Kalmia Apartments | 932 W Kalmia Dr
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Kalmia Apartments 932 W Kalmia Dr
16 Unit Apartment Building $3,185,000 ($199,063/Unit) 7.43% Cap Rate Lake Park, FL 33403
Investment Highlights
- All Units Are Spacious 2 Bed / 1.5 Bath Floorplans
- Central Air Conditioning Throughout
- 1974 Concrete Block Construction
Executive Summary
Marcus & Millichap, as exclusive listing agents, are proud to present to market the Kalmia Apartments located at 932 West Kalmia Drive and 933 West Jasmine Drive in Lake Park, Florida. Built in 1974 of concrete block construction, this investment opportunity offers 16 units which are all two bedrooms and one and a half bathrooms, which total 839 square feet. This well-maintained property provides comfortable living spaces, catering to a broad tenant base, from young professionals to small families.
The property is conveniently situated near several key economic drivers and places of interest, contributing to its strong rental demand. Just a short drive away is the bustling Northlake Boulevard, a major commercial corridor with numerous retail and dining options. The Lake Park Harbor Marina, approximately 2 miles from the property, offers recreational boating and waterfront dining, adding to the area's lifestyle appeal. Major employers, such as the Palm Beach Gardens Medical Center and various businesses within the Northcorp Business Park, are also within a 5-mile radius, providing ample employment opportunities for residents.
Residents will enjoy access to a variety of parks and recreational facilities. The nearby Kelsey Park, less than a mile away, offers picnic areas, playgrounds, and sports courts, making it a perfect spot for family activities. Additionally, the John D. MacArthur Beach State Park, located about 5 miles away, provides beautiful beaches, nature trails, and kayaking opportunities. Educational needs are well-served by local schools such as Lake Park Elementary School and Suncoast Community High School, both renowned for their academic excellence. The property's proximity to these amenities makes it a highly desirable location for tenants.
With its well-maintained units, desirable location, and proximity to economic hubs and recreational facilities, it is poised to attract and retain tenants. The current market conditions and the property's inherent qualities suggest a promising return on investment, making Kalmia Apartments a valuable addition to any real estate portfolio.
The property is conveniently situated near several key economic drivers and places of interest, contributing to its strong rental demand. Just a short drive away is the bustling Northlake Boulevard, a major commercial corridor with numerous retail and dining options. The Lake Park Harbor Marina, approximately 2 miles from the property, offers recreational boating and waterfront dining, adding to the area's lifestyle appeal. Major employers, such as the Palm Beach Gardens Medical Center and various businesses within the Northcorp Business Park, are also within a 5-mile radius, providing ample employment opportunities for residents.
Residents will enjoy access to a variety of parks and recreational facilities. The nearby Kelsey Park, less than a mile away, offers picnic areas, playgrounds, and sports courts, making it a perfect spot for family activities. Additionally, the John D. MacArthur Beach State Park, located about 5 miles away, provides beautiful beaches, nature trails, and kayaking opportunities. Educational needs are well-served by local schools such as Lake Park Elementary School and Suncoast Community High School, both renowned for their academic excellence. The property's proximity to these amenities makes it a highly desirable location for tenants.
With its well-maintained units, desirable location, and proximity to economic hubs and recreational facilities, it is poised to attract and retain tenants. The current market conditions and the property's inherent qualities suggest a promising return on investment, making Kalmia Apartments a valuable addition to any real estate portfolio.
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Property Facts
| Price | $3,185,000 | Apartment Style | Low Rise |
| Price Per Unit | $199,063 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.72 AC |
| Cap Rate | 7.43% | Building Size | 13,422 SF |
| Gross Rent Multiplier | 8.51 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1974 |
| Property Subtype | Apartment |
| Price | $3,185,000 |
| Price Per Unit | $199,063 |
| Sale Type | Investment |
| Cap Rate | 7.43% |
| Gross Rent Multiplier | 8.51 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.72 AC |
| Building Size | 13,422 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1974 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 16 | - | 839 - 870 |
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Walk Score ®
Very Walkable (72)
Bike Score ®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $1,494,992 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,494,992
zoning
| Zoning Code | R2 |
| R2 |
Contacts
-
Daniel Cunningham -
Evan Richardson -
River Rhoads -
Dillon Majeski -
Jason Nowik -
Marcus & Millichap
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Kalmia Apartments | 932 W Kalmia Dr
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