| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 47th | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 455 Cheerful St, West Palm Beach, FL, 33407, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
455 Cheerful St West Palm Beach 24-Unit Multifamily Investment
Positioned in a high-amenity inner-suburb pocket of West Palm Beach, the asset benefits from strong renter demand drivers; according to WDSuite’s CRE market data, the surrounding neighborhood shows a sizable renter-occupied housing base that can support leasing stability.
This inner-suburb location scores well for daily convenience. The neighborhood’s overall rating sits in the upper tier of the metro (ranked 60 among 319 West Palm Beach–Boca Raton–Boynton Beach neighborhoods), with amenity access competitive citywide. Cafes, parks, and pharmacies are dense here, each benchmarking near the top of the metro and top quartile nationally, helping support lifestyle appeal and renter retention, based on CRE market data from WDSuite.
Renter concentration in the neighborhood is high (share of housing units that are renter-occupied), indicating a deep tenant base for multifamily operators. Median contract rents in the neighborhood measure in the upper segment of national comparisons, while rent-to-income readings point to manageable affordability pressure that can aid renewal rates and reduce turnover risk.
Within a 3-mile radius, population and households have expanded over the last five years, with projections calling for continued growth and smaller average household sizes. For investors, that trend implies a larger tenant base and steady in-migration of renters, which can support occupancy and leasing velocity through the cycle.
The typical building stock in the neighborhood skews older (average vintage 1988), while the subject property was built in 2008. That age advantage can be a competitive differentiator versus nearby assets, though planning for selective modernization and systems updates remains prudent over a hold period.
Home values in the neighborhood are elevated relative to many national peers. In practice, a higher-cost ownership market tends to sustain rental demand and can reinforce pricing power for well-maintained apartments, especially where amenity access is strong. School ratings in the immediate area trend weaker against national benchmarks, which may temper appeal for some family renters but is less impactful for workforce and lifestyle-driven cohorts.
Two cautions to underwrite: neighborhood-level occupancy runs softer than national norms, and COVID-period resilience metrics trail stronger submarkets. However, neighborhood NOI per unit benchmarks competitively within the metro, suggesting that well-operated assets can perform, particularly when paired with differentiated product and active leasing management.
Safety trends are mixed. Compared with other neighborhoods in the West Palm Beach–Boca Raton–Boynton Beach metro, this area ranks in the lower tier for crime (closer to rank 284 out of 319), indicating higher incident levels than many local peers. Nationally, the neighborhood sits below mid-pack for safety, though recent year-over-year readings show modest declines in both property and violent offenses, suggesting gradual improvement. Investors should consider enhanced on-site lighting, access controls, and community engagement in underwriting and operations.
Nearby employment anchors span financial services, food distribution, and corporate headquarters presence, supporting a broad commuter tenant base and lease retention potential. The list below reflects the closest corporate offices that most directly influence renter demand in this submarket.
- Siegel Financial Group - Northwestern Mutual — financial services (1.3 miles)
- Sysco Southeast Florida — food distribution (3.3 miles)
- NextEra Energy — energy (8.9 miles) — HQ
- Office Depot — retail corporate services (22.8 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (32.5 miles)
Built in 2008 with 24 units, the property is newer than much of the surrounding stock, offering competitive positioning versus older assets while leaving room for targeted upgrades to enhance returns. High renter concentration, strong amenity density, and expanding 3-mile demographics point to a durable tenant base. According to CRE market data from WDSuite, the neighborhood’s occupancy trends run softer than national norms, so conservative lease-up and renewal assumptions are prudent, but elevated ownership costs locally continue to support multifamily demand.
Overall, the combination of newer vintage, proximity to employment and services, and a growing renter pool suggests potential for steady operations with value-add via selective modernization and active revenue management, balanced against local safety and occupancy considerations.
- 2008 construction competes well against older neighborhood stock, with scope for selective modernization.
- High renter-occupied housing share and amenity density support depth of tenant demand and retention.
- 3-mile population and household growth expands the renter pool, aiding occupancy stability over time.
- Elevated ownership costs in the area reinforce reliance on rentals, supporting pricing power for well-run assets.
- Risks: softer neighborhood occupancy and below-average safety metrics warrant conservative underwriting and stronger on-site management.