West Palm Beach Condominium
3901 36th Ct, West Palm Beach, FL 33407
For Sale
Contact for pricing
68-unit condominium community near West Palm Beach redevelopment initiatives.
Property Size75,870 SF
Lot Size3.25 Acres
Price / SF$272.84
Days on Market263
Property Features for 3901 36th Ct
General Information
Standard status
Size
Class
Lot size
Property subtype
Occupancy
Investment Type
Net Operating Income
Site & Location
Neighborhood
Building Details
Year Built
Buildings
Stories
Units
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Evan Richardson · License FL SL3134745
(954) 245-3501
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
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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 / Yr
$1,320,477
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
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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
$290,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in West Palm Beach, FL
Properties on Market for Apartment buildings in West Palm Beach
Vacancy Rate% for Multifamily in South region
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.
