|Price/Rent PSF||$ 729,000.00|
|SQ. FT. Available||5,100|
Located just south of Southern Blvd. and just west of Military Trail.
5-Unit investment property in West Palm Beach off Military Rd. with tremendous value-add with raising rents. Only minutes to I-95. This apartment building features 2 x 3/2 units, 2 x 2/1 units and 1 x 1/1 unit. All are currently occupied and many have long term tenants. One of the units has had the same tenant for 10 years, Tenants pay their own cable, electric, & water. Rent includes trash, landscaping, electric for exterior, maintenance, & septic. Current owners have fixed quite a few bathrooms, replaced hot water heaters, AC units, appliances and full kitchens.
Without doing any updates, there is room to raise rents. 3 bedrooms in the area are closing for $1,350+ and 2 bedrooms for $1,250+. Lots of upside with value-add. Financials available below.
This apartment building is centrally located, less than a mile from I-95 and ten minutes maximum to the Florida Turnpike. All smoke detectors have been replaced throughout the building with ten year smoke/CO2 detectors and all outlets were brought to GFI code. There is washer/dryer hookup outside the building in an extra storage room with a lock. Currently washer and dryer are provided by one of the tenants and all units have access. Opportunity to put coin machines on premise for income.
There is an extra storage building on the lot for lawn care equipment and extra tenant storage. The tenant in unit 3 gets paid $90 and provides the lawn service for the property (This number is accounted for in annual expenses). All units have had different updates and repairs.
Building was just painted and the parking lot recently sealed and blacktopped.