Triplex with Oversized
3621 Morton Avenue, West Palm Beach, FL 33405
Three separate dwelling units on a large lot, offering flexible setup for rental housing or redevelopment considerations.
Type:Multifamily
Property size:
3,069 SFPrice / SF:
$289/SF- Added:
- Apr 29, 2026
- Days on Market:
- 60
- Last Refresh:
- Jun 20 at 7:56 am
Property Features for 3621 Morton Avenue
General Information
- Standard status
- Active
- Size
- 3,069 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1945
Listing office Southdale Properties Inc
Listing date Apr 29, 2026
Source Crexi
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 Southdale Properties Inc
HighLights
- Year built 1945
- 3‑bedroom, 1‑bath house plus a 1‑bedroom efficiency/in‑law unit
- Two separate 2‑bedroom, 1‑bath units, each in its own building
- Three separate dwelling units on an oversized lot with a flexible layout
- Located a few blocks from the intercoastal and close to I‑95, schools, and parks
- Potential for an additional laundry setup (including possible coin laundry) or redevelopment
Overview
This for-sale triplex includes three residential units across two separate buildings on an oversized lot. The unit mix consists of one 3-bedroom, 1-bath house, one 1-bedroom 1-bath efficiency with a mother-in-law arrangement, and two 2-bedroom, 1-bath units. The property also presents possible additional space for a laundry room, with the remarks noting potential for coin laundry as well.
The address is centrally located in West Palm Beach, with the listing describing proximity to the Intercoastal, close access to I-95, and being near schools and parks. The configuration of separate buildings may be useful for tenants, while the larger lot size can support on-site options depending on the intended operating plan.
For tenants and operators, the layout provides multiple unit types under one ownership, including a larger 3-bedroom unit and two 2-bedroom options. For investors or developers, the listing also notes the possibility of a tear-down and building townhomes, potentially up to three with permission. Interested parties should confirm all feasibility and requirements with the appropriate local authorities prior to any redevelopment.
The address is centrally located in West Palm Beach, with the listing describing proximity to the Intercoastal, close access to I-95, and being near schools and parks. The configuration of separate buildings may be useful for tenants, while the larger lot size can support on-site options depending on the intended operating plan.
For tenants and operators, the layout provides multiple unit types under one ownership, including a larger 3-bedroom unit and two 2-bedroom options. For investors or developers, the listing also notes the possibility of a tear-down and building townhomes, potentially up to three with permission. Interested parties should confirm all feasibility and requirements with the appropriate local authorities prior to any redevelopment.
Local Financial Insights For Multifamily LT 5
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 | $86.5k | $28.20 |
| − Vacancy | −$4.5k | −$1.47 |
| EGI | $82.0k | $26.73 |
| − OpEx | −$24.6k | −$8.02 |
| NOI | $57.4k | $18.71 |
3,069 SF · lease $28.20/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$820.5K
$717.9K – $957.2K
NOI $57,432 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$763.1K
$667.7K – $890.2K
NOI $53,414 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,295 @ 7.0% cap · market cap 17.04%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- West Palm Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0560487
- Latitude
- 26.679008
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Three separate dwelling units on a large lot, offering flexible setup for rental housing or redevelopment considerations.
Where is this triplex 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 $888,000.
What are key features of this property?
This property features: Year built 1945; 3‑bedroom, 1‑bath house plus a 1‑bedroom efficiency/in‑law unit; Two separate 2‑bedroom, 1‑bath units, each in its own building
