227 Foresteria Dr West Palm Beach, FL 33403
- Apartment buildings
- 5,245 SF
- 0.36 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 227 Foresteria Dr
- Year built
- 1925
- Lot size
- 0.36 lot acres
- Property size
- 5,245 SF
- Property type
- Apartment buildings
Description
This exceptional value-add multifamily investment opportunity in West Palm Beach, Florida, presents a compelling case for astute investors. The property, encompassing 5,245 square feet across three buildings on a 0.36-acre lot, comprises a furnished, Mediterranean Revival-style 4-bedroom, 3.5-bathroom house and two duplexes. The main house and one duplex, constructed in 1925 of concrete block, feature central air conditioning. An additional duplex, built in 1938 with wood/steel framing, completes the complex. The property's five units consist of a 4/3.5, two 2/1, two 1/1, and a studio. Currently generating a NOI of $33,628, a pro-forma NOI of $66,191 projects significant upside potential through rent increases to market rates. Located just one block west of Federal Highway, this property benefits from its proximity to the Intracoastal Waterway, Singer Island beaches, and major retailers. The asking price is $1,100,000, representing $220,000 per unit and $209.72 per square foot. The property's current cap rate is 3.06%, with a pro-forma cap rate of 6.02%. The property is offered fee simple. This is a rare opportunity to acquire a well-located multifamily property with substantial growth potential in a thriving West Palm Beach neighborhood.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- West Palm Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0576
- Latitude
- 26.7973
