Renovated Eight-Unit Apartment
New
For Sale
$2,500,000
618 6th Street, West Palm Beach, FL 33401
Renovated multifamily property with in-unit laundry, impact windows, and private first-floor patios.
Property Size5,170 SF
Days on Market3
Property Features for 618 6th Street
General Information
Standard status
Active
Size
5,170 SF
Property subtype
Multifamily
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Opportunity Zone
Yes
Amenities
in-unit washers and dryers
impact windows
private enclosed patios in first floor units
Building Details
Building Size
5,170 SF
Year Built
1968
Listing Agency:
Kislak Commercial Real Estate Services, Inc
(954) 573-4449
Listed By:
Alexis Shapiro · License #3346131
(954) 573-4449
Source:
Kislakrealty
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 18 at 4:55AM
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 Kislak Commercial Real Estate Services, Inc
Investment Insights
Based on property information with market context.
This renovated apartment property contains eight residences, each configured with two bedrooms and one bathroom. Unit features include in-unit washers and dryers, impact windows, and private enclosed patios for the first-floor residences. Originally built in 1968, the property offers a defined multifamily configuration with updated interiors and shared residential improvements.
The building is located at 618 6th Street in West Palm Beach, within the Progressive Northwest District. The surrounding area is identified as an active redevelopment corridor, and the property is situated within an Opportunity Zone.
The building is located at 618 6th Street in West Palm Beach, within the Progressive Northwest District. The surrounding area is identified as an active redevelopment corridor, and the property is situated within an Opportunity Zone.
Key Highlights
- Eight‑unit multifamily property with two‑bedroom, one‑bathroom residences
- Renovated apartment building originally constructed in 1968
- In‑unit washers and dryers
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
$89,981
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
3.60%
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%
$1,799,620
$1.8M
Cap Rate 7%
$1,285,443
$1.3M
Cap Rate 9%
$999,789
$999.8K
Market Conditions
NOI Build-Up for 5,170 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
$171.9K $33.24/SF
− Vacancy
−$8.2K −$1.60/SF
EGI
$163.6K $31.64/SF
− OpEx
−$73.6K −$14.24/SF
NOI
$90.0K $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%
$1,799,620
Cap Rate 7%
$1,285,443
Cap Rate 9%
$999,789
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.12M – $1.50M
NOI $89,981 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.64M
$3.19M – $4.25M
NOI $254,870 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 33401, FL
31,302
Population
19,051
Households
1.6
Avg Household Size
40
Median Age
42%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,138
Density / Sq Mi
$60,942
Median Household Income
$39,932
Median Earnings
$1,774
Median Rent
$430,900
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 - Renovated multifamily property with in-unit laundry, impact windows, and private first-floor patios.
Where is this apartment building located?
The property is located at 618 6th Street West Palm Beach, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Eight‑unit multifamily property with two‑bedroom, one‑bathroom residences; Renovated apartment building originally constructed in 1968; In‑unit washers and dryers
