1801 Spruce Ave
West Palm Beach, FL 33407

1801 Spruce is an opportunistic apartment complex composed of 18 legal units on a corner lot of 17th Street next to Merry Place development. It is situated half a mile away from the Northwood Village Creative Art District where the city invested over $18 Million in improvements, promoting art galleries, antique shops, and world class restaurants. The vicinity is primarily consists of of residential, multi family properties, and retails along Dixie Highway. The offering is strategically located at walking distance from Walgreens, Good Samaritan Hospital, CVS, Temple Israel, St John Church, Palm Beach Maritime Museum, and the Northwood Village The building went through an extensive renovation on 2015 with brand new, bathrooms, kitchens, flooring, landscaping, AC units. In October 2019 the property was repainted. All the 18 units are sub-metered for electric and water, rented mainly to retirees and subsidized tenants with guaranteed rents. All the tenants pay their own utilities, several of them are paying below market rents, some of the units already at market rent providing a proven value add opportunity to the investor. Market conditions in the West Palm Beach area are extremely favorable for the investor with 94.8% occupancy, income level growth and higher than state CAP rate for multi-family properties.