16-Unit Multifamily Investment
218 7th St Lake Park, FL 33403
218 7th St, Lake Park, FL, 33403
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For Sale
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Concrete-block apartment community across two contiguous parcels totaling 16 units with central air and window-unit systems.
Property Size13,338 SF
Price / SF$221.17
Days on Market77
Property Features for 218 7th St
General Information
- Standard status
- Active
- Size
- 13,338 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1975
Listing agency
Marcus & Millichap - Fort Lauderdale
Listed by
Evan Richardson · License #FL SL3134745
Source
Crexi
Added: May 6 Updated: Jul 21 at 7:23AM Checked: Jul 21 at 7:23AM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
Bayberry Apartments is a 16-unit multifamily property spread across two contiguous parcels. The offering includes a 12-unit apartment building constructed in 1975 and a four-unit building constructed in 1958, with both buildings constructed of concrete block.
The unit mix consists of eleven 1-bedroom/1-bath units, four 2-bedroom/1.5-bath units, and one 2-bedroom/2-bath unit. Heating and cooling are provided through a combination of central air conditioning and window-unit systems. The 12-unit building features a flat roof structure, while the four-unit building has a pitched composite shingle roof.
The property is located in the Town of Lake Park in northern Palm Beach County, with convenient access to major transportation corridors including U.S. Highway 1, Northlake Boulevard, and Interstate 95. Connectivity extends to surrounding employment and retail centers in Palm Beach Gardens, Riviera Beach, and Downtown West Palm Beach, with nearby shopping, dining, and waterfront amenities along the Intracoastal Waterway.
The unit mix consists of eleven 1-bedroom/1-bath units, four 2-bedroom/1.5-bath units, and one 2-bedroom/2-bath unit. Heating and cooling are provided through a combination of central air conditioning and window-unit systems. The 12-unit building features a flat roof structure, while the four-unit building has a pitched composite shingle roof.
The property is located in the Town of Lake Park in northern Palm Beach County, with convenient access to major transportation corridors including U.S. Highway 1, Northlake Boulevard, and Interstate 95. Connectivity extends to surrounding employment and retail centers in Palm Beach Gardens, Riviera Beach, and Downtown West Palm Beach, with nearby shopping, dining, and waterfront amenities along the Intracoastal Waterway.
Key Highlights
- 16‑unit multifamily property across two contiguous parcels at 218 7th Street and 710 Bayberry Drive in Lake Park, FL
- Total site area of approximately 0.79 acres, with a 12‑unit building on ~0.47 acres and a four‑unit building on ~0.32 acres
- 12‑unit building constructed in 1975 with approximately 10,486 SF and a flat roof; four‑unit building constructed in 1958 with approximately 2,781 SF and a pitched composite shingle roof
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $390.5k | $29.28 |
| − Vacancy | −$17.6k | −$1.32 |
| EGI | $373.0k | $27.96 |
| − OpEx | −$167.8k | −$12.58 |
| NOI | $205.1k | $15.38 |
13,338 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.93M
$2.56M – $3.42M
NOI $205,129 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.39M
$8.22M – $10.96M
NOI $657,536 @ 7.0% cap · market cap 22.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Concrete-block apartment community across two contiguous parcels totaling 16 units with central air and window-unit systems.
Where is this apartment building located?
The property is located at 218 7th St Lake Park, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 16‑unit multifamily property across two contiguous parcels at 218 7th Street and 710 Bayberry Drive in Lake Park, FL; Total site area of approximately 0.79 acres, with a 12‑unit building on ~0.47 acres and a four‑unit building on ~0.32 acres; 12‑unit building constructed in 1975 with approximately 10,486 SF and a flat roof; four‑unit building constructed in 1958 with approximately 2,781 SF and a pitched composite shingle roof
