Newmark Knight Frank is pleased to present Paradise Cove Condominiums, a 80 of 317 bulk condominium investment opportunity
located in Palm Beach County, Florida. Paradise Cove condominiums are superbly located just off I-95 in West Palm Beach, across the lake from the Bear Lakes Country Club. This opportunity provides an exceptional mix of central location and tremendous value for tenants. Developed in 1987 by Related Group, the condominium consolidation features 80 homes out of the 317 within the complex, averaging 974 square feet. There is significant value-add potential with less than one-third of the units renovated by the current owner. The property features a resort style swimming pool, tennis courts and fitness center with integrated racquetball court.
SIGNIFICANT VALUE-ADD POTENTIAL
Paradise Cove offers a potential owner an opportunity to significantly increase the rental revenue and benefit from an already proven value-add program. The current owner has upgraded 23 units (29%) with tile flooring in living and wet areas, new cabinets in kitchen and bathroom, new lighting fixtures, new plumbing fixtures, granite/quartz countertops and stainless-steel appliances; 37 units have been partially upgraded and 20 units remain in legacy condition. The new owner has the opportunity to add these features to the remaining 57 units (71%), plus add wood plank flooring in all the bedrooms, tiled backsplash and Nest thermostat to increase the rent by up to $200-250 per month. The demand for rental homes with modern and upgraded features continue to remain strong within Palm Beach County and throughout the state of Florida.
