Twelve-unit, multifamily investment opportunity in Delray Beach, (Palm Beach County), Florida. The investment consists of (10) one-bedroom, one bath apartments, (2) two-bedroom, one bath apartments built in 1971 (concrete block construction with painted stucco exterior).
The building currently operates as a master lease. Landlord is responsible for roof, gutters, downspouts, exterior painting, masonry walls, foundation & structural members, parking areas, sidewalks, storm water drainage systems, doors, windows, pools & pool areas, plumbing, electric, air conditioning, appliances, lighting. & dry wall. The tenant shall be responsible for the day-to-day maintenance & cleaning of the property & individual units including but not limited to regular landscape maintenance (i.e., glass cutting) of the common areas as well as maintaining & keeping the parking area free & clear of all rubbish & trash. Tenant also pays for all utilities.
All units offer central air conditioning, new hurricane impact windows & doors, & security cameras with numerical keypad locks on all doors. Other Capex items already completed but not limited to are building fire sprinklers system, new floors, recently replaced AC systems, electrical panel change outs, new hot water heaters, etc.
Units: 12; Price per unit: $175,000; NOI: $130,208; Cap rate: 6.20%
- 100% Occupied Master Lease
- One Year Remaining On Master Lease, renews Each Year every August 17th With 3% Increase in rents
- Renovated Interior & Impeccable Maintained Exterior
- Central A/C, Hurricane Windows & Doors With Electronic Keypad
- Tenant Responsible For Utilities & Other Typical Building Expenses
INVESTORS / END BUYERS ONLY. No Agents.
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The information provided, including but not limited to SqFt, lot size, measurements, CAP rates, NOI, etc have been obtain from third parties. Because any disclaim might be subject to error, prospective purchasers shall conduct his/her/it own verification/due diligence of this information, warranty or representation. Information courtesy of Crexi and Franklin Street.