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
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.