| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 62nd | Fair |
| Amenities | 15th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4400 Portofino Way, West Palm Beach, FL, 33409, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 2003 |
| Units | 28 |
| Transaction Date | 2015-03-23 |
| Transaction Price | $58,128,000 |
| Buyer | PORTOFINO PLACE OWNER I LLC |
| Seller | WPB MULTIFAMILY OWNER I LLC |
4400 Portofino Way, West Palm Beach Multifamily
Neighborhood occupancy trends are competitive within the West Palm Beach–Boca Raton–Boynton Beach metro, supporting steady renter demand, according to WDSuite’s CRE market data. Positioned in an Urban Core setting, the asset benefits from proximity to jobs while offering relative affordability stability for lease retention.
The property sits in an Urban Core neighborhood of West Palm Beach where occupancy runs at 92.5%, placing the area competitive among West Palm Beach–Boca Raton–Boynton Beach neighborhoods (91 of 319). For investors, that points to a reasonably stable leasing backdrop rather than a volatile, lease-up environment.
Construction in the surrounding area skews slightly newer than many U.S. neighborhoods, and the 2003 vintage positions this asset competitively versus older stock; investors should still account for modernization of 20-year systems during hold periods. Renter-occupied housing represents roughly the mid‑40% share of local units, indicating a deep tenant base that supports demand for multifamily product rather than a predominantly ownership-driven market.
Livability signals are mixed: the immediate area shows strong park access (top quartile nationally), while day-to-day retail density like groceries and cafes is thinner, suggesting residents likely draw amenities from nearby corridors. Median home values in the neighborhood are elevated for the region, which can reinforce reliance on rental options and support lease retention, while a rent-to-income profile near 0.25 indicates manageable affordability pressure and measured pricing power.
Within a 3-mile radius, population and households have grown and are projected to continue expanding through 2028, with forecasts indicating further renter pool expansion alongside smaller household sizes. Rising median and mean household incomes in the radius strengthen the outlook for consistent demand and support for market‑rate units, based on CRE market data from WDSuite.
Safety indicators for the neighborhood are around the middle of the pack nationally, with crime ranking near the metro average (209 out of 319 neighborhoods). Recent trends show violent incidents improving year over year (better than many U.S. neighborhoods), while property-related offenses have moved higher in the latest period. Investors should frame this as mixed but manageable, watching trend direction and on-site controls rather than assuming block-level conditions.
Proximity to corporate employers supports workforce housing demand and commute convenience for residents. Nearby nodes include food distribution, financial services, and major corporate headquarters that broaden the employment base referenced below.
- Sysco Southeast Florida — food distribution (2.2 miles)
- Siegel Financial Group - Northwestern Mutual — financial services (3.3 miles)
- NextEra Energy — utilities HQ and corporate offices (8.6 miles) — HQ
- Office Depot — corporate offices (23.3 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (32.0 miles)
This 2003-vintage, mid-size multifamily asset benefits from a neighborhood with occupancy that is competitive among metro peers and a renter base supported by nearby employment centers. Elevated neighborhood home values and a rent-to-income profile near 0.25 point to balanced affordability pressures that can aid retention while keeping rent growth expectations disciplined.
Within a 3-mile radius, population and household growth—paired with smaller average household sizes—suggest a larger tenant base over the next several years. According to CRE market data from WDSuite, the surrounding area’s newer housing stock and steady demand profile position the asset for consistent cash flow with potential for value through selective upgrades as systems age.
- Neighborhood occupancy is competitive among 319 metro neighborhoods, supporting stable leasing
- 2003 construction offers relative competitiveness versus older stock with targeted modernization upside
- 3-mile radius shows population and household growth, expanding the renter pool and aiding retention
- Elevated home values sustain reliance on rentals, while rent-to-income around 0.25 supports lease stability
- Risks: thinner immediate retail amenities and mixed safety trends warrant active management and underwriting discipline