932 Kalmia DrWest Palm Beach, FL 33403

This exceptional multifamily investment opportunity presents a 16-unit apartment building situated on a 0.72-acre lot in West Palm Beach, Florida. The property, comprised of two, two-story buildings constructed in 1974 of concrete block, offers 13,422 square feet of net rentable space, with each unit boasting a spacious two-bedroom, one-and-a-half-bathroom floor plan (839 sq ft). Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $236,563, representing a 7.43% cap rate. A pro-forma analysis projects an increased NOI of $262,829 and an 8.25% cap rate, highlighting the significant value-add potential. The asking price is $3,185,000, translating to $199,062.50 per unit and $237.30 per square foot. The property benefits from its convenient location near major commercial corridors, including Northlake Boulevard, offering abundant retail and dining options. Nearby recreational amenities include Lake Park Harbor Marina and Kelsey Park, while major employers like Palm Beach Gardens Medical Center are within a short distance. The property's proximity to excellent schools further enhances its appeal. Central air conditioning is featured throughout the building. This fee-simple ownership presents a compelling investment opportunity with strong potential for future growth.