351 NE 7th Ave
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351 NE 7th Ave
9 Unit Apartment Building $4,400,000 ($488,889/Unit) 4.98% Cap Rate Delray Beach, FL 33483
Investment Highlights
- Fully Leased to Master Tenant
- Fully renovated including new hurricane windows, doors, and roof
- New heated pool with large patio with areas for social gathering
- Prime location in the heart of Delray Beach minutes from Atlantic Ave
- All units fully furnished with new appliances
- Master tenant operating under hotel license for short term rentals
Executive Summary
Investors dream come true! Fully renovated apartment complex located in prestigious Delray Beach. This complex consists of two buildings with nine rental units. All units are fully leased under a master lease. The owner pays property tax and insurance. Renovation included new roof, hurricane impact doors and windows. All new plumbing, new HVAC systems, new electrical panels and appliances. New pool with paver hardscape and landscaping. Resurfaced parking lot. This is an excellent opportunity that you don't want to miss. Located minutes from Downtown Delray, within the free Delray beach ride share, and walking distance to supermarket and drug store. Investors can purchase a fully leased apartment complex with excellent tenant. Master lease tenant is operating with a hotel license for short term rentals.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,400,000 | Building Class | B |
| Price Per Unit | $488,889 | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 4,786 SF |
| Cap Rate | 4.98% | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1954/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.88/1,000 SF |
| Apartment Style | Single Family Home |
| Price | $4,400,000 |
| Price Per Unit | $488,889 |
| Sale Type | Investment |
| Cap Rate | 4.98% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single Family Home |
| Building Class | B |
| Lot Size | 0.33 AC |
| Building Size | 4,786 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1954/2023 |
| Parking Ratio | 1.88/1,000 SF |
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- High Speed Internet Access
- Refrigerator
- Stainless Steel Appliances
- Tub/Shower
- Wi-Fi
- Coffee System
- Freezer
- Island Kitchen
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Pool
- Grill
- Community-Wide WiFi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | - |
| 1+1 | 3 | - | - |
| 2+1 | 3 | - | - |
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Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 12-43-46-16-05-121-0270 | Total Assessment | $1,144,549 (2023) |
| Land Assessment | $972,675 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $171,874 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
12-43-46-16-05-121-0270
Land Assessment
$972,675 (2023)
Improvements Assessment
$171,874 (2023)
Total Assessment
$1,144,549 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | RM (Zoned medium density residential (RM). District is a residential zoning district with flexible densities. Many uses permitted refer to city code.) |
| RM (Zoned medium density residential (RM). District is a residential zoning district with flexible densities. Many uses permitted refer to city code.) |
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Blue Water RE, LLC
351 NE 7th Ave
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