West Palm Beach Condominium
For Sale
Contact for pricing
3901 36th Ct, West Palm Beach, FL 33407
68-unit condominium community near West Palm Beach redevelopment initiatives.
Property Size75,870 SF
Lot Size3.25 Acres
Price / SF$272.84
Days on Market170
Property Features for 3901 36th Ct
General Information
Standard status
Active
Size
75,870 SF
Class
B
Lot size
3.25 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$1,087,145
Building Details
Year Built
1973
Buildings
5
Stories
3
Units
68
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Evan Richardson · License #FL SL3134745
Source:
Crexi
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
Piper Village West is a condominium community consisting of 68 units within five three-story buildings constructed in 1973. The property totals approximately 75,870 square feet on 3.25 acres. Constructed of concrete block with concrete flat roofs, the property features central air conditioning. The unit mix is predominantly family-oriented, with sixty-six three-bedroom/two-bathroom units and three two-bedroom/two-bathroom units, each averaging approximately 1,115 square feet. The property is located near major redevelopment initiatives reshaping the West Palm Beach region. Northwood Village is undergoing an expansion centered on The District at Northwood, a mixed-use project under construction that will deliver approximately 382 residential units across three buildings along with approximately 63,000 square feet of commercial and retail space and significant public open space. The District includes a mix of studio, one-, and two-bedroom apartments, ground-floor retail, co-working spaces, fitness and entertainment amenities, and hundreds of new parking spaces. To the south and east is the NORA District (North of Railroad Avenue), a 40-acre mixed-use destination being developed in downtown West Palm Beach. Phase I of NORA includes approximately 150,000 square feet of adaptive reuse and new commercial development featuring retail, dining, wellness, and creative office space. Future phases will introduce a 201-key boutique hotel, additional retail and hospitality offerings, and hundreds of residential units.
Key Highlights
- Proximity to major redevelopment initiatives driving economic growth.
- Family‑friendly unit mix with predominantly three‑bedroom/two‑bathroom units.
- Well‑constructed concrete block buildings with concrete flat roofs and central air conditioning.
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
$1,320,477
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
6.38%
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%
$26,409,540
$26.4M
Cap Rate 7%
$18,863,957
$18.9M
Cap Rate 9%
$14,671,967
$14.7M
Market Conditions
NOI Build-Up for 75,870 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
$2.52M $33.24/SF
− Vacancy
−$121.1K −$1.60/SF
EGI
$2.40M $31.64/SF
− OpEx
−$1.08M −$14.24/SF
NOI
$1.32M $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%
$26,409,540
Cap Rate 7%
$18,863,957
Cap Rate 9%
$14,671,967
Alternative Uses
Best Use
Apartment 5plus
$18.86M
$16.51M – $22.01M
NOI $1,320,477 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$53.43M
$46.75M – $62.34M
NOI $3,740,233 @ 7.0% cap · market cap 18.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
840
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 - 68-unit condominium community near West Palm Beach redevelopment initiatives.
Where is this apartment building located?
The property is located at 3901 36th Ct West Palm Beach, FL.
What is the asking price?
The asking price for this property is $20,700,000.
What are key features of this property?
This property features: Proximity to major redevelopment initiatives driving economic growth.; Family‑friendly unit mix with predominantly three‑bedroom/two‑bathroom units.; Well‑constructed concrete block buildings with concrete flat roofs and central air conditioning.
