602 H StLake Worth Beach, FL 33460

Property Details for 602 H St

Year built

1971

Property type

Apartment buildings

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

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