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 33407

Description

Marcus & Millichap, as exclusive listing agents, are pleased to present Northwood Villas, a well-positioned multifamily investment opportunity located at 527 48th St in West Palm Beach, Florida. This 4-unit property, constructed in 1954 with concrete block construction, offers a total of 2,387 square feet on a 0.14-acre lot. The unit mix consists of one two-bedroom/one-bathroom unit and three one-bedroom/one-bathroom units, providing an attractive configuration for a diverse tenant base. Northwood Villas is strategically located east of Broadway in a rapidly evolving submarket of West Palm Beach. The property stands to benefit significantly from the ongoing revitalization of the surrounding area, including transformative developments within the nearby Currie Mixed-Use District (CMUD). The CMUD is a compact, pedestrian-oriented, mixed-use district located between Currie Park to the east and the Northwood business district, designed to encourage development around Currie Park and the waterfront north of downtown. Notably, a high-end condominium project designed by Herzog & de Meuron is planned across from Currie Park at 2175 North Flagler Drive, approximately 1.5 miles south of the property. Additionally, the property is within close proximity to Downtown West Palm Beach, The Square, and the Flagler Financial District, offering tenants unparalleled access to premier dining, shopping, entertainment, and employment opportunities. The property's strategic location also provides convenient access to the Brightline West Palm Beach Station, located at 501 Evernia Street, approximately 3 miles south, connecting residents to Fort Lauderdale, Miami, and Orlando via high-speed rail. Northwood Villas presents a compelling investment opportunity, offering investors the potential for both stable income and long-term appreciation. The property's location within a burgeoning market, combined with its solid construction and adaptable unit mix, positions it well to capitalize on the

Market Context

This multifamily in West Palm Beach, FL is listed for sale. It is offered at an approximate 5.8% 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 5.8% 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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