921 14Th St West Palm Beach, FL 33401
- Commercial real estate
- 2,424 SF
- 0.15 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 921 14Th St
- Year built
- 1921
- Lot size
- 0.15 lot acres
- Property size
- 2,424 SF
- Property type
- Commercial real estate
- APN
- 74-43-43-16-02-038-0090
Description
This exceptional 5-unit apartment building in West Palm Beach, Florida, presents a compelling value-add investment opportunity. Located at 921 14th St, in the desirable 33401 zip code, this property boasts a strong income stream with 100% occupancy and a waiting list. The building, constructed in 1921 and extensively renovated in 2023, features a new roof, updated kitchens and bathrooms in all five units, and impact hurricane windows in most units. Three of the five units are occupied by tenants with VA-guaranteed leases, ensuring a stable income stream. A significant rent increase of 20% is projected for 2025. The property sits on a 0.15-acre lot and includes ample parking (5 spaces total). The building is a two-story structure with 2,424 square feet, currently priced at $779,500 ($155,900 per unit and $321.58 per square foot). The property's strong financials are highlighted by a 9.19% cap rate and a Net Operating Income (NOI) of $71,657. The property is zoned M14-C2. Owner financing is available with 30% down and a 5-year interest-only balloon mortgage at 6.5% interest. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a prime location with significant upside potential.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- West Palm Beach
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.061364
- Latitude
- 26.7266553
