West Palm Beach Multifamily
3723 Morton Avenue West Palm Beach, FL 33405
3723 Morton Avenue, West Palm Beach, FL, 33405
$1,100,000
Pending
For Sale
$1,100,000
Pending
Six tenant-occupied cottages with development potential in West Palm Beach.
Property Size3,696 SF
Lot Size0.46 Acres
Days on Market617
Property Features for 3723 Morton Avenue
General Information
- Standard status
- Pending
- Size
- 3,696 SF
- Lot size
- 0.46 Acres
- Property subtype
- Commercial Sale / Multi Family
Building Details
- Year Built
- 1922
Listing agency
Kanga Property Management
(561) 803-7779
Listed by
Christopher S. Alexander · License #3238402
(561) 803-7779
Source
Compass
Added: Nov 11, 2024 Updated: Jul 10 at 12:20PM Checked: Jul 21 at 8:16AM
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 property features six cottages, currently 100% tenant occupied with annual leases. Zoned for multifamily use, the 0.46-acre property offers the potential to develop up to 9 units. The property is situated in a West Palm Beach location, with proximity to Dixie Highway and minutes from downtown, the beach, I-95, and various shopping and dining options. The property size is 3,696 square feet.
Key Highlights
- Six cottages, 100% tenant occupied with annual leases, providing immediate rental income.
- Zoned multi‑family with the potential to develop up to 9 units on .46 acres.
- Prime West Palm Beach location, close to Dixie Hwy.
Local Financial Insights For Apartment 5plus
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 | $122.9k | $33.24 |
| − Vacancy | −$5.9k | −$1.60 |
| EGI | $117.0k | $31.64 |
| − OpEx | −$52.6k | −$14.24 |
| NOI | $64.3k | $17.40 |
3,696 SF · lease $33.24/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$919.0K
$804.1K – $1.07M
NOI $64,327 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.60M
$2.28M – $3.04M
NOI $182,205 @ 7.0% cap · market cap 16.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Multifamily properties
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - Six tenant-occupied cottages with development potential in West Palm Beach.
Where is this multifamily property located?
The property is located at 3723 Morton 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: Six cottages, 100% tenant occupied with annual leases, providing immediate rental income.; Zoned multi‑family with the potential to develop up to 9 units on .46 acres.; Prime West Palm Beach location, close to Dixie Hwy.
