1002 9 Ave Lake Worth Beach, FL 33460
- Commercial real estate
- 0.46 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 1002 9 Ave
- Year built
- 2020
- Lot size
- 0.46 lot acres
- Property type
- Commercial real estate
Description
This exceptional 12-unit apartment building in Lake Worth Beach, Florida, presents a compelling value-add investment opportunity. Built in 2020, the property boasts two three-story buildings situated on a 0.46-acre lot, totaling 12,600 net rentable square feet. Currently operating at 100% occupancy, the complex comprises twelve spacious two-bedroom, two-bathroom units, each featuring modern amenities such as tiled floors, impact glass windows, central air conditioning, and stackable washer/dryer units. Granite countertops with barstool seating enhance the kitchens, while first-floor units offer patios and upper units boast balconies. The prime location, an eight-minute drive from Lake Worth Beach, provides residents with easy access to the vibrant coastal lifestyle. Significant value-add potential exists through rental increases; a projected $400 monthly increase per unit could boost annual net operating income by approximately $54,000, potentially achieving a 7% capitalization rate within the first year. Detailed financial information is available upon request. This is a rare chance to acquire a high-performing, newly constructed multifamily property with substantial upside potential in a desirable Florida location. The asking price is $3,600,000, representing $300,000 per unit.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lake Worth Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0583846
- Latitude
- 26.6264868
