Turnkey 13-Unit Apartment
For Sale
$2,500,000
1401 Division Avenue, West Palm Beach, FL 33401
Renovated multifamily with 13 individually metered units, dedicated parking, and an on-site laundry facility.
Property Size8,894 SF
Price / SF$281.09
Days on Market429
Property Features for 1401 Division Avenue
General Information
Standard status
Active
Size
8,894 SF
Total Parking Spaces
18
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$32,795
Amenities
Central Air
3
MULTI-FAMILY
Building Details
Year Built
1913
Year Renovated
2021
Tenancy
Multi
Listing Agency:
Kanga Property Management
(561) 803-7779
Listed By:
Kanga Property Management · License #3238402
(561) 803-7779
Source:
Xome
Added: Jun 27, 2025
Changed: Aug 25
Last Checked: Aug 29 at 6:38AM
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 Kanga Property Management
Investment Insights
Based on property information with market context.
This turnkey 13-unit multifamily property features a tenant-ready unit mix of five 2-bedroom/1-bath units, seven 1-bedroom/1-bath units, and one studio. The building was fully renovated in 2021 with new mechanical systems, impact-rated windows and doors, and modern interior finishes. The property also includes an on-site laundry facility and 18 dedicated parking spaces, with electricity individually metered for each unit.
The asset is located on Division Ave in West Palm Beach, Florida. The public information notes walkScore of 36 and transitScore of 36, indicating a more car-dependent setting, with a bikeScore of 55.
For buyers seeking a low-maintenance income property, this structure offers a straightforward configuration and a recent renovation that addressed both building systems and exterior protection. The parking count and on-site laundry can support day-to-day tenant convenience, while individual electrical metering supports practical utility management.
The asset is located on Division Ave in West Palm Beach, Florida. The public information notes walkScore of 36 and transitScore of 36, indicating a more car-dependent setting, with a bikeScore of 55.
For buyers seeking a low-maintenance income property, this structure offers a straightforward configuration and a recent renovation that addressed both building systems and exterior protection. The parking count and on-site laundry can support day-to-day tenant convenience, while individual electrical metering supports practical utility management.
Key Highlights
- Renovated 13‑unit multifamily property, with the full renovation completed in 2021
- Unit mix includes five 2BR/1BA units, seven 1BR/1BA units, and one studio
- New mechanical systems plus impact‑rated windows and impact‑rated doors installed in 2021
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
$154,795
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
6.19%
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%
$3,095,900
$3.1M
Cap Rate 7%
$2,211,357
$2.2M
Cap Rate 9%
$1,719,944
$1.7M
Market Conditions
NOI Build-Up for 8,894 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
$295.6K $33.24/SF
− Vacancy
−$14.2K −$1.60/SF
EGI
$281.4K $31.64/SF
− OpEx
−$126.7K −$14.24/SF
NOI
$154.8K $17.40/SF
Area
West Palm Beach, FL
Vacancy
4.80%
Lease Rate
$33.24 /SF/Yr
Expense Ratio
45.00%
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%
$3,095,900
Cap Rate 7%
$2,211,357
Cap Rate 9%
$1,719,944
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,795 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.26M
$5.48M – $7.31M
NOI $438,456 @ 7.0% cap · market cap 17.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
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?
Apartment building - Renovated multifamily with 13 individually metered units, dedicated parking, and an on-site laundry facility.
Where is this apartment building located?
The property is located at 1401 Division Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Renovated 13‑unit multifamily property, with the full renovation completed in 2021; Unit mix includes five 2BR/1BA units, seven 1BR/1BA units, and one studio; New mechanical systems plus impact‑rated windows and impact‑rated doors installed in 2021
