518 Biscayne Drive | 518 Biscayne Dr
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518 Biscayne Drive 518 Biscayne Dr
4 Unit Apartment Building $1,250,000 ($312,500/Unit) 5.50% Cap Rate West Palm Beach, FL 33401
INVESTMENT HIGHLIGHTS
- Roof replaced in 2014 (flat roof) and bottom barrel tile roof recently updated
- Electrical systems modernized with Siemens electrical panels and updated wiring
- High Ceilings in each unit, enhancing the living space
- PVC and cast iron plumbing, with much of the original plumbing upgraded to PVC
- In-unit Washer & Dryer, Tankless Water Heaters for on-demand hot water, and Central AC in each unit, offering convenience, efficiency, and year-round
- Large Backyard providing ample outdoor space for tenants
EXECUTIVE SUMMARY
Located in Flamingo Park, a historic neighborhood, 518 Biscayne Drive offers a prime location with easy access to Downtown West Palm Beach top attractions and amenities. Flamingo Park is one of the most desirable neighborhoods in West Palm Beach and known for its abundance of amenities in walking distance. Walk or take a short bike ride to Howard Park, the Armory Art Center, Grato, Table 26, The Greene School, Composition Coffee, Hive, Civil Society Brewing, and the Norton Museum, among the many destinations nearby.
Favorable financing is available for owner-occupants, with as little as 5% downpayment, and rental income from the units can be used to help qualify for the loan.
**Please review the PDF Offering Memo. It contains information on touring, buyer qualifications, and the offering process. Thank you. **
Favorable financing is available for owner-occupants, with as little as 5% downpayment, and rental income from the units can be used to help qualify for the loan.
**Please review the PDF Offering Memo. It contains information on touring, buyer qualifications, and the offering process. Thank you. **
PROPERTY FACTS
| Price | $1,250,000 | Property Subtype | Apartment |
| Price Per Unit | $312,500 | Apartment Style | Low Rise |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.50% | Building Size | 3,612 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1925 |
| Price | $1,250,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Lot Size | 0.14 AC |
| Building Size | 3,612 SF |
| No. Stories | 2 |
| Year Built | 1925 |
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- Yard
- Instant Hot Water
- Lawn
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 2 | $2,350 | 825 |
| 1+1 | 2 | $2,050 | 825 |
Walk Score®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | 74-43-43-28-06-019-0030 | Improvements Assessment | $377,401 |
| Land Assessment | $483,360 | Total Assessment | $624,405 |
PROPERTY TAXES
Parcel Number
74-43-43-28-06-019-0030
Land Assessment
$483,360
Improvements Assessment
$377,401
Total Assessment
$624,405
ZONING
| Zoning Code | SF14-C2 (SF14-C2—HIST. SF HIGH DENSITY CONT. 2 (74-WEST PALM BEACH)) |
| SF14-C2 (SF14-C2—HIST. SF HIGH DENSITY CONT. 2 (74-WEST PALM BEACH)) |
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518 Biscayne Drive | 518 Biscayne Dr
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