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3063 Floweva Street, Unit A

West Palm Beach, FL

Listing Details

  • $1,150,000
  • MLS# B26022317
  • Type Commercial - Business
  • Status Active
  • 2,460
    Square Feet
  • 0.460 acres
    Lot Size
  • 1956
    Year Built

Description

Excellent opportunity to acquire a well-maintained 6-unit multifamily property in South Florida. The property consists of three separate buildings on one parcel: a front triplex with two 1 bed/1 bath units and one 3 bed/1 bath unit, a rear duplex with two 2 bed/1 bath units, and a standalone 1 bed/1 bath cottage. Several units feature private fenced backyards, enhancing tenant appeal and retention. One of the 1 bed/1 bath units will be delivered vacant in June, allowing for immediate rental upside. Each unit has it's own electric meter. Current gross rents total $8,900 /month or $106,800/year. Rents are significantly below market, providing... Read more a strong value-add opportunity. Market rent estimates: 1 bed units $1,600-$1,750, 2 bed units $1,900-$2,000, and 3 bed units $2,500+. Pro forma gross income is approximately $133,200 annually. Lease terms and current rents: Unit A (1 bed/1 bath): $1,300/month-Month to Month at Will Unit B (1 bed/1 bath cottage): $1,300/month-Month to Month at Will Unit C (3 bed/1 bath): $1,500/month-Month to Month at Will Unit D (1 bed/1 bath): $1,350/month-Month to Month at Will Unit 3075 (2 bed/1 bath): $1,650/month-lease through 10/31/2026 Unit 3077 (2 bed/1 bath): $1,800/month-lease through 3/31/2027 All leases transitioning to month-to-month at expiration for added flexibility. Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systems-no coin collection required. Property is in overall good condition with no major deferred maintenance. At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%+. This is an excellent opportunity to acquire a stabilized income-producing asset with immediate upside potential in a highly desirable rental market. Offered at $1,125,000 ($187,500 per unit). Rent role attached in MLS. Total monthly rent = $8,900/month Annualized = $8,900 ?? 12 = $106,800/year

Key Features

No amenity information available.

View All Features
3063 Floweva Street A
West Palm Beach, FL 33406
County
Palm Beach

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All Property Features

  • Property Type: Commercial - Business
  • Cooling: Central Air, Wall/Window Unit(s)
  • Days on Site: 16
  • Exterior: CBS
  • Flooring: Ceramic Tile
  • Heating: Central, Window/Wall
  • Home Style: Commercial
  • Lot Size: 0.46 Acres
  • Parcel#: 70434407010020121
  • Parking: Common
  • Parking Notes: Common
  • Roof Type: Tar/Gravel
  • Security: Fire Alarm
  • Sewer: Public Sewer
  • Stories: 1.0
  • Taxes: $13,183
  • Units: 6
  • Utilities: Cable Available
  • Utilities: Cable Available
  • Water: Public
  • Year Built: 1956

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