417 6Th St Belle Glade, FL 33430
- Retail space
- 600 SF
- 0.47 lot acres
Current Use by Public Records
- Retail space
Property Details for 417 6Th St
- Year built
- 1957
- Construction
- CONCRETE
- Lot size
- 0.47 lot acres
- Property size
- 600 SF
- Zone code
- B-2
- Property type
- Retail space
- APN
- 04-37-43-31-15-002-0010
- APU
- 4374331150020010
Description
This exceptional multifamily investment opportunity presents a 45-unit apartment building located at 417 SW 6th St, Belle Glade, FL 33430, in Palm Beach County. The property, built in 1957, comprises five buildings totaling 15,230 square feet on a 20,542 square foot lot, zoned B-2. Currently boasting 94% occupancy, the property generates a Net Operating Income (NOI) of $213,557, resulting in an 8.56% capitalization rate. Pro forma projections indicate a potential NOI of $225,000 and a 9.02% cap rate. The asking price is $2,495,000, translating to $55,444.44 per unit. The unit mix includes 19 one-bedroom/one-bathroom units and 24 efficiency units, along with two commercial units. This value-add opportunity offers significant potential for increased profitability through strategic improvements and lease adjustments. The property's strong current performance, combined with its upside potential, makes it an attractive investment in the growing Belle Glade market. Financial projections show a potential for 3% annual NOI growth, leading to substantial long-term returns. This is a rare chance to acquire a well-located, income-producing multifamily asset with considerable upside.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $920,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $935,000
- 6.5%
- $1,000,000
- 7%
- $960,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,065,000
- Geo Method
- $1,090,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $830,000
- Retail
- $1,070,000
- Mixed-Use
- $975,000
- Hospitality
- $875,000
- Educational
- $1,060,000
- Residential Income
- $1,040,000
- Energy
- $875,000
- Income-Based Land
- $900,000
- Food Service
- $1,125,000
Location Insight
- Map
- Local Demand
- City
- Belle Glade
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.6734
- Latitude
- 26.6825
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
