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    3723 Morton Ave West Palm Beach, FL 33405

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    3723 Morton Ave West Palm Beach, FL 33405

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    • Multifamily properties
    • 3,696 SF
    Off-Market
    Property ID
    US18-1183106
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Multifamily properties

    Property Details for 3723 Morton Ave

    Year built
    1922
    Property size
    3,696 SF
    Property type
    Multifamily properties

    Description

    This is six cottages, 100% tenant occupied on annual leases. The property is zoned multi family and there is the optionality to develop up to 9 units (.46 acres). Great West Palm Beach location close to Dixie Hwy and minutes to downtown, beach, I95, and shopping/dining.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    West Palm Beach
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0559979
    Latitude
    26.6775899

    Comparable in this City

    • $1,100,000
      3,696 SF

      West Palm Beach Multifamily Cottages

      Six tenant-occupied cottages with development potential in West Palm Beach.
      3723 Morton Ave, West Palm Beach, FL 33405
      View Details
    • Contact for pricing
      5,482 SF

      Multi-Tenant Plaza with Residential Unit

      Renovated commercial plaza with residential unit in West Palm Beach.
      2730 S Dixie Hwy, West Palm Beach, FL 33405
      View Details
    • $569,500
      1,782 SF

      Updated Duplex in West Palm

      Updated duplex perfect for generating passive income, great location!
      516 Nathan Hale Rd, West Palm Beach, FL 33405
      View Details
    • New
      $949,000
      1,682 SF

      Renovated Duplex in West Palm Beach

      Renovated duplex near PBI Airport and Downtown WPB.
      2741 Parker Ave, West Palm Beach, FL 33405
      View Details

    Similar Nearby for Sale

    • $1,100,000
      3,696 SF

      West Palm Beach Multifamily Cottages

      Six tenant-occupied cottages with development potential in West Palm Beach.
      3723 Morton Ave, West Palm Beach, FL 33405
      View Details
    • Contact for pricing
      5,482 SF

      Multi-Tenant Plaza with Residential Unit

      Renovated commercial plaza with residential unit in West Palm Beach.
      2730 S Dixie Hwy, West Palm Beach, FL 33405
      View Details
    • $569,500
      1,782 SF

      Updated Duplex in West Palm

      Updated duplex perfect for generating passive income, great location!
      516 Nathan Hale Rd, West Palm Beach, FL 33405
      View Details
    • New
      $949,000
      1,682 SF

      Renovated Duplex in West Palm Beach

      Renovated duplex near PBI Airport and Downtown WPB.
      2741 Parker Ave, West Palm Beach, FL 33405
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
      1,600 SF

      Office/Warehouse Space Available For Rent

      1,600 SF office/warehouse with 16' clear height and overhead door.
      1400 Forsythe Rd, West Palm Beach, FL 33405
      View Details
    • Contact for pricing

      Premier Mixed-Use Campus in West Palm

      Class A offices and retail in a unique West Palm campus.
      2751 South Dixie Hwy, West Palm Beach, FL 33405
      View Details
    • $5,000 /Mo

      Prime Antique Row Retail Space

      High-visibility retail/showroom space in West Palm Beach's Antique Row.
      3721 S Dixie Hwy, West Palm Beach, FL 33405
      View Details
    • $9,500 /Mo

      Georgia Avenue Commercial Land Lease

      High-visibility commercial land for lease in vibrant Georgia Avenue Design District.
      5913 Georgia Ave, West Palm Beach, FL 33405
      View Details
    • Contact for pricing

      Georgia Avenue Flex Space Available

      Flex space available on Georgia Avenue near I-95.
      5700 Georgia Ave, West Palm Beach, FL 33405
      View Details
    • Contact for pricing
      3,000 SF

      West Palm Beach Retail Space

      Retail space available in West Palm Beach, Florida.
      500-642 Belvedere Rd, West Palm Beach, FL 33405
      View Details
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    West Palm Beach, FL 33405
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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