Six-Unit Apartment
415 31st Street, West Palm Beach, FL
For Sale
$1,700,000
Commercial Sale, West Palm Beach, FL
Property Size3,905 SF
Lot Size0.14 Acres
Price / SF$435.34
Days on Market181
Property Features for 415 31st Street
General Information
Property type
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Zoning
Parking features
Security features
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Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
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Building Details
Year built
Floors in Building
Number of units
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Listing Agency:
Douglas Elliman
(561) 655-8600
Listed By:
Ryan Mitchell Gaines · License #3367239
(917) 363-8858
Added: May 12
Changed: Oct 31
Last Checked: Nov 8 at 12:06AM
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.
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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 / 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 $192,508 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
804
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Market
Average Price Trend$/SF for Apartment buildings in West Palm Beach, FL
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Vacancy Rate% for Multifamily in South region
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
