100 Sparrow Dr Royal Palm Beach, FL 33411
- Apartment buildings
- 34,224 SF
- 2.50 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 100 Sparrow Dr
- Year built
- 1980
- Lot size
- 2.50 lot acres
- Property size
- 34,224 SF
- Property type
- Apartment buildings
Description
This exceptional 20-unit apartment building, situated on a 2.5-acre lot in Royal Palm Beach, Florida, presents a compelling investment opportunity. The property, built in 1980, comprises 20 individually-folioed townhomes and villas across four one- and two-story buildings, separated by concrete firewalls. Offering a desirable 100% three-bedroom, two-bathroom unit mix, the average apartment size is 1,575 rentable square feet, ranging from 1,224 to 1,960 square feet. 75% of the units are two-story townhomes. Amenities include a gated pool with a sundeck and gazebo, lush landscaping, a scenic canal view for many units, and 43 surface parking spaces (over 2:1 parking ratio). Apartment features include ceramic tile and faux wood vinyl flooring, central heating and air conditioning, individual hot water heaters, washers and dryers, granite countertops, walk-in closets, and private patios or balconies. The property boasts a 97% occupancy rate (as of October 16, 2024), generating a current NOI of $374,580 and a pro-forma NOI of $430,075, representing a 5.50% cap rate and a pro-forma cap rate of 6.37%. The asking price is $6,750,000 ($337,500 per unit). Two existing loans totaling approximately $3,463,381, with a blended fixed interest rate of 4.7035%, are assumable subject to lender approval, and mature in March 2027. The property is conveniently located near schools, shopping (including Publix and Winn-Dixie), and municipal buildings, directly across from Veteran's Park. The zoning is RM-12. The total square footage is 34,224, with 31,493 square feet being net rentable. This property offers significant upside potential due to below-market rents. The property's individual parceling allows for a potential future sell-out exit strategy.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Royal Palm Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.2282
- Latitude
- 26.6997
