701 Johnson CtPahokee, FL 33476

Property Details for 701 Johnson Ct

Property size (Sq ft)

6,000 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 16-unit apartment building in Pahokee, Florida, presents a compelling investment opportunity. Built in 1960, the property features 6,000 square feet and comprises sixteen one-bedroom, one-bathroom units, each with a living room/kitchenette. Individual unit entrances, on-site secure mailboxes, and ample parking are provided. Utilities are individually metered for electricity (tenant responsibility), while water and trash are covered by the landlord. Currently operating at 100% occupancy with average rents of $625 per unit, the property offers significant value-add potential due to below-market rents. A rent comparables study suggests an average rental increase of $150-$200 per unit is achievable. The property is offered at $1,100,000 ($183.33/sq ft, $68,750/unit), with a NOI of $83,502 and a 7.59% cap rate. Attractive seller financing is available: 80% LTV, 4.8% interest, 55-year amortization, 5-year balloon, renewable for three additional years. The property's location offers convenient access to Lake Okeechobee (1.8 miles) and West Palm Beach (42 miles). This stabilized, cash-flowing asset presents a rare opportunity in Palm Beach County.

Location Insight

City

Pahokee

County

Palm Beach

State

Florida

Latitude

26.8127

Longitude

-80.6501

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