244 Walton Blvd, West Palm Beach, FL 33405

Here’s a concise analysis of the multi-family property at 244 Walton Blvd, West Palm Beach, FL 33405, and its refinancing potential:

Property Snapshot:

• Address: 244 Walton Blvd, West Palm Beach, FL 33405
• Property Type: MultiFamily (Triplex, 2 buildings: duplex + studio, according to detailed records).
• Units: Likely 3 separate units (e.g., a 2 bed/1 bath, a 1 bed/1 bath, and a studio with kitchenette).
• Estimated Value: $832,200 (Your input). Market estimates vary widely from $832K to over $1.1M in recent listings.
• Size: 1,474 sqft (Zillow). Some records indicate 1,914 sqft or 2,439 sqft total for the triplex. Verify exact heated living area and unit breakdown.
• Built: 1953 (older property, expect higher insurance).
• Last Sold: $850,000 in May 2022 (recent sale provides a strong market value benchmark). Also sold for $87,000 in 1990, indicating massive long-term appreciation.

Key Financials & Considerations for Refinancing (Multi-Family):

• Strong Equity: The property has demonstrated significant value and substantial equity.
• High Property Taxes: $18,299/year (2024 data, approx. $1,525/month). This is a very high fixed cost.
• High Homeowner’s/Commercial Insurance: For a 1953 multi-family property in West Palm Beach, insurance will be a major expense. Expect costs potentially in the range of $6,800+ annually ($560+ per month), and possibly much higher given it’s multi-unit and older. This needs aggressive quoting.
• No HOA Fees: A positive for this type of property.
• Refinance Rates: Multi-family loans may have slightly different rates than single-family, but current Florida 30-year fixed refinance APRs are generally around 6.25% – 7.50% (could be higher for multi-family). Jumbo loan rates may apply if the loan amount exceeds conforming limits.
• Rental Income: As a multi-family, strong rental income can significantly offset costs and strengthen a refinance application. Records indicate one unit was rented for $1,300/month. Gross and Net Operating Income (GOI/NOI) will be key for lenders.

Market Context (33405 Zip Code):

• Buyer’s Market: The overall 33405 market is less competitive, with properties selling below list price and taking longer to sell (around 78 days). However, demand for multi-family in desirable areas can differ.
• Strong Price Range: The estimated value aligns with a highly active price range in this zip code.

Recommendations:

1. Obtain Detailed Income/Expense Statements: For a multi-family property, lenders will require detailed rental income, vacancy rates, and operating expenses to assess cash flow and loan eligibility.
2. Get Multiple Insurance Quotes (Critical): Due to the age (1953) and multi-unit nature in a high-risk area, insurance will be very expensive. Get competitive quotes for multi-family/commercial property insurance, highlighting any wind mitigation features (e.g., hurricane panels confirmed).
3. Obtain a Professional Appraisal: Essential to confirm the current market value and verify the unit count, living area, and condition.
4. Confirm Property Taxes: Verify the 2024 property tax bill of $18,299.
5. Shop Lenders: Compare multi-family refinance rates, APRs, and closing costs from various commercial or investment property lenders.
6. Define Refinancing Goals: Clearly state your objective (e.g., lower rates, cash-out for renovations/investments).