Well-Maintained 5-Unit
For Sale
Contact for pricing
1913 Division Avenue, West Palm Beach, FL 33407
Five-unit multifamily with mix of 2- and 3-bedroom homes, private parking, shared outdoor space, and recent AC updates.
Property Size3,504 SF
Price / SF$313.93
Days on Market155
Property Features for 1913 Division Avenue
General Information
Standard status
Active
Size
3,504 SF
Property subtype
Multifamily, Business for Sale, Office
Zoning
SF11(c
Additional Details
Multifamily Units
5
Building Details
Year Built
1949
Stories
2
Units
5
Listing Agency:
Ibero Property Management
Listed By:
Dwayne Barrett · License #FL
Source:
Crexi
Added: Mar 5
Changed: Aug 7
Last Checked: Aug 6 at 2:02PM
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 Ibero Property Management
Investment Insights
Based on property information with market context.
This well-maintained 5-unit multifamily property features a mix of spacious 2- and three-bedroom units with functional layouts. Several units have been updated, and the building is professionally managed. On-site amenities include private parking and a shared outdoor area. Individual utilities are available for most units, supporting separate utility management. The property also notes a brand-new AC system installed in 2025, and all units will be freshly painted.
The building is located at 1913 Division Avenue in West Palm Beach, Florida, in a desirable residential neighborhood just minutes from downtown, major employment centers, beaches, and transit options.
For buyers or operators, the unit mix and recent mechanical work make this a practical option for maintaining stable day-to-day operations. The combination of private parking, a shared outdoor area, and most units having individual utilities can help streamline resident living and expense handling, while the updates and fresh interior paint support an immediately presentable tenant experience.
The building is located at 1913 Division Avenue in West Palm Beach, Florida, in a desirable residential neighborhood just minutes from downtown, major employment centers, beaches, and transit options.
For buyers or operators, the unit mix and recent mechanical work make this a practical option for maintaining stable day-to-day operations. The combination of private parking, a shared outdoor area, and most units having individual utilities can help streamline resident living and expense handling, while the updates and fresh interior paint support an immediately presentable tenant experience.
Key Highlights
- 5‑unit multifamily building built in 1949
- Unit mix of 2- and 3‑bedroom homes
- Brand‑new AC system installed in 2025
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
$60,985
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
5.54%
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%
$1,219,700
$1.2M
Cap Rate 7%
$871,214
$871.2K
Cap Rate 9%
$677,611
$677.6K
Market Conditions
NOI Build-Up for 3,504 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
$116.5K $33.24/SF
− Vacancy
−$5.6K −$1.60/SF
EGI
$110.9K $31.64/SF
− OpEx
−$49.9K −$14.24/SF
NOI
$61.0K $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%
$1,219,700
Cap Rate 7%
$871,214
Cap Rate 9%
$677,611
Alternative Uses
Best Use
Apartment 5plus
$871.2K
$762.3K – $1.02M
NOI $60,985 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,740 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 33407, FL
34,558
Population
15,147
Households
2.3
Avg Household Size
35
Median Age
26%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
3,491
Density / Sq Mi
$56,606
Median Household Income
$34,886
Median Earnings
$1,551
Median Rent
$290,500
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 - Five-unit multifamily with mix of 2- and 3-bedroom homes, private parking, shared outdoor space, and recent AC updates.
Where is this apartment building located?
The property is located at 1913 Division Avenue West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5‑unit multifamily building built in 1949; Unit mix of 2- and 3‑bedroom homes; Brand‑new AC system installed in 2025
