5901 Broadway West Palm Beach, FL 33407

Property Details for 5901 Broadway

Year built

1930

Lot size

0.35 lot acres

Property size

2,950 SF

Property type

Commercial real estate

Description

This West Palm Beach, Florida property, located at 5901 Broadway, presents a compelling redevelopment opportunity. Currently operating as a nine-unit apartment building (one 2-bed/2-bath, four 1-bed/1-bath, and four studios), the property offers immediate cash flow. The 2,950 square foot building sits on a 0.35-acre lot and is zoned BMUD-II, allowing for the development of up to 27 multifamily units, including retail space. The property's location near major transportation routes and the Port of Palm Beach provides excellent access to employment centers and amenities. Built in 1930, the existing structure offers a solid foundation for a significant upgrade. The city of West Palm Beach is actively updating the Broadway Mixed-Use District (BMUD) zoning regulations to encourage economic development and create a more walkable, transit-friendly environment. This redevelopment project benefits from its proximity to the Port of Palm Beach, supporting over 3,000 local jobs, and features on-site coin-operated laundry. The asking price is $1,895,000. This represents a significant opportunity for investors seeking to capitalize on the growth potential of West Palm Beach's Broadway corridor. The property is offered fee simple.