Updated Triplex with
New
For Sale
$875,000
939 35TH Street, West Palm Beach, FL 33407
Residential Income, West Palm Beach, FL
Property Size2,148 SF
Lot Size0.21 Acres
Price / SF$407.36
Days on Market2
Property Features for 939 35TH Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
SF7 (city)
Bedrooms
5
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 1
Pets allowed
Yes, Size Limit
Exterior features
Courtyard
Subdivision
NORTHWOOD ADD
Lot features
Fruit Tree(s)
Elementary school
Northmore
Middle school
Roosevelt Community
High school
Palm Beach Lakes
Standard status
Active
APN
74434309050700010
Size
2,148 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTHWOOD ADD LTS 1 TO 4 INC BLK 70
Tax Annual Amount
7953
Legal Description
NORTHWOOD ADD LTS 1 TO 4 INC BLK 70
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public, Well
Amenities
central air
Building Details
Year built
1958
Floors in Building
2
Number of units
4
Flooring type
Laminate, Tile - Ceramic
Building materials
Frame, Stucco
Roof type
Composition
Listing Agency:
Partnership Realty Inc.
(561) 355-0270
Listed By:
Stanley C Gordon · License #3193465
(561) 719-6372
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 5:06PM
MLS# B26075655
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.
This three-unit residential property contains 2,148 square feet on a 0.21-acre parcel and was remodeled in 2020. The configuration includes a front three-bedroom unit and two rear two-bedroom units, each with one bathroom. One rear residence occupies the first floor and includes an expansive living and dining area, while the upstairs unit features a notably large primary bedroom.
Central air serves all three units, and the property includes on-site parking and a courtyard. Construction is frame and stucco, with laminate and ceramic tile flooring, a composition roof, and public sewer service. The property is located in West Palm Beach and carries SF7 city zoning.
The asset also has public water and a well listed among its water sources, along with water availability and central heating. The three-unit layout provides distinct residential spaces within a single multifamily property.
Central air serves all three units, and the property includes on-site parking and a courtyard. Construction is frame and stucco, with laminate and ceramic tile flooring, a composition roof, and public sewer service. The property is located in West Palm Beach and carries SF7 city zoning.
The asset also has public water and a well listed among its water sources, along with water availability and central heating. The three-unit layout provides distinct residential spaces within a single multifamily property.
Key Highlights
- Three‑unit property with 2,148 square feet of building area
- Remodeled in 2020
- Situated on 0.21 acres with SF7 city zoning
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
Lease Details
3
Residential units
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Central air, parking, and city SF7 zoning support a straightforward residential rental layout.
Where is this triplex located?
The property is located at 939 35TH Street 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 property with 2,148 square feet of building area; Remodeled in 2020; Situated on 0.21 acres with SF7 city zoning
