Multifamily Property for Sale in West Palm Beach, FL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: West Palm Beach, FL 33405

Description

Marcus & Millichap is pleased to present Miller Avenue Apartments, a three-unit multifamily property located at 3804 Miller Avenue in West Palm Beach, Florida. Built in 1930, the property totals 1,578 gross square feet and is situated on a 0.20-acre lot. The building is of wood frame construction and features window unit air conditioning throughout. The unit mix consists of two one-bedroom/one-bathroom units and one three-bedroom/two-bathroom unit, providing a balanced combination of smaller and larger floorplans that appeal to a diverse tenant base. The low-density layout and larger lot size offer a more residential setting with potential for outdoor space enhancements. The property is ideally located in central West Palm Beach, with convenient access to Downtown West Palm Beach, I-95, and Palm Beach International Airport, as well as nearby employment hubs including Good Samaritan Medical Center and the surrounding commercial corridors. Residents also benefit from proximity to local retail, dining, and recreational amenities, including parks and waterfront attractions along the Intracoastal. Miller Avenue Apartments presents an opportunity to acquire a well-located, boutique multifamily asset in a growing submarket with strong rental demand, offering both stable in-place income and long-term upside potential. Investment Highlights: • Convenient access to Downtown West Palm Beach, I-95, and PBI Airport • Strong demand drivers from nearby medical, retail, and employment centers • 3-unit property with a functional mix of (2) 1/1's and (1) 3/2

Market Context

This multifamily in West Palm Beach, FL is listed for sale. It is offered at an approximate 5.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 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 5.4% asking cap rate is in line with the Palm Beach multifamily market average of about 5.6%. 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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