Triplex with Oversized
For Sale
Contact for pricing
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.
Property Size3,069 SF
Price / SF$269.79
Days on Market105
Property Features for 3621 Morton Avenue
General Information
Standard status
Active
Size
3,069 SF
Property subtype
Multifamily
Zoning
MF14 (city)
Additional Details
Highway Access
Yes
Building Details
Year Built
1945
Stories
2
Units
4
Listing Agency:
Southdale Properties Inc
(561) 714-3235
Listed By:
Gabriel Isasi · License #3183776
Source:
Crexi
Added: Apr 29
Changed: Aug 7
Last Checked: Aug 10 at 2:11PM
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
Investment Insights
Based on property information with market context.
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.
Key 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
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
$57,432
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
6.94%
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%
$1,148,640
$1.1M
Cap Rate 7%
$820,457
$820.5K
Cap Rate 9%
$638,133
$638.1K
Market Conditions
NOI Build-Up for 3,069 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
$86.5K $28.20/SF
− Vacancy
−$4.5K −$1.47/SF
EGI
$82.0K $26.73/SF
− OpEx
−$24.6K −$8.02/SF
NOI
$57.4K $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%
$1,148,640
Cap Rate 7%
$820,457
Cap Rate 9%
$638,133
Alternative Uses
Best Use
Multifamily LT 5
$820.5K
$717.9K – $957.2K
NOI $57,432 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$763.1K
$667.7K – $890.2K
NOI $53,414 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,295 @ 7.0% cap · market cap 18.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
965
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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 $828,000.
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
