| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 47th | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1815 Merry Pl, West Palm Beach, FL, 33407, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1815 Merry Pl West Palm Beach Multifamily Investment
Renter demand is supported by a high renter-occupied housing share and dense nearby amenities, according to WDSuite’s CRE market data. For investors, the location points to durable leasing interest with competitive positioning versus older neighborhood stock.
This Inner Suburb pocket of West Palm Beach ranks in the top quartile among 319 metro neighborhoods (A- neighborhood rating), signaling competitive fundamentals for multifamily. Amenity access is a differentiator: cafes, parks, and pharmacies score in the top percentiles nationally, supporting lifestyle convenience and leasing appeal.
The neighborhood’s housing stock skews older than the subject’s 2008 construction year. Being newer than the local average 1988 vintage gives this asset a relative edge on curb appeal and systems, though investors should still plan for mid-life capital items and potential repositioning to stay competitive.
Tenure patterns indicate depth of the renter base: a majority of housing units are renter-occupied, which supports demand stability for multifamily. Neighborhood rents track above national medians yet remain competitive within the metro, which can aid lease-up while preserving room for revenue management. Homeownership costs sit in a middle range for the region, suggesting some competition from ownership but continued reliance on rentals for many households.
Within a 3-mile radius, population and household counts have grown over the past five years and are projected to continue through 2028, pointing to a larger tenant base. Median household incomes have risen alongside this growth, which can support rent levels and occupancy management over time. These dynamics, based on CRE market data from WDSuite, indicate demand-side support even as operators should remain attentive to affordability pressure and retention.
Operationally, the neighborhood’s NOI per unit metrics rank in the top quartile nationally, underscoring resilient revenue potential at the submarket level. By contrast, neighborhood occupancy trends sit below national percentiles, implying that disciplined leasing and targeted upgrades may be required to capture share.
Safety metrics for the neighborhood trend below national percentiles and sit below the metro median among 319 neighborhoods, indicating that crime levels are higher than many peer areas. However, according to WDSuite’s CRE market data, both violent and property offense rates have declined year over year, a constructive sign for operators monitoring neighborhood momentum.
Investors should underwrite with conservative assumptions on security, lighting, and resident experience, while tracking whether recent improvement continues. Comparisons should be made against nearby Inner Suburb locales to calibrate expectations.
Nearby employers span financial services, food distribution, energy, office supply headquarters, and regional healthcare administration — a mix that supports commuter convenience and a diversified renter pool for workforce and professional tenants.
- Siegel Financial Group - Northwestern Mutual — financial services (1.3 miles)
- Sysco Southeast Florida — food distribution (3.3 miles)
- NextEra Energy — energy utility (9.0 miles) — HQ
- Office Depot — office supplies retail (22.8 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (32.5 miles)
1815 Merry Pl offers a 24-unit, 2008-vintage asset positioned in a renter-heavy, amenity-rich Inner Suburb of West Palm Beach. The property is newer than much of the local housing stock, giving it competitive positioning with potential for targeted value-add to enhance rents and retention. Within a 3-mile radius, ongoing population and household growth — alongside rising incomes — points to renter pool expansion and supports occupancy stability.
Neighborhood-level performance indicators show NOI per unit strength and strong amenity density, while occupancy trends run softer than national percentiles. Underwriting should reflect disciplined leasing and potential security enhancements. These conclusions are informed by commercial real estate analysis from WDSuite, which also shows year-over-year improvements in offense rates at the neighborhood level.
- 2008 vintage in an older-vintage neighborhood supports competitive positioning with manageable mid-life capex planning
- Renter-occupied housing share and 3-mile population and household growth expand the tenant base and support leasing
- Amenity density (cafes, parks, pharmacies) and top-quartile NOI per unit at the neighborhood level favor revenue potential
- Balanced homeownership costs limit extreme ownership competition while preserving steady multifamily demand
- Risks: below-median metro safety metrics and softer occupancy require conservative leasing strategies and resident experience investments