Renovated Condo in 55+
2721 SW 15th Street 203, Delray Beach, FL 33445
Turnkey, furnished 2 bed, 2 bath condo in Delray Beach.
Type:Condo/Townhome
Property size:
1,167 SFPrice / SF:
$218/SF- Added:
- Oct 13, 2024
- Days on Market:
- 587
- Last Refresh:
- May 20 at 1:06 am
Property Features for 2721 SW 15th Street 203
General Information
- Standard status
- Active
- Size
- 1,167 SF
- Property subtype
- Condo/Townhome
Building Details
- Year Built
- 1978
Listing agent Caryn J Buchman License #702097 (561) 654-7177
Listing office Coldwell Banker Realty /Delray Beach (561) 654-7177
Listing date Oct 13, 2024
Source Exitrealty
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty /Delray Beach
HighLights
- Totally renovated and offered turnkey (furnished) - move‑in ready.
- Located in the 55+ community of Pines of Delray West with access to Clubhouse, Heated Pool and Spa, Fitness Room, Pickleball, and Tennis.
- Features full‑size Washer & Dryer inside, newer A/C & Tankless Water Heater, and New Roof (2023).
- Hurricane Accordion Shutters & Impact Glass for storm protection.
- Tile flooring throughout (no carpet).
- Conveniently located close to the Beach, Delray Medical Center, Restaurants, Atlantic Ave, Costco and I‑95.
Overview
This is a totally renovated, furnished condo featuring 2 bedrooms and 2 full bathrooms, situated within the 55+ community of Pines of Delray West in Delray Beach. The property is offered turnkey, requiring only personal belongings to move in. The condo features tile flooring throughout, eliminating carpet. A full-size washer and dryer are located inside the unit. Newer A/C and a tankless water heater are installed. Hurricane accordion shutters and impact glass provide added protection. Access to the screened/glassed patio is available through the living room. The unit is located on a quiet street, a short walk from the clubhouse and pool, with a parking spot directly in front of the entrance. A new roof was installed in 2023. Community amenities include a clubhouse, heated pool and spa, fitness room, pickleball, tennis, and planned activities. The location offers proximity to the beach, Delray Medical Center, restaurants, trendy Atlantic Ave, Costco, and I-95. The property size is 1167 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$199.4K
NOI $17,948 @ 9.00% cap · cautious / downside scenario
Moderate
$256.4K
NOI $17,948 @ 7.00% cap · market / base-case scenario
Aggressive
$359.0K
NOI $17,948 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.2k | $29.28 |
| − Vacancy | −$1.5k | −$1.32 |
| EGI | $32.6k | $27.96 |
| − OpEx | −$14.7k | −$12.58 |
| NOI | $17.9k | $15.38 |
1,167 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$256.4K
$224.4K – $299.1K
NOI $17,948 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$821.9K
$719.1K – $958.9K
NOI $57,531 @ 7.0% cap · market cap 22.56%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Residential income properties
Location Insight
- Map
- Local Demand
- City
- Delray Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.1030963
- Latitude
- 26.4405042
Nearby Similar for Sale
FAQs
What type of property is this?
Residential income property - Turnkey, furnished 2 bed, 2 bath condo in Delray Beach.
Where is this residential income property located?
The property is located at 2721 SW 15th Street 203 Delray Beach, FL.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Totally renovated and offered turnkey (furnished) - move‑in ready.; Located in the 55+ community of Pines of Delray West with access to Clubhouse, Heated Pool and Spa, Fitness Room, Pickleball, and Tennis.; Features full‑size Washer & Dryer inside, newer A/C & Tankless Water Heater, and New Roof (2023).
