| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Poor |
| Demographics | 9th | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1599 Quail Dr, West Palm Beach, FL, 33409, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 1997 |
| Units | 24 |
| Transaction Date | 2013-09-04 |
| Transaction Price | $16,850,000 |
| Buyer | SP WEST PALM LP |
| Seller | SCHICKEDANZ BROS PALM BEACH LTD |
1599 Quail Dr West Palm Beach Multifamily Investment
Neighborhood occupancy is solid and renter demand is deep relative to the metro, according to WDSuite’s CRE market data. This 1997 vintage asset positions above older nearby stock while still leaving room for targeted updates to support durable cash flow.
The property sits in an Inner Suburb of West Palm Beach where neighborhood occupancy measures 94.3% (Competitive among West Palm Beach-Boca Raton-Boynton Beach neighborhoods; rank 64 of 319). A high share of housing units are renter-occupied at 71.4% (rank 8 of 319), signaling a sizable tenant base and potential leasing depth for multifamily operators. These are neighborhood-level metrics, not property performance.
Livability is mixed but serviceable for workforce housing: restaurants are dense by neighborhood standards (94th percentile nationally), groceries are convenient (91st percentile), and childcare access is strong (97th percentile). Parks, pharmacies, and cafes are limited within the neighborhood footprint, which may shift some lifestyle demand to nearby districts. School quality trends lower (average rating around 1.0; 15th percentile nationally), an element to factor into retention planning for family renters.
Home values in the neighborhood sit on the lower side relative to national benchmarks (24th percentile), which can keep rental options comparatively attractive. At the same time, the local rent-to-income ratio trends higher (8th percentile nationally), suggesting some affordability pressure that operators should manage through thoughtful lease management and amenity positioning. These are neighborhood-level indicators and should be weighed alongside submarket comps and commercial real estate analysis from WDSuite.
Demographics aggregated within a 3-mile radius indicate population growth over the last five years with further expansion forecast, alongside a notable increase in households and a gradual decrease in average household size. This points to a larger renter pool over time and supports occupancy stability, though forecasts also show a modest tilt toward ownership that may require competitive positioning on finishes and price points.
Vintage context: the average neighborhood construction year is 1977. Built in 1997, this asset is newer than much of the surrounding stock, which can enhance competitive standing versus older properties, while still planning for modernization of building systems and common areas as needed.
Neighborhood safety indicators are mixed in comparison to regional and national benchmarks. The neighborhood’s crime rank positions it below the metro median (rank 239 of 319), while national percentiles suggest overall conditions near the middle of the pack. Violent offense trends show improvement with a recent year-over-year decline and a slightly better national standing, whereas property offense rates sit below national median levels but ticked up in the latest reading. These are neighborhood-level trends rather than property-specific conditions and are best interpreted alongside broader submarket patterns.
Proximity to regional employers supports renter demand and commuting convenience, including financial services, foodservice distribution, energy, office supplies, and healthcare administration offices listed below.
- Siegel Financial Group - Northwestern Mutual — financial services offices (2.9 miles)
- Sysco Southeast Florida — foodservice distribution (4.9 miles)
- NextEra Energy — energy & corporate offices (11.4 miles) — HQ
- Office Depot — office supplies corporate (20.4 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration offices (29.3 miles)
Built in 1997 with 24 units, the asset is roughly two decades newer than the neighborhood average, offering a competitive edge versus older inventory while leaving room for targeted value-add to common areas and systems. The neighborhood shows solid renter-occupied concentration (71.4% of housing units) and occupancy that is competitive within the metro, which supports leasing stability. According to CRE market data from WDSuite, nearby amenities skew toward daily needs and dining, and 3-mile demographics point to continued population growth and a rising household count that can expand the renter pool.
Key considerations for underwriting include higher neighborhood rent-to-income ratios that warrant careful renewal and pricing strategies, school quality that trends lower, and recent property offense momentum even as violent offenses eased. Balancing these with the property’s relative vintage advantage and steady neighborhood occupancy forms a pragmatic value-add or hold thesis.
- 1997 vintage is newer than much of the neighborhood stock, offering competitive positioning with selective renovation upside.
- Neighborhood occupancy is competitive within the metro (rank 64 of 319), supporting income stability.
- High renter-occupied share (71.4%) indicates a deep tenant base for multifamily leasing.
- 3-mile demographic trends show population and household growth, reinforcing long-run renter demand.
- Risks: elevated rent-to-income ratios, limited parks/cafes, lower school ratings, and recent property offense uptick require disciplined operations.