3902 Melaleuca LnLake Worth Beach, FL 33461

Property Details for 3902 Melaleuca Ln

Year built

2019

Lot size

3.51 AC

Property type

Residential income properties

Property subtype

Multifamily properties

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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