13 Unit Apartment Building | 15 S Palmway, Lake Worth Beach, FL 33460, USA

USD 2,278,000

Lake Worth, 15 S Palmway, Lake Worth, FL 33460, USA

Investment property • 888 m²

  • 5.1% Cap on Current
  • 6.0% Cap Pro Forma
  • Value Add Opportunity Through Rent Raise
  • 8.4% Total Return with Leverage On Current | Year 1
  • A+ Location - Bike to Beach
  • Downtown Lake Worth Beach Connectivity
  • 13 Income Producing Units
  • Desirable Unit Mix | 3 Studio, 7 1/1, 1 2/1, 1 2/2, and Large Owner Suite 3/2.5
  • New Hurricane Impact Windows & Doors
  • New Exterior Painting and Landscaping
  • New Interior Renovations Through Out

PROPERTY OVERVIEW

Palmway Gardens off Lake Ave features significant upside in value creation through market rent stabilization. Located in the very desirable submarket of Lake Worth Beach, all eyes are on this bohemian and quaint downtown as it continues to grow up and look to the future. Widely recognized as a city of progress due to a recent rebranding alongside an aggressive CRA looking to build on a local history that goes back to the incorporated year of 1913 and earlier.

Mixed Use and Redevelopment Projects including The Mid, The One Luxury Condominiums (1 S Palmway), West Village Art Lofts, and Lake Worth Beach Casino & Complex. Palmway Gardens off Lake Ave has been almost entirely renovated with new flooring and new kitchens that feature granite counters, tile backsplash, wood kitchens, hurricane impact windows, exterior painting, lush landscaping. The property features on-site laundryservice, rented parking spaces and extensive lighted street parking options. Location has warranted a remarkably high occupancy rate historically and is in constant demand due to proximity to world class area amenities and major economic drivers.

The subject property is almost entirely repositioned in 2020 with the owners going to great length to preserve the character of the assetand accentuate its proximity to everything Lake Worth Beach has to offer. Palmway Gardens off Lake Ave is in the CRA and path of progress. Current zoning is MF-30 (Medium-Density Multiple-Family Residential District). The MF-30 medium-density multiple-family residential district implements the “high-density multiple-family residential” land use category of the Lake Worth Beach Comprehensive Plan.

LOCATION OVERVIEW

The Palmway Gardens off Lake Ave opportunity is wonderfully located just ashort bike ride or walk to one of the most pristine beaches South Florida hasto offer. Downtown West Palm Beach is just minutes up Federal Highway tothe North and Downtown Delray similarly distanced to the south. Interstate 95 is connected by both 6th Avenue South and 10th Avenue North.

Lake Worth Beach is widely considered the next domino in the constantly “under construction” South Florida market. There are extensive development plans currently in process including the repositioning of the Gulf Stream Hotel which is part of the U.S. National Register of Historic Places. Born in1923, the Gulf Stream Hotel will be strategically repositioned and provide a tourism boom to the overall downtown and beach areas of Lake WorthBeach. Overlooking the intracoastal and city parks that include the bandshell at Bryant Park, Gulf Stream Hotel will support tourism and jobs related to many local festivals including but not limited to the annual Reggae Fest, Street Painting Festival, Finlandia Week, Lake Worth Festival of Trees, Gay Pride Parade and bi-weekly Evenings on the Avenue at Cultural Plaza. Locally renowned, the city is home to some of the best water activities in the state, Lake Worth Beach affectionately bills itself “Where the Tropics Begin”. Some of South Florida’s best examples of the Art Deco era is alive and well in Lake Worth Beach with the city going to great lengths to preserve that rich history. Lake Worth Historical Museum and the Art Deco Lake Worth Playhouse are in the Downtown Area and provides for a continued focus on the local arts scene. Lake Worth Beach provides an exceptional small-town vibe complete with a charming downtown that is highly walkable and bordered by Lake and Lucerne Avenue. Very centrally located to large corporate employers that include Florida Crystals Corporation, Pratt & Whitney, U.S. Sugar, Johnson Controls, Lockheed Martin, Sikorsky, IBM, and more.It is estimated that 38,526 people call Lake Worth Beach home. The area service economy also benefits greatly from being minutes away from someof the highest priced exclusive real estate with Palm Beach and Manalapan leading the way.

Surfaces

Living888 m²
Land1255 m²

15 S Palmway, Lake Worth, FL 33460, USA

Lake Worth

TypeBuilding
Construction year1952