South Florida Multifamily Investment Opportunity

3063 Floweva St, Palm Springs, FL 33406

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For Sale

$1,300,000

Well-maintained 6-unit property with income and value-add potential.

Type:Commercial

HighLights

Significant Value‑Add Potential: Current rents are significantly below market, offering substantial upside.
High Pro Forma Cap Rate: Potential to achieve a 6.9%+ cap rate based on market rents.
Income‑Producing Asset: Stabilized 6‑unit multifamily property generating $9,000/month ($108,000/year) in gross rents.
Vacant Unit Available: One 1 bed/1 bath unit will be delivered vacant in June, allowing for immediate rental increase.
Private Fenced Backyards: Some units feature private fenced backyards, enhancing tenant appeal.
On‑Site Laundry: Two on‑site laundry machines provide additional passive income.

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Listing Contact

Michael J Johnston

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For Sale

$1,300,000

Well-maintained 6-unit property with income and value-add potential.

Type:Commercial

Added:: Apr 24, 2026
Days on Market:: 50
Last Refresh:: Apr 24 at 5:55 pm

Property Features for 3063 Floweva St

General Information

Standard status: Active
Property subtype: Commercial

Building Details

Year Built: 1956

We can help!

Listing Contact

Michael J Johnston

Listing agent Michael J Johnston License #3342965

Listing office

Listing date Apr 24, 2026

Source Elliman

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 Michael J Johnston

HighLights

Significant Value‑Add Potential: Current rents are significantly below market, offering substantial upside.
High Pro Forma Cap Rate: Potential to achieve a 6.9%+ cap rate based on market rents.
Income‑Producing Asset: Stabilized 6‑unit multifamily property generating $9,000/month ($108,000/year) in gross rents.
Vacant Unit Available: One 1 bed/1 bath unit will be delivered vacant in June, allowing for immediate rental increase.
Private Fenced Backyards: Some units feature private fenced backyards, enhancing tenant appeal.
On‑Site Laundry: Two on‑site laundry machines provide additional passive income.

Overview

This well-maintained multifamily property in South Florida features three separate buildings on one parcel. The property includes a front triplex with two 1-bedroom, 1-bathroom units and one 3-bedroom, 1-bathroom unit, a rear duplex with two 2-bedroom, 1-bathroom units, and 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 has an electric meter. The current gross rent is $9,000 per month, or $108,000 per year. 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%.

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Apartment buildings

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Local Demand

City: Palm Springs
County: Palm Beach
State: Florida
Longitude: -80.0892327
Latitude: 26.6485025

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For sale
Apartment buildings
FL
Palm Springs
33406
3063 Floweva St

What type of property is this?

Apartment building - Well-maintained 6-unit property with income and value-add potential.

Where is this apartment building located?

The property is located at 3063 Floweva St Palm Springs, 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 Value‑Add Potential: Current rents are significantly below market, offering substantial upside.; High Pro Forma Cap Rate: Potential to achieve a 6.9%+ cap rate based on market rents.; Income‑Producing Asset: Stabilized 6‑unit multifamily property generating $9,000/month ($108,000/year) in gross rents.