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    West Palm Beach Condominium Community Title is generated by Realmo AI

    3901 36th Ct, West Palm Beach, FL 33407

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    For Sale
    $20,700,000

    68-unit condominium community near West Palm Beach redevelopment initiatives.

    Type:Multifamily
    Property size:
    75,870 SF
    Lot size:
    3.25 Acres
    Price / SF:
    $272/SF
    Added:
    Apr 3, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 3 at 5:17 am

    Property Features for 3901 36th Ct

    General Information

    Standard status
    Active
    Size
    75,870 SF
    Lot size
    3.25 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    River Rhoads

    Listing agent River Rhoads License #FL: SL3509795

    Listing office Fort Lauderdale Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Fort Lauderdale Office

    HighLights

    • Proximity to major redevelopment initiatives (Northwood Village & NORA District) driving economic growth.
    • Well‑constructed multifamily asset with concrete block construction and concrete flat roofs.
    • Family‑friendly unit mix: 66 out of 69 units are three‑bedroom/two‑bathroom averaging 1,115 square feet.
    • Central air conditioning throughout the property.
    • Strong rental demand supported by employment growth.
    • Opportunity to acquire a property with long‑term upside potential.

    Overview

    Piper Village West is a condominium community consisting of 68 out of 69 units, situated within five three-story buildings constructed in 1973. The property encompasses approximately 75,870 square feet on a 3.25-acre lot. Constructed with concrete block and featuring concrete flat roofs, the buildings are equipped with central air conditioning. The unit mix is predominantly family-oriented, featuring sixty-six three-bedroom, two-bathroom units and three two-bedroom, two-bathroom units, each averaging approximately 1,115 square feet. The property is positioned near major redevelopment initiatives reshaping the West Palm Beach area. Northwood Village, located just north of the property, is undergoing an expansion centered on The District at Northwood, a mixed-use project under construction that will deliver approximately 382 residential units across three buildings, along with approximately 63,000 square feet of commercial and retail space and public open space. The District includes a mix of studio, one-, and two-bedroom apartments, ground-floor retail, co-working spaces, fitness and entertainment amenities, and parking spaces. To the south and east is the NORA District (North of Railroad Avenue), a 40-acre mixed-use destination being developed in downtown West Palm Beach. Phase I of NORA includes approximately 150,000 square feet of adaptive reuse and new commercial development featuring retail, dining, wellness, and creative office space. Future phases will introduce a 201-key boutique hotel, additional retail and hospitality offerings, and residential units. These high-profile mixed-use growth corridors place Piper Village West near West Palm Beach’s economic drivers. The area attracts public and private investment that reinforces walkability, lifestyle amenities, and transit-oriented development, while employment growth supports rental demand.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $2.52M $33.24
    − Vacancy −$121.1k −$1.60
    EGI $2.40M $31.64
    − OpEx −$1.08M −$14.24
    NOI $1.32M $17.40
    75,870 SF · lease $33.24/SF/yr · vacancy 4.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $18.86M
    $16.51M – $22.01M (±1% cap)
    NOI $1,320,477 @ 7.0% cap · market cap 6.38%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $53.43M
    $46.75M – $62.34M (±1% cap)
    NOI $3,740,233 @ 7.0% cap · market cap 18.07%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Piper Village West Real Estate Agency West palm beach Bar & Pub

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0672484
    Latitude
    26.7480328

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    FAQs

    What type of property is this?
    Apartment building - 68-unit condominium community near West Palm Beach redevelopment initiatives.
    Where is this apartment building located?
    The property is located at 3901 36th Ct West Palm Beach, FL.
    What is the asking price?
    The asking price for this property is $20,700,000.
    What are key features of this property?
    This property features: Proximity to major redevelopment initiatives (Northwood Village & NORA District) driving economic growth.; Well‑constructed multifamily asset with concrete block construction and concrete flat roofs.; Family‑friendly unit mix: 66 out of 69 units are three‑bedroom/two‑bathroom averaging 1,115 square feet.
    (954) 245-3494
    We can help!
    Listing Contact
    River Rhoads
    Real Estate License ID: FL: SL3509795
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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