Lake Worth Beach Portfolio 402 Ocean Breeze
5 Unit Apartment Building $2,219,516 ($443,903/Unit) 8.28% Cap Rate Lake Worth Beach, FL 33460
INVESTMENT HIGHLIGHTS
- This incredible property and opportunity to own a main house and five additional multi family units.
- Efficiency apartment, apartment 1 is two bedrooms and 1 bath, apartment 2, is two bedrooms and 1 bath.
- The main house consists of three bedrooms and 2 baths.
- apartment 3 is a studio with 1 bath and apartment 4 is a studio with 1 bath.
EXECUTIVE SUMMARY
402 S. Ocean Breeze
This incredible property and opportunity to own a main house and five additional multi family units. There are three buildings that are all on one deed that make up this property. The main house consists of three bedrooms and 2 baths. Efficiency apartment, apartment 1 is two bedrooms and 1 bath, apartment 2, is two bedrooms and 1 bath, apartment 3 is a studio with 1 bath and apartment 4 is a studio with 1 bath.
Prime Location: Situated on S Ocean Breeze, this property benefits from high visibility and easy accessibility, attracting a steady flow of potential of short and long term tenants.
• 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: $2,219,516
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.
This incredible property and opportunity to own a main house and five additional multi family units. There are three buildings that are all on one deed that make up this property. The main house consists of three bedrooms and 2 baths. Efficiency apartment, apartment 1 is two bedrooms and 1 bath, apartment 2, is two bedrooms and 1 bath, apartment 3 is a studio with 1 bath and apartment 4 is a studio with 1 bath.
Prime Location: Situated on S Ocean Breeze, this property benefits from high visibility and easy accessibility, attracting a steady flow of potential of short and long term tenants.
• 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: $2,219,516
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 |
$251,099
|
$75.36
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$251,099
|
$75.36
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$67,273
|
$20.19
|
| Net Operating Income |
$183,826
|
$55.17
|
PROPERTY FACTS
| Price | $2,219,516 |
| Price Per Unit | $443,903 |
| Sale Type | Investment |
| Cap Rate | 8.28% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Building Size | 3,332 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1941/2020 |
| Parking Ratio | 1.2/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 1 | - | - |
| 2+1 | 2 | - | - |
| 2+1 | 3 | - | - |
| Studios | 4 | - | - |
| Studios | 5 | - | - |
| Studios | 6 | - | - |
1 of 1
Walk Score®
Very Walkable (70)
Bike Score®
Biker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 38-43-44-21-15-163-0060 | Improvements Assessment | $396,312 |
| Land Assessment | $285,423 | Total Assessment | $681,735 |
ZONING
| Zoning Code | MF-20 (MF-20 (city) / Multi-Family Residential (High Density) District) |
