For Sale
$949,000

902 J StLake Worth Beach, FL 33460

Historic Lake Worth Beach, 3-unit apartment building.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 3-unit apartment building presents a compelling value-add investment opportunity in the heart of historic Lake Worth Beach, Florida. Built in 1950, this charming 2,006 square foot property boasts solid concrete block construction, impact windows and doors, and exemplifies Streamline Moderne architecture. Each of the three units has undergone tasteful remodeling, seamlessly blending vintage Florida charm with modern amenities. The property features off-street parking for two vehicles, lush tropical landscaping, and a fenced yard, enhancing both curb appeal and tenant appeal. Currently operating at 33% occupancy, the property generates a net operating income (NOI) of $20,400, with a pro-forma NOI projected at $49,800. The asking price is $949,000, translating to $316,333.33 per unit and $473.08 per square foot. Located just blocks from the vibrant downtown area and minutes from the beach, this property enjoys a prime location in Palm Beach County, offering easy access to major roadways and attractions. The property sits on a 0.15-acre lot and is zoned SF-TF-14. This is a rare opportunity to acquire a well-located, historically significant multifamily property with significant upside potential. The property's strong bones, desirable location, and renovation potential make it an ideal investment for both seasoned and aspiring real estate investors.

Highlights

  • $949,000 asking price for a 3-unit apartment building in Lake Worth Beach, FL.
  • Value-add opportunity with a Class B designation.
  • 2,006 square feet, currently 33% occupied, generating $20,400 NOI and a pro-forma NOI of $49,800.
  • Built in 1950, featuring solid CBS construction, impact windows and doors, and off-street parking.
  • Located on a 0.15-acre lot in a prime location, blocks from downtown and minutes from the beach.

Property Details for 902 J St

Property type
Apartment buildings
Square Feet
2,006 SF
Class
B
Year Built
1950
Buildings
1
Stories
1
Lot Size (sq. ft)
6,534 SF
Units
3

Location Insight

City
Lake Worth Beach
County
Palm Beach
State
Florida
Latitude
26.626444
Longitude
-80.0557298
902 J St, Lake Worth Beach, Florida

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902 J St
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