3063 Floweva St West Palm Beach, FL 33406
Six-unit property with income potential in a desirable rental market.
Lot size:
0.46 AcresProperty Features for 3063 Floweva St
General Information
- Property type
- Investment
- Standard status
- Active
- Lot size
- 0.46 Acres
Building Details
- Year built
- 1956
Source:
Elliman
Listing Agent: Michael J Johnston
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Six-Unit Multifamily Property
This multifamily property features six units across three separate buildings on a single parcel. The front building is a triplex with two 1-bedroom, 1-bathroom units and one 3-bedroom, 1-bathroom unit. The rear building is a duplex with two 2-bedroom, 1-bathroom units, and there is also a standalone 1-bedroom, 1-bathroom cottage. Some units include private fenced backyards. One of the 1-bedroom, 1-bathroom units will be delivered vacant in June. Each unit is individually metered for electricity. The property has city water and no septic system. Current gross rents total $9,000 per month, or $108,000 annually. All leases transition to month-to-month at expiration. Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systems. The property is in overall good condition with no major deferred maintenance. At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- West Palm Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0892327
- Latitude
- 26.6485025
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit property with income potential in a desirable rental market.
Where is this apartment building located?
The property is located at 3063 Floweva St West Palm Beach, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: - Significant rental upside with potential gross income of $133,200 annually due to below-market rents.; - 6-unit multifamily property in South Florida with city water.; - One 1 bed/1 bath unit delivered vacant in June for immediate rental income.
