Six-Unit Apartment
For Sale
$1,700,000
415 31st Street, West Palm Beach, FL
Commercial Sale, West Palm Beach, FL
Property Size3,905 SF
Lot Size0.14 Acres
Price / SF$435.34
Days on Market133
Property Features for 415 31st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SF14(c
Parking features
On Street
Security features
Security Lighting
Lot features
Landscaped
Directions
North of downtown West Palm Beach on N Dixie Hwy, turn left on 31st Street, 415 31st Street is the 3rd house on the right.
Subdivision
5420
Standard status
Active
APN
74434309050090220
Size
3,905 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTHWOOD ADD LT 22 BLK 9
Tax Annual Amount
15252
Legal Description
NORTHWOOD ADD LT 22 BLK 9
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Wall/Window Unit(s), Electric, Attic Fan, Ceiling Fan(s), Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1926
Floors in Building
2
Number of units
6
Flooring type
Tile, Wood
Building materials
Concrete, Frame, Stucco
Roof type
Mixed
Listing Agency:
Douglas Elliman
(561) 655-8600
Listed By:
Ryan Mitchell Gaines · License #3367239
(917) 363-8858
Added: May 12
Changed: Sep 17
Last Checked: Sep 21 at 4:06AM
MLS# B26027504
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 1926, this apartment property contains six separate residences within a 3,905-square-foot building on 0.14 acres. The unit mix includes one three-bedroom residence, two two-bedroom residences, and three one-bedroom residences. Concrete, frame, and stucco construction is paired with tile and wood flooring, while cooling includes central air and individual electric units. Public water and sewer serve the property, with cable available and on-street parking.
The property is located in West Palm Beach’s Old Northwood Historic District at 415 31st Street. Downtown West Palm Beach, Palm Beach Island, restaurants, shopping, and beaches are identified as nearby destinations. The property is also associated with SF14(c zoning and includes mixed roofing, electric heating, and multiple cooling options.
The property is located in West Palm Beach’s Old Northwood Historic District at 415 31st Street. Downtown West Palm Beach, Palm Beach Island, restaurants, shopping, and beaches are identified as nearby destinations. The property is also associated with SF14(c zoning and includes mixed roofing, electric heating, and multiple cooling options.
Key Highlights
- Six residences with a mix of one-, two-, and three‑bedroom units
- 3,905 square feet on a 0.14‑acre parcel
- Built in 1926 with concrete, frame, and stucco construction
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
$67,964
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
4.00%
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%
$1,359,280
$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
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
$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 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%
$1,359,280
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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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
804
Businesses Nearby
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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 - Historic multifamily property with varied one-, two-, and three-bedroom residences.
Where is this apartment building located?
The property is located at 415 31st Street 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: Six residences with a mix of one-, two-, and three‑bedroom units; 3,905 square feet on a 0.14‑acre parcel; Built in 1926 with concrete, frame, and stucco construction
