, schools, and parks. It also offers potential for an additional laundry setup (including possible coin laundry) and includes options discussed for redevelopment, subject to permissions.
Key Highlights
- 0.16‑acre lot with two separate buildings totaling 3,069 SF
- Unit mix includes 3 bed/1 bath house, 1 bed efficiency/mother‑in‑law, and two 2 bed/1 bath units
- MF14 zoning
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
$57,432
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
6.94%
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%
$1,148,640
$1.1M
Cap Rate 7%
$820,457
$820.5K
Cap Rate 9%
$638,133
$638.1K
Market Conditions
NOI Build-Up for 3,069 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
$86.5K $28.20/SF
− Vacancy
−$4.5K −$1.47/SF
EGI
$82.0K $26.73/SF
− OpEx
−$24.6K −$8.02/SF
NOI
$57.4K $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%
$1,148,640
Cap Rate 7%
$820,457
Cap Rate 9%
$638,133
Alternative Uses
Best Use
Multifamily LT 5
$820.5K
$717.9K – $957.2K
NOI $57,432 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$763.1K
$667.7K – $890.2K
NOI $53,414 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,295 @ 7.0% cap · market cap 18.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
Explore this area
Business Placement
Demographics for 33405, FL
19,369
Population
9,557
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
4,304
Density / Sq Mi
$82,945
Median Household Income
$46,450
Median Earnings
$1,432
Median Rent
$401,200
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?
Quadplex - Quadplex in MF14 zoning with two separate buildings, fenced yard, public water and public sewer, and multiple unit layouts.
Where is this quadplex located?
The property is located at 3621 Morton Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $828,000.
What are key features of this property?
This property features: 0.16‑acre lot with two separate buildings totaling 3,069 SF; Unit mix includes 3 bed/1 bath house, 1 bed efficiency/mother‑in‑law, and two 2 bed/1 bath units; MF14 zoning
