| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 47th | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1701 N Flagler Dr, West Palm Beach, FL, 33407, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 1997 |
| Units | 58 |
| Transaction Date | 2021-06-29 |
| Transaction Price | $9,500,000 |
| Buyer | 1701 N FLAGLER DRIVE OWNER LLC |
| Seller | VISTA DEL LAGO LIMITED PARTNERSHIP |
1701 N Flagler Dr West Palm Beach Multifamily Investment
Strong renter concentration and amenity density in the neighborhood point to steady tenant demand, according to WDSuite s CRE market data. This commercial real estate analysis references neighborhood-level metrics, not property performance.
The property sits in an inner-suburb pocket of West Palm Beach that ranks 60th out of 319 metro neighborhoods (A- rating), making it competitive among West Palm Beach-Boca Raton-Boynton Beach neighborhoods based on WDSuite s CRE market data. Amenity access is a clear advantage: cafes, parks, and pharmacies each benchmark in the 99th percentile nationally, with restaurants also testing in the mid-90s percentiles. Grocery access trends stronger than average as well (around the 79th percentile). These neighborhood-level fundamentals typically support leasing velocity and resident retention for multifamily assets.
Renter-occupied share in the neighborhood is high (58.8%, top decile nationally), indicating a deep renter base for a 58-unit community. By contrast, neighborhood occupancy runs below national norms, suggesting more active leasing management may be needed to sustain stability. Investors should view the combination as opportunity with operational nuance: a large renter pool paired with competitive amenities can help underpin absorption even when occupancy across the neighborhood is softer.
Within a 3-mile radius, population and household counts have expanded over the past five years and are projected to grow further, with smaller average household sizes. This dynamic typically translates to a larger tenant base and more renters entering the market, supporting occupancy stability over time.
Home values in the neighborhood track above national midpoints, and ownership remains a higher-cost path relative to many markets. That context often sustains rental demand and pricing power, while rent-to-income levels near the area s median suggest monitoring affordability pressures to manage renewals effectively.
Neighborhood safety trends are mixed. The area ranks 284th out of 319 metro neighborhoods, indicating lower relative safety compared with many parts of the West Palm Beach-Boca Raton-Boynton Beach metro and placing it below average nationally (around the 32nd percentile). Recent estimates show year-over-year declines in both property and violent offense rates, which is a constructive directional signal. Investors should underwrite with conservative assumptions and consider standard security measures and lighting upgrades as part of ongoing operations.
Nearby employers span financial services, food distribution, energy, office supplies, and healthcare administration, supporting a diverse workforce renter base and commute convenience for tenants.
- Siegel Financial Group Northwestern Mutual financial services (1.35 miles)
- Sysco Southeast Florida foodservice distribution (3.50 miles)
- NextEra Energy utility & energy (9.06 miles) HQ
- Office Depot office supplies retail (22.73 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare services administration (32.50 miles)
Built in 1997, the asset is newer than the neighborhood s average vintage, offering a competitive edge versus older stock while still benefiting from targeted modernization for systems and interiors. The immediate neighborhood combines very strong amenity density and a high renter-occupied share with below-average neighborhood occupancy, implying opportunity for disciplined leasing strategy. Within a 3-mile radius, population growth and rising household counts point to a larger tenant base over the next several years, which can help support stabilization. According to CRE market data from WDSuite, these dynamics align with broader metro patterns favoring well-located workforce-oriented multifamily.
Pricing power should be approached pragmatically: elevated ownership costs in the area typically reinforce renter reliance on multifamily housing, but retention will benefit from attentive lease management as rent-to-income ratios evolve. Overall, the thesis emphasizes operational execution and selective capital improvements to capture demand while managing risks tied to neighborhood occupancy and perceptions of safety.
- Newer 1997 vintage versus neighborhood average supports competitive positioning with targeted modernization potential
- High renter-occupied share and strong amenity access bolster tenant demand and leasing velocity
- 3-mile population and household growth expand the renter pool, supporting occupancy stability over time
- Elevated ownership costs tend to sustain rental demand and support pragmatic pricing power
- Risks: softer neighborhood occupancy and below-average safety metrics require disciplined leasing and property-level security planning