3723 Morton Ave
6 Unit Apartment Building $1,300,000 ($216,667/Unit) 6.50% Cap Rate West Palm Beach, FL 33405
EXECUTIVE SUMMARY
This is six cottages, 100% tenant occupied on annual leases. The property is zoned multi family (MF20) and there is the optionality to develop up to 9 units (.46 acres). See the diligence report in the documents section. Great West Palm Beach location close to Dixie Hwy and minutes to downtown, beach, I95, and shopping/dining.
FINANCIAL SUMMARY (ACTUAL - 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
|
| Net Operating Income |
-
|
-
|
PROPERTY FACTS
| Price | $1,300,000 |
| Price Per Unit | $216,667 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 3,696 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1922 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 1 | - | - |
| 2+1 | 3 | - | - |
| 1+1 | 2 | - | - |
1 of 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 74-43-43-33-29-008-0100 | Improvements Assessment | $0 (2023) |
| Land Assessment | $0 (2023) | Total Assessment | $432,848 (2023) |
ZONING
| Zoning Code | MF20 (MF20 (city)/MULTI-FAMILY RESIDENTIAL (HIGH DENSITY) DISTRICT) |
