Remodeled Triplex with Central
New
For Sale
$875,000
939 35TH St, West Palm Beach, FL 33407
Three-unit residential income property with parking, central air, and varied unit layouts.
Property Size2,148 SF
Days on Market2
Property Features for 939 35TH St
General Information
Standard status
Active
Size
2,148 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,952
Building Details
Building Size
2,148 SF
Year Built
1958
Stories
2
Units
4
Listing Agency:
Partnership Realty Inc.
Listed By:
Stanley C Gordon · License #3193465
(561) 719-6372
Source:
Elliman
Added: Sep 14
Last Checked: Sep 14 at 2:45PM
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 Partnership Realty Inc.
Investment Insights
Based on property information with market context.
This three-unit property was remodeled in 2020 and includes a front three-bedroom, one-bath residence plus two rear apartments. The first-floor rear unit offers two bedrooms, one bath, and a large living and dining area; its bathroom includes both a walk-in shower and a bathtub. The upstairs rear apartment also has two bedrooms and one bath, with a notably large primary bedroom.
All three units feature central air, and on-site parking is included. The property is located at 939 35th St in West Palm Beach, Florida 33407. Built in 1958, the triplex combines multiple residential layouts within a single building.
All three units feature central air, and on-site parking is included. The property is located at 939 35th St in West Palm Beach, Florida 33407. Built in 1958, the triplex combines multiple residential layouts within a single building.
Key Highlights
- Three‑unit building remodeled in 2020
- Front unit includes 3 bedrooms and 1 full bath
- Two rear units each offer 2 bedrooms and 1 bath
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
$40,197
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
4.59%
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%
$803,940
$803.9K
Cap Rate 7%
$574,243
$574.2K
Cap Rate 9%
$446,633
$446.6K
Market Conditions
NOI Build-Up for 2,148 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
$60.6K $28.20/SF
− Vacancy
−$3.1K −$1.47/SF
EGI
$57.4K $26.73/SF
− OpEx
−$17.2K −$8.02/SF
NOI
$40.2K $18.71/SF
Area
West Palm Beach, FL
Vacancy
5.20%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
30.00%
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%
$803,940
Cap Rate 7%
$574,243
Cap Rate 9%
$446,633
Alternative Uses
Best Use
Multifamily LT 5
$574.2K
$502.5K – $670.0K
NOI $40,197 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$534.1K
$467.3K – $623.1K
NOI $37,385 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,892 @ 7.0% cap · market cap 12.10%
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
690
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
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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?
Triplex - Three-unit residential income property with parking, central air, and varied unit layouts.
Where is this triplex located?
The property is located at 939 35TH St West Palm Beach, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Three‑unit building remodeled in 2020; Front unit includes 3 bedrooms and 1 full bath; Two rear units each offer 2 bedrooms and 1 bath
