| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 24th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4660 N Congress Ave, West Palm Beach, FL, 33407, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 2005 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | $1,300,000 |
| Buyer | RICHMAN LAKESHORE LLC |
| Seller | LAKESHORE APARTMENTS LLC |
4660 N Congress Ave West Palm Beach Multifamily Asset
2005-vintage, 24-unit asset positioned to compete against older local stock, with neighborhood renter demand and steady occupancy supporting durable income, according to WDSuite’s CRE market data.
Located in an Inner Suburb of West Palm Beach, the neighborhood carries a B rating and ranks above the metro median (142 of 319 neighborhoods), signaling generally stable fundamentals for a workforce-oriented renter base. The property’s 2005 construction is newer than the neighborhood’s average vintage (1975), which can enhance competitive positioning versus older comparables while still warranting planning for mid-life systems and modernization.
Amenity access is a relative strength: the area sits in the top quartile nationally for overall amenities, with restaurants and cafes around the upper quartile and pharmacies and parks even stronger. Grocery access trends better than many U.S. neighborhoods as well. These dynamics support day-to-day livability that helps with leasing and retention.
On the rental market side, neighborhood occupancy is in the high 80s with a modest five-year uptick, pointing to generally steady demand rather than peak tightness. Renter-occupied housing accounts for roughly 47% of units in the neighborhood (a high renter concentration relative to U.S. norms), which supports a deeper tenant base for multifamily operators. Median contract rents in the neighborhood have risen meaningfully over the past five years, consistent with broader metro trends.
Within a 3-mile radius, demographics show population growth and a notable increase in households, with projections indicating further expansion over the next five years. This implies a larger tenant base and supports occupancy stability. Median incomes have trended higher and are forecast to rise further, which can underpin rent levels. Average school ratings in the neighborhood trail national norms, which is a consideration for family-oriented demand, but amenity access and employment proximity help balance the overall appeal for renters.
Ownership costs trend on the higher side relative to local incomes (value-to-income measures are elevated for the area), which can reinforce renter reliance on multifamily housing. At the same time, rent-to-income levels point to affordability pressure for some households, suggesting careful lease management and renewal strategies remain important for pricing power and retention.
Safety indicators are below national averages for this neighborhood, with overall crime measures trending in the lower national percentiles compared to U.S. neighborhoods. Recent trends are mixed: property offenses show a modest year-over-year decline, while violent offenses have increased. For investors, this argues for standard security measures, resident engagement, and partnership with professional management to support leasing and retention.
Within the West Palm Beach-Boca Raton-Boynton Beach metro, the neighborhood’s safety standing trails stronger-performing subareas, though it remains competitive with other inner-suburban locations. As always, crime patterns can vary by corridor and over time; underwriting should assume prudent operating practices rather than block-level conclusions.
Proximity to distribution, financial services, and corporate headquarters supports a broad employment base that can drive renter demand and reduce commute friction for residents. The names below reflect the immediate to regional employment draw likely to influence leasing and retention.
- Sysco Southeast Florida — food distribution (0.45 miles)
- Siegel Financial Group - Northwestern Mutual — financial services (3.60 miles)
- NextEra Energy — energy & corporate services (6.94 miles) — HQ
- Office Depot — retail headquarters & corporate functions (24.70 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (33.76 miles)
This 24-unit, 2005-built asset benefits from a renter-heavy neighborhood and amenity access that supports leasing fundamentals. Neighborhood occupancy has trended steadily rather than cyclically tight, while a 3-mile radius shows population and household growth that expands the tenant base. Elevated ownership costs versus incomes in the area tend to sustain rental demand, though rent-to-income levels indicate the need for disciplined pricing and renewal strategy.
The vintage is newer than the neighborhood average, offering relative competitiveness against older stock while calling for targeted capital planning for mid-life systems and potential light modernization. According to CRE market data from WDSuite, local rent levels have moved up over five years, consistent with broader metro dynamics, reinforcing the case for stable operations with careful affordability and retention management.
- 2005 vintage outcompetes older neighborhood stock, with manageable mid-life capex planning
- Renter-occupied share supports depth of tenant base and occupancy stability
- 3-mile radius growth in population and households expands future renter pool
- Amenity access (food, parks, pharmacies) aids leasing and retention
- Risks: below-average safety metrics and rent-to-income pressure require prudent management