| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 24th | Poor |
| Amenities | 52nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2100 N Australian Ave, West Palm Beach, FL, 33407, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 1973 |
| Units | 75 |
| Transaction Date | 2007-12-20 |
| Transaction Price | $6,725,000 |
| Buyer | PALM GROVE AFFORDABLE LLC |
| Seller | SP AZALEA PLACE LP |
2100 N Australian Ave West Palm Beach Value-Add Multifamily
Renter demand is reinforced by a high-cost ownership landscape and a sizable renter-occupied base in the neighborhood, according to WDSuite’s CRE market data.
This Inner Suburb location in West Palm Beach offers everyday convenience with grocery options and park access competitive among West Palm Beach–Boca Raton–Boynton Beach neighborhoods (ranked 121 and 59 out of 319, respectively). Cafe and pharmacy density are limited nearby, which can modestly influence lifestyle appeal but does not preclude solid workforce housing performance.
Neighborhood housing fundamentals sit below the metro median for occupancy (neighborhood occupancy is measured at the neighborhood level, not the property), indicating operational upside for well-executed renovations and leasing strategy. The area’s renter-occupied share is elevated relative to national norms (ranked 48 of 319 in the metro; high national percentile), signaling depth in the tenant base for multifamily.
Within a 3-mile radius, population and household counts have expanded in recent years, with further growth projected by 2028. A rising household base alongside shrinking average household size points to a larger pool of individual households, which typically supports multifamily absorption and lease-up. Median contract rents in the 3-mile area have trended upward, reinforcing pricing power for renovated product when positioned correctly.
Home values in the neighborhood sit in the middle of the national distribution, but relative to local incomes they reflect a high-cost ownership market (top national percentile for value-to-income). For investors, this dynamic tends to sustain reliance on rental housing, aiding tenant retention and providing a buffer for stabilized occupancy through cycles.
Safety indicators for the neighborhood trend weaker than many parts of the metro and fall below national averages. Crime ranks near the lower end among 319 metro neighborhoods, and national percentiles sit in the lower quartiles, indicating comparatively higher incident levels than typical U.S. neighborhoods.
Recent data show property and violent offense rates that remain elevated relative to national benchmarks, with year-over-year movement mixed. Investors often account for this by emphasizing security, lighting, and resident engagement, and by underwriting premiums for professional management. Comparisons here reference neighborhood-level statistics, not the property itself.
The area draws from a diversified employment base that supports renter demand and commute convenience, including Siegel Financial Group - Northwestern Mutual, Sysco Southeast Florida, NextEra Energy, Office Depot, and Tenet Healthcare Corporation (Florida Region).
- Siegel Financial Group - Northwestern Mutual — financial services (1.3 miles)
- Sysco Southeast Florida — food distribution (2.8 miles)
- NextEra Energy — energy (8.8 miles) — HQ
- Office Depot — office supplies (22.8 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (32.4 miles)
Built in 1973, the 75-unit asset is older than the neighborhood average vintage, pointing to clear value-add potential through interior upgrades, systems modernization, and curb-appeal improvements. Neighborhood occupancy trends trail the metro median, but the renter-occupied share is high in a national context, and homeownership costs relative to income are elevated — dynamics that typically support a durable renter pool. Based on CRE market data from WDSuite, 3-mile demand drivers show population and household growth alongside rising contract rents, which can underpin renovation-led rent premiums when paired with disciplined operations.
Positioning should balance workforce affordability and quality upgrades. The location’s convenience to employers across finance, distribution, energy, and healthcare broadens the tenant base, while safety considerations and income bifurcation between nearby blocks argue for conservative underwriting and active management.
- 1973 vintage supports value-add through unit and system renovations
- Elevated renter-occupied share and high-cost ownership market reinforce rental demand
- 3-mile population and household growth with rising rents supports lease-up and retention
- Proximity to diversified employers (finance, distribution, energy, healthcare) widens the tenant base
- Risks: below-metro neighborhood occupancy and weaker safety metrics require conservative underwriting and active management