1831 Fairview Villas Dr West Palm Beach, FL 33406

Property Details for 1831 Fairview Villas Dr

Year built

1977

Property size

880 SF

Property type

Residential income homes

Description

This exceptional four-unit multifamily investment property, located at 1831 Fairview Villas Dr in West Palm Beach, Florida, presents a compelling opportunity for investors. Built in 1977, this Class C property boasts a total of 3,520 net rentable square feet, spread across four individual buildings, each two stories high. Each unit features two bedrooms and one bathroom, with approximately 880 square feet of living space. Currently enjoying 100% occupancy, the property generates a substantial net operating income (NOI) of $71,400, resulting in a strong 9.60% cap rate. The asking price is $744,000, or $186,000 per unit, and the property is priced at $875 per square foot. Two parking spaces are available per unit. The property is zoned RM and is ideal for a 1031 exchange. Three of the four units are currently on month-to-month leases, presenting a significant opportunity to increase rental income. Current monthly rents range from $1,300 to $1,750, with potential for increases up to $2,000 per month. The HOA covers cable, common area maintenance, building insurance, exterior maintenance, management fees, pool service, roof maintenance, and water. The property is sold as-is, with contracts only. Pet restrictions and size limits apply; trucks and boats are not permitted, but pickup trucks (1/2 ton) are allowed. HOA information and application details are available online or via paper application.