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535-537 18th St, West Palm Beach 16 Unit Apartment Building $3,212,040 CAD ($200,753 CAD/Unit) 1.40% Cap Rate West Palm Beach, FL 33407
INVESTMENT HIGHLIGHTS
- 16 Units Total w/15-Unit Apartment Building and Single Family Home Situated on 0.44 Acre Lot
- Tremendous Rental Upside with All Tenants on Month-to-Month Leases and $756 Average Rents
- Easy Access to Dixie Highway (US-1), Palm Beach Lakes Boulevard and North Flagler Drive
- Value Add Opportunity – Being Sold by the Family of the Original Developer of the Apartments
- (7) One-Bedroom | One-Baths, (8) Two-Bedroom | One-Baths, Two-Bedroom | Two-Bath House
- Walking Distance to Padel Club, CVS, The District at Northwood, Good Samaritan Medical Center
EXECUTIVE SUMMARY
The Thomas Team of Marcus & Millichap are pleased to present 535-537 18th Street, a 15-unit multifamily property and Single-Family Home located in West Palm Beach, Florida.
SUBJECT PROPERTY
535-537 18th Street were constructed in 1927 (single family home) and in 1954 (apartment building). The apartment building consists of (7) one-bedroom/one-bathroom and (8) two-bedroom/one-bathroom units totaling 7,908 square feet, the single family home is a two-bedroom/two-bathroom floorplan with 1,212 square feet and the lot size is 0.44 acres, according to the Palm Beach County Property Appraiser. All units include either window and/or wall air-conditioning units, terrazzo floors and electric appliances. Common area amenities include on-site laundry and 17 parking spaces.
SUBJECT PROPERTY
535-537 18th Street were constructed in 1927 (single family home) and in 1954 (apartment building). The apartment building consists of (7) one-bedroom/one-bathroom and (8) two-bedroom/one-bathroom units totaling 7,908 square feet, the single family home is a two-bedroom/two-bathroom floorplan with 1,212 square feet and the lot size is 0.44 acres, according to the Palm Beach County Property Appraiser. All units include either window and/or wall air-conditioning units, terrazzo floors and electric appliances. Common area amenities include on-site laundry and 17 parking spaces.
PROPERTY FACTS
| Price | $3,212,040 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $200,753 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 1.40% | Building Size | 9,120 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 1.75/1,000 SF |
| Zoning | MF14 - Multifamily Low Density | ||
| Price | $3,212,040 CAD |
| Price Per Unit | $200,753 CAD |
| Sale Type | Investment |
| Cap Rate | 1.40% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.44 AC |
| Building Size | 9,120 SF |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.75/1,000 SF |
| Zoning | MF14 - Multifamily Low Density |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 7 | $969.15 CAD | 474 |
| 2+1 | 8 | $1,108 CAD | 574 |
| 2+2 | 1 | $1,108 CAD | 1,212 |
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Walk Score®
Very Walkable (79)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 74-43-43-16-16-010-0270 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,049,766 CAD |
PROPERTY TAXES
Parcel Number
74-43-43-16-16-010-0270
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,049,766 CAD
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535-537 18th St, West Palm Beach
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