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Piper Village West 3901 36th Ct 68 Unit Apartment Building $20,700,000 ($304,412/Unit) 5.25% Cap Rate West Palm Beach, FL 33407

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Investment Highlights

Large 68 (out of 69) Unit Condominium Community Spread Across 3.25 Acres
Spacious Unit Layouts Averaging Approximately 1,115 Square Feet, Ideal For Long-Term Tenants
Minutes From Major Development Projects in Northwood Village And The NORA District

Concrete Block Construction With Concrete Flat Roofs And Central Air Conditioning Throughout
Predominantly Three-Bedroom/Two-Bathroom Unit Mix Supporting Strong Family-Oriented Demand
All Plumbing Has Been Replaced With PVC Piping

Executive Summary

Marcus & Millichap is pleased to present Piper Village West, a 68 (out of 69) unit condominium community consisting of five three-story buildings built in 1973, totaling approximately 75,870 square feet on 3.25 acres. Constructed of concrete block with concrete flat roofs and central air conditioning throughout, the property offers a predominantly family-oriented unit mix with sixty-six three-bedroom/two-bathroom units and three two-bedroom/two-bathroom units, each averaging approximately 1,115 square feet.
Piper Village West benefits from its proximity to several major redevelopment initiatives that are reshaping the West Palm Beach region. Just north of the property, Northwood Village is undergoing a transformative expansion centered on The District at Northwood, a mixed-use project under construction that will deliver approximately 382 residential units across three buildings along with ~63,000 square feet of commercial and retail space and significant public open space. The District includes a mix of studio, one-, and two-bedroom apartments, ground-floor retail, co-working spaces, fitness and entertainment amenities, and hundreds of new parking spaces, establishing a vibrant “Village Square” destination that will attract residents, visitors, and businesses alike.
A short distance south and east lies the NORA District (North of Railroad Avenue), a transformational 40-acre mixed-use destination being developed in downtown West Palm Beach. Phase I of NORA includes ~150,000 square feet of adaptive reuse and new commercial development featuring retail, dining, wellness, and creative office space, and future phases will introduce a 201-key boutique hotel, additional retail and hospitality offerings, and hundreds of residential units designed to activate the neighborhood and expand the city’s urban core.
This proximity to high-profile mixed-use growth corridors places Piper Village West within the orbit of some of West Palm Beach’s most dynamic economic drivers. The region continues to attract public and private investment that reinforces walkability, lifestyle amenities, and transit-oriented development, while employment growth in nearby Downtown and along the I-95 corridor supports strong rental demand.
Piper Village West offers investors the opportunity to acquire a well-constructed, mid-sized multifamily asset with durable infrastructure, family-friendly layouts, and long-term upside supported by major adjacent redevelopment projects that are expanding the city’s residential, retail, and entertainment landscape.

Executive Summary

Offering Memorandum

Property Facts

Price	$20,700,000	Apartment Style	Low-Rise
Price Per Unit	$304,412	Building Class	B
Sale Type	Investment	Lot Size	3.25 AC
Cap Rate	5.25%	Building Size	75,870 SF
Gross Rent Multiplier	11.02	No. Stories	3
No. Units	68	Year Built	1973
Property Type	Multifamily	Parking Ratio	1.32/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$20,700,000
Price Per Unit	$304,412
Sale Type	Investment
Cap Rate	5.25%
Gross Rent Multiplier	11.02
No. Units	68
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	B
Lot Size	3.25 AC
Building Size	75,870 SF
No. Stories	3
Year Built	1973
Parking Ratio	1.32/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Unit Amenities

Air Conditioning
Heating

Kitchen
Refrigerator

Tub/Shower

Wi-Fi

Site Amenities

24 Hour Access
Property Manager on Site

Wi-Fi
Community-Wide WiFi

Maintenance on site

Online Services

Unit Mix Information

Description	No. Units	Avg. Rent/Mo	SF
2+2	3	-	1,167
3+2	65	-	1,167 - 1,185

1 1

Property Taxes

Parcel Numbers	Multiple 74-43-43-09-12-001-2070 74-43-43-09-12-001-1010 74-43-43-09-12-005-2020 74-43-43-09-12-004-2020 74-43-43-09-12-002-2060 74-43-43-09-12-001-1020 74-43-43-09-12-002-2070 74-43-43-09-12-001-2030	Improvements Assessment	$0
Land Assessment	$0	Total Assessment	$514,657