417 6Th StBelle Glade, FL 33430

Property Details for 417 6Th St

Year built

1957

Construction

CONCRETE

Lot size

0.47 AC

Property size (Sq ft)

600 SF

Zone code

B-2

Property type

Retail space

APN

04-37-43-31-15-002-0010

APU

4374331150020010

Description

This exceptional multifamily investment opportunity presents a 45-unit apartment building located at 417 SW 6th St, Belle Glade, FL 33430, in Palm Beach County. The property, built in 1957, comprises five buildings totaling 15,230 square feet on a 20,542 square foot lot, zoned B-2. Currently boasting 94% occupancy, the property generates a Net Operating Income (NOI) of $213,557, resulting in an 8.56% capitalization rate. Pro forma projections indicate a potential NOI of $225,000 and a 9.02% cap rate. The asking price is $2,495,000, translating to $55,444.44 per unit. The unit mix includes 19 one-bedroom/one-bathroom units and 24 efficiency units, along with two commercial units. This value-add opportunity offers significant potential for increased profitability through strategic improvements and lease adjustments. The property's strong current performance, combined with its upside potential, makes it an attractive investment in the growing Belle Glade market. Financial projections show a potential for 3% annual NOI growth, leading to substantial long-term returns. This is a rare chance to acquire a well-located, income-producing multifamily asset with considerable upside.

• CAP approach

  CAP return

  Valuation

  6%

  $271,152

  6.5%

  $250,294

  7%

  $232,416

• Comparable approach

  Method

  Valuation

  Relative Method

  $420,608

  Geo Method

  $420,608

• Alternative Use

  Use

  Valuation

  Residential

  $211,132

  Hospitality

  $193,396

  Educational

  $160,903

  Medical

  $166,437

  Retail

  $250,294

Location Insight

City

Belle Glade

County

Palm Beach

State

Florida

Latitude

26.6825

Longitude

-80.6734

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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