215 N Federal Hwy
10 Unit Apartment Building $1,687,653 ($168,765/Unit) 8.56% Cap Rate Lake Worth, FL 33460
INVESTMENT HIGHLIGHTS
- The main house consists of 4 bedrooms and 1 bathroom, the rear building consists of three 2 bedrooms 1 bath apartments.
- zoning allows for a mix of commercial and residential uses, offering flexible investment opportunities and diverse revenue streams.
- Located just a short drive from the beach, the property is attractive for those looking to enjoy coastal living.
- Located just minutes from downtown Lake Worth Beach.
EXECUTIVE SUMMARY
Prime Location: Situated on North Federal Highway, this property benefits from high visibility and easy accessibility, attracting a steady flow of potential customers and tenants.
The main house consists of 4 bedrooms and 1 bathroom, the rear building consists of three 2 bedrooms 1 bath apartments. Parking for the rear units accessible on the church parking lot. The main house has a private yard with deck and yard space. This investment is perfect for a buyer who would like to live in the main house and lease out the 3 apartments in a separate building at the rear of the property, or lease the units as an Airbnb or annual rentals. The NOI is based on Airbnb rental income with a 18% vacancy factor.
• Proximity to Attractions: Located just minutes from downtown Lake Worth Beach and the Atlantic Ocean, this property offers convenience and lifestyle appeal, attracting a steady flow of visitors, tourists, and potential tenants.
• Investment Growth: Situated in a rapidly developing area with increasing property values, this investment promises strong appreciation potential, making it a smart choice for long-term returns and portfolio growth.
LIST PRICE: $1,687,653
Highlights
Beach Access: Located just a short drive from the beach, the property is attractive for those looking to enjoy coastal living and for businesses catering to tourists and beachgoers.
Mixed-Use Potential: The property’s zoning allows for a mix of commercial and residential uses, offering flexible investment
opportunities and diverse revenue streams.
The main house consists of 4 bedrooms and 1 bathroom, the rear building consists of three 2 bedrooms 1 bath apartments. Parking for the rear units accessible on the church parking lot. The main house has a private yard with deck and yard space. This investment is perfect for a buyer who would like to live in the main house and lease out the 3 apartments in a separate building at the rear of the property, or lease the units as an Airbnb or annual rentals. The NOI is based on Airbnb rental income with a 18% vacancy factor.
• Proximity to Attractions: Located just minutes from downtown Lake Worth Beach and the Atlantic Ocean, this property offers convenience and lifestyle appeal, attracting a steady flow of visitors, tourists, and potential tenants.
• Investment Growth: Situated in a rapidly developing area with increasing property values, this investment promises strong appreciation potential, making it a smart choice for long-term returns and portfolio growth.
LIST PRICE: $1,687,653
Highlights
Beach Access: Located just a short drive from the beach, the property is attractive for those looking to enjoy coastal living and for businesses catering to tourists and beachgoers.
Mixed-Use Potential: The property’s zoning allows for a mix of commercial and residential uses, offering flexible investment
opportunities and diverse revenue streams.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$184,542
|
$43.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$184,542
|
$43.55
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$40,137
|
$9.47
|
| Net Operating Income |
$144,405
|
$34.08
|
PROPERTY FACTS
| Price | $1,687,653 |
| Price Per Unit | $168,765 |
| Sale Type | Investment |
| Cap Rate | 8.56% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,237 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1921/2015 |
| Parking Ratio | 1.89/1,000 SF |
UNIT AMENITIES
- Air Conditioning
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 4+1 | 5 | - | - |
| 2+1 | 2 | - | - |
| 3+1 | 3 | - | - |
1 of 1
Walk Score®
Very Walkable (87)
Bike Score®
Very Bikeable (81)
PROPERTY TAXES
| Parcel Number | 38-43-44-21-15-044-0130 | Improvements Assessment | $220,776 |
| Land Assessment | $136,113 | Total Assessment | $356,889 |
ZONING
| Zoning Code | MU-E (Mixed Use - East MULTIFAMILY < 10 UNITS-COMM ZONING) |
