3902 Melaleuca LnLake Worth Beach, FL 33461

Property Details for 3902 Melaleuca Ln

Year built

2019

Lot size

3.51 AC

Property type

Apartment buildings

Description

Aviara Lake Worth, a 36-unit apartment building in Lake Worth Beach, Florida, presents a compelling investment opportunity. Completed in 2019, this property comprises three two-story buildings situated on a 3.507-acre lot. The complex features a mix of 30 three-bedroom and 6 four-bedroom townhomes, all boasting modern designs and spacious interiors. Zoned RM - Multifamily (Medium Density), Aviara Lake Worth benefits from its location in a rapidly growing municipality, experiencing a 42% population increase between 2010 and 2020. Its proximity to major office markets in Palm Beach County, including over 20,000,000 square feet of office space within a 30-minute drive via I-95 (five minutes away), caters to a strong renter demand. The property offers significant rent growth potential, with comparable new construction townhomes renting for approximately $2,850 per month on average. Furthermore, Aviara Lake Worth participates in Palm Beach County's Workforce Housing Program, with a 25-year restrictive covenant requiring at least six units to be rented to workforce-income persons. The property also includes accretive, assumable fixed-rate debt with a sub 3% interest rate and over 12 years remaining until maturity, providing a highly attractive financial advantage in a rising interest rate environment. The combination of strong rental demand, favorable financing, and participation in a workforce housing program makes Aviara Lake Worth an exceptional investment prospect in a highly desirable location. The address is 3902 Melaleuca Ln, Lake Worth Beach, FL 33461.

Location Insight

City

Lake Worth Beach

County

Palm Beach

State

Florida

Latitude

26.6056

Longitude

-80.1044

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