602 H StLake Worth Beach, FL 33460
- Residential income properties
Property Details for 602 H St
- Year built
- 1971
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
Description
This exceptional investment opportunity presents a six-unit apartment building located in Lake Worth Beach, Florida, at 602 N H St, 33460. The property, built in 1971 and renovated in 2017, consists of a single, two-story building encompassing 3,896 square feet of net rentable space. The portfolio includes five one-bedroom, one-bathroom units and one two-bedroom, one-bathroom unit, all individually deeded and currently 100% occupied with long-term tenants under annual leases. The property boasts a current NOI of $68,000, resulting in a 6% cap rate, with a pro-forma NOI of $91,000 and a pro-forma cap rate of 8%. The asking price is $1,200,000, or $200,000 per unit. Eight parking spaces are available. The property is zoned MU-Dixie and sits on a non-ground lease. Each unit features individual meters and wall/window air conditioning. The seller owns a 90% stake in the HOA, providing significant control and stability. This value-add opportunity is conveniently located six blocks from downtown Lake Worth Beach, in a non-flood zone, offering significant upside potential through rent increases to meet current market standards. Comprehensive financial documents, including surveys, books and records, contracts, and lease copies, are available. This is a 1031 exchange eligible property.
Location Insight
- City
- Lake Worth Beach
- County
- Palm Beach
- State
- Florida
- Latitude
- 26.6229
- Longitude
- -80.0578
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].