100 Sparrow DrRoyal Palm Beach, FL 33411

Property Details for 100 Sparrow Dr

Year built

1980

Lot size

2.50 AC

Property size (Sq ft)

34,224 SF

Property type

Apartment buildings

Description

This exceptional 20-unit apartment building, situated on a 2.5-acre lot in Royal Palm Beach, Florida, presents a compelling investment opportunity. The property, built in 1980, comprises 20 individually-folioed townhomes and villas across four one- and two-story buildings, separated by concrete firewalls. Offering a desirable 100% three-bedroom, two-bathroom unit mix, the average apartment size is 1,575 rentable square feet, ranging from 1,224 to 1,960 square feet. 75% of the units are two-story townhomes. Amenities include a gated pool with a sundeck and gazebo, lush landscaping, a scenic canal view for many units, and 43 surface parking spaces (over 2:1 parking ratio). Apartment features include ceramic tile and faux wood vinyl flooring, central heating and air conditioning, individual hot water heaters, washers and dryers, granite countertops, walk-in closets, and private patios or balconies. The property boasts a 97% occupancy rate (as of October 16, 2024), generating a current NOI of $374,580 and a pro-forma NOI of $430,075, representing a 5.50% cap rate and a pro-forma cap rate of 6.37%. The asking price is $6,750,000 ($337,500 per unit). Two existing loans totaling approximately $3,463,381, with a blended fixed interest rate of 4.7035%, are assumable subject to lender approval, and mature in March 2027. The property is conveniently located near schools, shopping (including Publix and Winn-Dixie), and municipal buildings, directly across from Veteran's Park. The zoning is RM-12. The total square footage is 34,224, with 31,493 square feet being net rentable. This property offers significant upside potential due to below-market rents. The property's individual parceling allows for a potential future sell-out exit strategy.

Location Insight

City

Royal Palm Beach

County

Palm Beach

State

Florida

Latitude

26.6997

Longitude

-80.2282

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