Multifamily Property for Sale in West Palm Beach, FL

  • Price: $475K
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: West Palm Beach, FL 33405
  • Size: 436 SF

Description

Marcus & Millichap is pleased to present Selkirk Apartments, a boutique two-unit multifamily property located at 920 Selkirk Street in West Palm Beach, Florida. Built in 1940, the property totals 1,089 gross square feet and is situated on a 0.12-acre lot. The two-story duplex features one one-bedroom/one-bathroom unit and one studio unit, offering flexible leasing potential in a high-demand rental corridor. The building is equipped with a pitched composite shingle roof and window-unit air conditioning, providing straightforward maintenance and efficient operation. Its compact footprint and manageable unit count make it ideal for private investors seeking a low-density asset with minimal overhead. Selkirk Apartments benefits from a prime location in West Palm Beach’s desirable southern corridor, just minutes from Downtown West Palm Beach, Palm Beach Island, and Interstate 95. The property is near major employment drivers including Good Samaritan Medical Center, the downtown financial district, and the rapidly expanding Rosemary Square area. With continued residential and mixed-use development throughout the city, Selkirk Apartments offers stable in-place income with long-term appreciation potential in one of Palm Beach County’s most dynamic submarkets. Investment Highlights: • Minutes From Downtown, Palm Beach Island, And I-95 • Strong Rental Demand In Supply-Constrained Submarket • Built In 1940 On A 0.12-Acre Lot With Pitched Shingle Roof • Flexible Unit Mix Of One 1/1 And One Studio

Market Context

This multifamily in West Palm Beach, FL is listed for sale at $475,000 across 436 SF. It is offered at an approximate 4.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 89 days. Compare it against other multifamily listings for sale in West Palm Beach, FL — <a href="/search/sale/multifamily/florida/west-palm-beach">view the full market</a>.

As of Q1 2025, the Palm Beach multifamily market showed a 16.7% vacancy rate, rents up 14.5% year over year, and cap rates around 5.6%. Source: Consensus Q1 2025 market report.

Its 4.4% asking cap rate is below the Palm Beach multifamily market average of about 5.6%, reflecting premium pricing relative to comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Palm Beach?
About 5.6% as of Q1 2025, per Consensus.
Is the Palm Beach multifamily market tightening or softening?
Vacancy is around 16.7%, with asking rents rising year over year (Q1 2025).

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