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638 50th St
West Palm Beach, FL 33407
Multifamily Property For Sale
·
3 Units
Investment Highlights
- 3-Unit Property Comprised Of Two Residential Buildings
- Minutes From Downtown West Palm Beach, Palm Beach Island, And St. Mary's Medical Center
- Spacious 2-Bedroom Floorplans With Strong Tenant Appeal
- Excellent Access To I-95, U.S. 1, And Major Employment Corridors
Executive Summary
Marcus & Millichap is pleased to present a three-unit multifamily property located at 638 50th Street in West Palm Beach, Florida. Built in 1936, the property consists of two buildings totaling 1,952 rentable square feet (2,868 gross square feet) and is situated on a 0.24-acre lot. The property features wood frame construction with pitched composite shingle roofs and window unit air conditioning systems. The property offers a consistent unit mix of three two-bedroom/one-bathroom units, averaging 651 square feet each. The efficient floorplans and boutique size provide an attractive investment opportunity with stable rental demand in an established residential neighborhood.
Ideally located just west of Broadway (U.S. 1) and minutes from Interstate 95, the property provides convenient access to Downtown West Palm Beach, Palm Beach Island, Palm Beach International Airport, and St. Mary's Medical Center. Residents also benefit from nearby shopping, dining, public transportation, and the continued redevelopment occurring throughout West Palm Beach's Northwood and downtown districts.
West Palm Beach continues to experience strong population and employment growth, supported by expanding healthcare, finance, technology, and professional services sectors. The property's central location and proximity to major employment centers position it well for long-term rental demand and appreciation.
638 50th Street presents an opportunity to acquire a boutique multifamily asset in one of South Florida's fastest-growing markets, offering durable construction, an
efficient unit mix, and excellent access to the area's leading employment and lifestyle amenities.
Ideally located just west of Broadway (U.S. 1) and minutes from Interstate 95, the property provides convenient access to Downtown West Palm Beach, Palm Beach Island, Palm Beach International Airport, and St. Mary's Medical Center. Residents also benefit from nearby shopping, dining, public transportation, and the continued redevelopment occurring throughout West Palm Beach's Northwood and downtown districts.
West Palm Beach continues to experience strong population and employment growth, supported by expanding healthcare, finance, technology, and professional services sectors. The property's central location and proximity to major employment centers position it well for long-term rental demand and appreciation.
638 50th Street presents an opportunity to acquire a boutique multifamily asset in one of South Florida's fastest-growing markets, offering durable construction, an
efficient unit mix, and excellent access to the area's leading employment and lifestyle amenities.
Property Facts
| Price Per Unit | $170,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 6.64% | Building Size | 2,868 SF |
| Gross Rent Multiplier | 8.59 | No. Stories | 1 |
| No. Units | 3 | Year Built | 1936 |
| Property Type | Multifamily | Parking Ratio | 1.33/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MF14 - Multifamily | ||
| Price Per Unit | $170,000 |
| Sale Type | Investment |
| Cap Rate | 6.64% |
| Gross Rent Multiplier | 8.59 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 2,868 SF |
| No. Stories | 1 |
| Year Built | 1936 |
| Parking Ratio | 1.33/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MF14 - Multifamily |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $1,650 | 651 |
Property Taxes
| Parcel Number | 74-43-43-04-08-057-0190 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $266,984 |
Property Taxes
Parcel Number
74-43-43-04-08-057-0190
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$266,984
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