Three-Unit Wood-Frame Income
For Sale
$595,000
3804 Miller Ave, West Palm Beach, FL 33405
Wood-frame triplex with window unit air conditioning, featuring two one-bedroom units and one three-bedroom unit.
Property Size1,578 SF
Lot Size0.20 Acres
Price / SF$377.06
Days on Market43
Property Features for 3804 Miller Ave
General Information
Standard status
Active
Size
1,578 SF
Lot size
0.20 Acres
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,459
Amenities
window unit air conditioning
Building Details
Building Size
1,578 SF
Year Built
1930
Units
3
Construction
wood frame
Listing Agency:
Home Sold Realty LLC
(833) 700-2782
Listed By:
Camilo De la Cruz Perez · License #3467504
(833) 700-2782
Source:
Elliman
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 30 at 8:39PM
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 Home Sold Realty LLC
Investment Insights
Based on property information with market context.
Built in 1930, this three-unit wood-frame income property totals 1,578 gross square feet on a 0.20-acre lot. The unit mix includes two one-bedroom, one-bathroom units and one three-bedroom, two-bathroom unit, supported throughout by window unit air conditioning. The low-density setup and larger lot contribute to a more residential feel, with space that may support outdoor enhancements.
Conveniently positioned in central West Palm Beach, the property provides access to Downtown West Palm Beach, I-95, and Palm Beach International Airport. Nearby employment hubs include Good Samaritan Medical Center and surrounding commercial corridors, with residents also benefiting from proximity to local retail, dining, and recreational options, including parks and Intracoastal waterfront attractions.
For investors or owner-occupants seeking a small multifamily structure with a blend of unit sizes, this triplex offers a practical configuration centered on straightforward residential layouts and on-unit HVAC.
Conveniently positioned in central West Palm Beach, the property provides access to Downtown West Palm Beach, I-95, and Palm Beach International Airport. Nearby employment hubs include Good Samaritan Medical Center and surrounding commercial corridors, with residents also benefiting from proximity to local retail, dining, and recreational options, including parks and Intracoastal waterfront attractions.
For investors or owner-occupants seeking a small multifamily structure with a blend of unit sizes, this triplex offers a practical configuration centered on straightforward residential layouts and on-unit HVAC.
Key Highlights
- Built in 1930 wood‑frame triplex with 1,578 total gross SF on a 0.20‑acre lot
- Window unit A/C throughout the building
- Unit mix includes two 1‑bedroom/1‑bath units and one 3‑bedroom/2‑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
$29,530
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
4.96%
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%
$590,600
$590.6K
Cap Rate 7%
$421,857
$421.9K
Cap Rate 9%
$328,111
$328.1K
Market Conditions
NOI Build-Up for 1,578 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
$44.5K $28.20/SF
− Vacancy
−$2.3K −$1.47/SF
EGI
$42.2K $26.73/SF
− OpEx
−$12.7K −$8.02/SF
NOI
$29.5K $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%
$590,600
Cap Rate 7%
$421,857
Cap Rate 9%
$328,111
Alternative Uses
Best Use
Multifamily LT 5
$421.9K
$369.1K – $492.2K
NOI $29,530 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$392.3K
$343.3K – $457.7K
NOI $27,464 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$1.11M
$972.4K – $1.30M
NOI $77,792 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,033
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?
Triplex - Wood-frame triplex with window unit air conditioning, featuring two one-bedroom units and one three-bedroom unit.
Where is this triplex located?
The property is located at 3804 Miller Ave West Palm Beach, FL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Built in 1930 wood‑frame triplex with 1,578 total gross SF on a 0.20‑acre lot; Window unit A/C throughout the building; Unit mix includes two 1‑bedroom/1‑bath units and one 3‑bedroom/2‑bath unit
