1845 N Congress Ave - Woodstock Townhomes 29 Unit Apartment Building Offered at $11,892,978 CAD at a 6.52% Cap Rate West Palm Beach, FL 33401

Comprising a significant portion of the ideally located Woodstock Condominium Community in West Palm Beach, FL, these 29 Townhomes represent an excellent investment opportunity, and the largest single ownership stake in the 108 unit community.
As the largest owner in the community, the owner of these 29 units is afforded oversight over dues, revenue, community rules, assessments, policies, etc. Current ownership has maintained a seat on the Board of Directors since 2017, overseeing millions in improvements to the community, as well as improvements to the bylaws, budgets, and overall operations.
The units are split into adjacent quadplexes featuring four homes per building. These types of townhome units are highly popular in the South Florida rental market, as they offer many of the benefits of a single family home (privacy, multiple levels, 3 bedroom /2.5 bath layout, designated parking) at a much more affordable rental rate, with less exterior maintenance, and extra privacy.
Current owner partnership oversaw the following improvements since becoming involved in the community association:
-Roofs, mansards, and soffits replaced in 2020.
-Extensive updates to exterior electrical, plumbing, paint, roofs, parking lot, curbs, and driveways (see Capex Summary)
-Addition of an on-site office
-Over $4mm spent on CapEx since 2017
Rents are currently well below market, as current owners have not aggressively pushed rents following most recent round of capex. This affords an incoming owner a great deal of upside in the near term. Coupled with steady rent growth over time, these units offer excellent investment growth potential over the longer term. Other investor-relevant highlights include:
-Units have individual parcel numbers and can be sold/purchased individually
-Pro-investor Association Rules and Regulations instituted by current board
-On-site management and security cameras
-Substantial opportunity to expand ownership within the community
-Potential development of unused parcels labeled 1 & 3 on pg 11 of OM (map)
Investors with a position in the Association also may potentially benefit from the economies of scale afforded by having 108 units total on site, as well as oversight and voting rights on policy, dues, and improvement decisions.
Presently, the Association is properly funded, assessments are stable, and all capital improvement projects have been completed, offering an incoming investor a stable platform for the portfolio.