OFF MARKET - 77 MULTI-UNIT - WEST PALM BEACH, FL - CAP: 10.8%

[Jensen Jeune]

77 Units in West Palm Beach

ASKING: $5,000,000 

CAP: 10.8%

This must move quickly, or the seller will refinance the property and it will no longer be available. 

75 apartments and 2 commercial retail shops located in West Palm Beach, Florida just East of I-95. All buildings are located in a 5 square block area next to the central business district of downtown. The 77 unit Portfolio is being sold “as is” with free and clear Title. This Portfolio is comprised of 17 properties of low rise 4-story 10 unit buildings, triplexes, single family homes and a 2-story Mixed-Use building with residential on the 2nd floor and a street level retail store. 90% of the units have had recent upgrades including new roof, updated plumbing/electrical, new A/C, parking lot resurfaced and new exterior painting.

Occupancy is 100% as PM has worked to get "really good" tenants in place. The total income is $677,460 and the total expenses $137,357 (not including the 5% vacancy allowance) giving a NOI of $540,103. This is a 10.8% Cap Rate at $5,000,000. There is "upside" on the tenant rents to market rate through hands on management and selective capital improvements giving a "Pro forma" total income of $754,740. Not to mention being very close to City Place and the new development of West Palm Beach Station completed Q4-2017.

Buy Side Fee of 4 pts

The Seller highly recommends the current management.

The Community Redevelopment Agency is offering up to $75,000 to improve one of the buildings in order to attract a restaurant business.

Greater West Palm Beach Apartment Portfolio is compromised of 77 apartment buildings located in Palm Beach County, Florida.

LISTING PRICE: $5,000,000/ Buyer Pays Fees

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An NCND/MFA with a Biography, non-binding Letter of Intent and/or non-invasive Proof of Funds (2 of 3 will be sufficient) are the prerequisites that need to be submitted in order for additional details to be released to prospective clients.