| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Good |
| Demographics | 56th | Fair |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5500 N Haverhill Rd, West Palm Beach, FL, 33407, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 1996 |
| Units | 24 |
| Transaction Date | 2020-02-13 |
| Transaction Price | $13,845,230 |
| Buyer | SREIT ROYAL POINCIANA LLC |
| Seller | LCA LAS PALMAS LP |
5500 N Haverhill Rd West Palm Beach Multifamily Investment
Stabilized renter demand and above-metro occupancy in the surrounding neighborhood point to durable leasing fundamentals, according to WDSuite’s CRE market data. Built in 1996, the asset’s vintage is newer than nearby stock, which can support competitive positioning with thoughtful modernization.
Located in an Inner Suburb of West Palm Beach, the neighborhood shows occupancy around the top quartile among 319 metro neighborhoods and above national norms, supporting income stability for a 24-unit asset. Renter concentration is elevated (share of housing units that are renter-occupied is above the metro median), indicating a deep tenant base for multifamily.
Within a 3-mile radius, population and household counts have expanded in recent years with further household growth projected, signaling a larger tenant base and potential support for rent levels and retention. Contract rents in this 3-mile area have risen meaningfully over the past five years, reinforcing demand for professionally managed apartments.
Daily needs are reasonably served by nearby groceries and restaurants, while cafes and parks are sparse—pointing to convenience for essentials but limited lifestyle amenity density. Average school ratings in the neighborhood sit below national averages, which can temper appeal for some family renters but does not preclude workforce-oriented demand.
The property’s 1996 construction is newer than the neighborhood’s typical 1980s era stock (1989 average), suggesting relative competitiveness versus older buildings; investors should still underwrite routine system updates or selective repositioning. Home values in the area are moderate for Palm Beach County, which can introduce some competition from ownership options, but also keeps multifamily relevant for households preferring flexibility. These dynamics, combined with steady occupancy and a solid renter base, underpin the investment case, based on commercial real estate analysis from WDSuite.
Neighborhood safety indicators are mixed. Relative to the 319 neighborhoods in the West Palm Beach-Boca Raton-Boynton Beach, FL metro, overall crime levels track somewhat below the metro median, placing the area in a more challenging cohort locally, while national positioning is closer to mid-pack.
Trend signals are nuanced: estimated violent offense rates have declined materially year over year, a constructive directional sign, while property offense rates show a recent increase. Investors should consider standard security measures and leasing protocols appropriate for the submarket and weigh trends over multiple periods rather than any single-year shift.
Proximity to logistics, financial services, and corporate HQs supports commuter convenience and a broad renter pool, with nearby employers spanning food distribution, financial advisory, energy, office supplies, and healthcare administration.
- Sysco Southeast Florida — food distribution (1.95 miles)
- Siegel Financial Group - Northwestern Mutual — financial services (4.49 miles)
- NextEra Energy — energy & corporate functions (7.78 miles) — HQ
- Office Depot — office supplies & corporate functions (24.40 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (32.93 miles)
This 1996-vintage, 24-unit property benefits from a renter-heavy neighborhood and occupancy that trends in the top quartile locally, supporting revenue durability and lease-up confidence. The asset is newer than the neighborhood average, offering a competitive edge versus older stock while leaving room for targeted upgrades that can enhance yield.
Within a 3-mile radius, population and household growth—alongside rising contract rents—indicate ongoing renter pool expansion that can support pricing and retention. According to CRE market data from WDSuite, the neighborhood’s rent-to-income ratio near 30% suggests some affordability pressure to monitor, but not an outlier for South Florida, making thoughtful lease management and renewal strategies key.
- Occupancy strength and elevated renter concentration support income stability
- 1996 construction is competitive versus older local stock with value-add potential
- 3-mile growth in households and rising rents expand the tenant base
- Risk: affordability pressure and mixed safety trends warrant conservative underwriting and active renewal management