Property details

West Palm Beach Class C Multifamily, Southeast Region

Property Description

West Palm Beach Class C Multifamily

Update: May 3, 2019... The owner has requested more time to improve the rent roll. We are currently adding prospective principal buyers to a list and will immediately contact all prospective buyers as soon as the owner gives the green light (which is imminent).

Confidential offering not on the open market.

West Palm Beach portfolio of approx. 80 multifamily units

The owner has owned and self-managed for 20+ years and its time to possibly sell

Class C properties located in a transitioning neighborhood

Located in a neighborhood undergoing Gentrification

The city has investing a lot of money in improving the area

In general, rents have been rising in all of South Florida

There is room to ride this gradual increase in rents as the area gets improved

The portfolio is made up of a number of smaller units, mostly 4 plexes

Almost all are located in 1 neighborhood

70 are located in same neighborhood, 10 unit is about 1 mile north

Owner is not in a rush to sell

At $10m, the cap rate will be in the 6.5% - 7% range

Currently closer to 6.50% on current, not proforma

Class C location, graduating to a higher class

The units are in good shape

The owner does upgrades as tenant expectations take place



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Highlights

Status:
Available
Price:
$10,000,000
Cap Rate:
7.00%
 

Property Information

Property Type:
Apartments
Industry Type:
Apartment - Multifamily
Units/Spaces:
80
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.