401 Southwind DrNorth Palm Beach, FL 33408

Property Details for 401 Southwind Dr

Year built

1968

Property size (Sq ft)

10,304 SF

Property type

Specialty properties

Description

Exceptional investment opportunity in North Palm Beach, Florida, presents a fully remodeled 8-unit apartment building at 401 Southwind Drive, 33408. This special purpose property boasts 10,304 square feet and offers substantial income potential. Each of the eight units features three bedrooms and two bathrooms, complete with balconies or fenced-in yards. Individual electric and water meters are installed in each unit for efficient utility management. The property underwent a comprehensive renovation in early 2020, with over $500,000 invested in upgrades. All units are currently leased on annual agreements with built-in annual rent increases. Tenants underwent thorough screening and paid a minimum of $6,300 upon move-in, covering first month's rent, last month's rent, and a security deposit. Detailed income and expense statements are available, showcasing a current annual income of $239,000 and a net operating income (NOI) of $209,000. The property's location offers water views from balconies and fenced yards for first-floor units. This turnkey investment requires no immediate capital expenditures, presenting a rare opportunity for immediate cash flow and future appreciation. The asking price is $3,400,000. Do not disturb tenants.

Location Insight

City

North Palm Beach

County

Palm Beach

State

Florida

Latitude

26.8098

Longitude

-80.0663

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