Historic Multifamily Property in West
For Sale
$1,700,000
415 31st St 1-6, West Palm Beach, FL 33407
Charming 6-unit multifamily property in the Old Northwood Historic District.
Property Size3,905 SF
Days on Market152
Property Features for 415 31st St 1-6
General Information
Standard status
Active
Size
3,905 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,252
Building Details
Building Size
3,905 SF
Year Built
1926
Stories
2
Units
6
Listing Agency:
Douglas Elliman
Listed By:
Ryan Gaines · License #3367239
(917) 363-8858
Source:
Elliman
Added: May 12
Changed: Oct 8
Last Checked: Oct 9 at 9:59PM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
Villa Serena is a multifamily property in West Palm Beach, featuring six individual residences. Constructed in 1926, the property retains historic character with updated interiors and tropical surroundings. The unit mix includes one 3-bedroom residence, two 2-bedroom residences, and three 1-bedroom residences. The property is suitable for long-term rentals, seasonal tenants, or owner-occupancy with supplemental income potential. Residents can enjoy spacious living areas and architectural details. The location is near downtown West Palm Beach, Palm Beach Island, restaurants, shopping, and beaches. The property is located in the Old Northwood Historic District. The bike score is 83, indicating it is very bikeable. The walk score is 69, indicating it is somewhat walkable, and the transit score is 33, indicating some transit options are available.
Key Highlights
- Income‑producing multifamily property with six individual residences.
- Desirable unit mix: one 3‑bedroom, two 2‑bedroom, and three 1‑bedroom residences.
- Prime location minutes from downtown West Palm Beach, Palm Beach Island, restaurants, shopping, and beaches.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,964
Cap Rate
4.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,359,280
$1.4M
Cap Rate 7%
$970,914
$970.9K
Cap Rate 9%
$755,156
$755.2K
Market Conditions
NOI Build-Up for 3,905 SF
Gross rent
$129.8K $33.24/SF
− Vacancy
−$6.2K −$1.60/SF
EGI
$123.6K $31.64/SF
− OpEx
−$55.6K −$14.24/SF
NOI
$68.0K $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%
$1,359,280
Cap Rate 7%
$970,914
Cap Rate 9%
$755,156
Alternative Uses
Best Use
Apartment 5plus
$970.9K
$849.6K – $1.13M
NOI $67,964 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,508 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
804
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Charming 6-unit multifamily property in the Old Northwood Historic District.
Where is this apartment building located?
The property is located at 415 31st St 1-6 West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Income‑producing multifamily property with six individual residences.; Desirable unit mix: one 3‑bedroom, two 2‑bedroom, and three 1‑bedroom residences.; Prime location minutes from downtown West Palm Beach, Palm Beach Island, restaurants, shopping, and beaches.
