For Sale
$3,600,000

1002 9 AveLake Worth Beach, FL 33460

12-unit multifamily, value-add opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 12-unit apartment building in Lake Worth Beach, Florida, presents a compelling value-add investment opportunity. Built in 2020, the property boasts two three-story buildings situated on a 0.46-acre lot, totaling 12,600 net rentable square feet. Currently operating at 100% occupancy, the complex comprises twelve spacious two-bedroom, two-bathroom units, each featuring modern amenities such as tiled floors, impact glass windows, central air conditioning, and stackable washer/dryer units. Granite countertops with barstool seating enhance the kitchens, while first-floor units offer patios and upper units boast balconies. The prime location, an eight-minute drive from Lake Worth Beach, provides residents with easy access to the vibrant coastal lifestyle. Significant value-add potential exists through rental increases; a projected $400 monthly increase per unit could boost annual net operating income by approximately $54,000, potentially achieving a 7% capitalization rate within the first year. Detailed financial information is available upon request. This is a rare chance to acquire a high-performing, newly constructed multifamily property with substantial upside potential in a desirable Florida location. The asking price is $3,600,000, representing $300,000 per unit.

Highlights

  • $3,600,000 Asking Price for a 12-unit apartment building in Lake Worth Beach, FL.
  • Multifamily Value-Add investment opportunity.
  • 12,600 square feet of net rentable space.
  • 100% Occupancy.
  • Twelve (12) units, two (2) buildings, three (3) stories.
  • Built in 2020 on a 0.46-acre lot.

Property Details for 1002 9 Ave

Property type
Apartment buildings
Year Built
2020
Buildings
2
Stories
3
Lot Size (sq. ft)
20,038 SF
Units
12

Location Insight

City
Lake Worth Beach
County
Palm Beach
State
Florida
Latitude
26.6264868
Longitude
-80.0583846
1002 9 Ave, Lake Worth Beach, Florida

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1002 9 Ave
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