YOU NOW HAVE FULL ACCESS TO FRE
A confirmation email has been sent to the email address provided.
In order to complete your registration, please click the link in the email.
If you do not see the email within 5 minutes, please click here
*If you're having trouble finding the email, please check your spam folder*
Redevelopment Opportunity of 84-Unit Apartment Building
Multi-Family Property For Sale in Boca Raton, FL
LFC & DeFalco Real Estate are proud to present the rare investment opportunity to acquire a fully-occupied 84-Unit apartment building on 6.652 acres. Located in one of the top performing multi-family markets in the country, the property is postured as a redevelopment opportunity with a high & stabilized cash flow.
- The property has a current NOI of $400,000; 2017 pro-forma has the NOI at a total of $550,000.
- In 2011, the zoning was approved from R-3-B to R-5-A, allowing an additional 48 units to be constructed.
- Property is comprised of seven (7) two-story apartment buildings and a centralized management office.
- Six (6) different floorplans consisting of (14) one bedroom/one bath units, (2) two bedroom/one bath units, (8) two bedroom/two bath units, (10) two bedroom/one bath with den units, (36) two bedroom/two bath with den units, and (14) three bedroom/two bath units.
- 85% of the units have been updated from orginal kitchen cabinetry, appliances, counters and lighting, about 37% of the total (136) bathrooms have new tile, toilets, sinks, faucets, tub/showers and vanities.
- Tenants responsible for electric, phone and internet; water and cable is included in the rent.
- Laundry machines are all new and equipped with an electronic payment card system, owned, managed and maintained by Commercial Laundries with 50% of the gross income to the landlord.
- More than $850,000 spent on leasehold improvements.
- Management office was completely renovated in 2007 with (6) new offices, new kitchen/dining area, (2) new bathrooms, maintenance office, (2) new bathrooms and (2) large storage rooms.
This Auction Plus® auction has concluded and escrow is closed.
Thank you bidders for participating in this auction. If you would like to be informed of future auctions like this one, Click Here to add a saved search. If you have a property you may like us to sell please contact us.
LFC & DeFalco Real Estate are proud to present the rare investment opportunity to acquire a fully-occupied 84-Unit apartment building on 6.652 acres. Located in one of the top performing multi-family markets in the country, the property is postured as a redevelopment opportunity with a high & stabilized cash flow.
- The property has a current NOI of $400,000; 2017 pro-forma has the NOI at a total of $550,000.
- In 2011, the zoning was approved from R-3-B to R-5-A, allowing an additional 48 units to be constructed.
- Property is comprised of seven (7) two-story apartment buildings and a centralized management office.
- Six (6) different floorplans consisting of (14) one bedroom/one bath units, (2) two bedroom/one bath units, (8) two bedroom/two bath units, (10) two bedroom/one bath with den units, (36) two bedroom/two bath with den units, and (14) three bedroom/two bath units.
- 85% of the units have been updated from orginal kitchen cabinetry, appliances, counters and lighting, about 37% of the total (136) bathrooms have new tile, toilets, sinks, faucets, tub/showers and vanities.
- Tenants responsible for electric, phone and internet; water and cable is included in the rent.
- Laundry machines are all new and equipped with an electronic payment card system, owned, managed and maintained by Commercial Laundries with 50% of the gross income to the landlord.
- More than $850,000 spent on leasehold improvements.
- Management office was completely renovated in 2007 with (6) new offices, new kitchen/dining area, (2) new bathrooms, maintenance office, (2) new bathrooms and (2) large storage rooms.