Boca Raton, FL 33486
Palm Beach County View Map
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.
Downloadable DocumentsProperty Information
- 2009 Academic Village Plan Last Updated 14 Oct 3:36 pm EDT
- 2011 Approved Development Plan Last Updated 14 Oct 3:21 pm EDT
- 2011 Survey with Abandonment of Streets Last Updated 14 Oct 3:35 pm EDT
- Appraisal 1 July 2016 Last Updated 14 Oct 3:23 pm EDT
- Appraisal 2 July 2016 Last Updated 14 Oct 3:24 pm EDT
- Approved Site Plan of 132 Units Last Updated 14 Oct 3:35 pm EDT
- City of Boca Raton Water & Sewer Last Updated 14 Oct 3:30 pm EDT
- Commercial Laundry Lease Last Updated 14 Oct 3:31 pm EDT
- Comparable Property Last Updated 14 Oct 3:26 pm EDT
- Electric Bills Last Updated 14 Oct 3:30 pm EDT
- Flood Elevation Certificates Last Updated 14 Oct 3:32 pm EDT
- Land Planner Report Last Updated 14 Oct 3:27 pm EDT
- List of Links to Surrounding Businesses & Institutions Last Updated 14 Oct 3:28 pm EDT
- Marketing Flyer Last Updated 18 Oct 7:08 pm EDT
- Phase 1 Environmental Assessment Last Updated 14 Oct 3:22 pm EDT
- Property Overview & Unit Information Last Updated 14 Oct 3:29 pm EDT
- Real Property Description Last Updated 14 Oct 3:32 pm EDT
- Roof Warranties Last Updated 14 Oct 3:31 pm EDT
- 2017 Budget P&Ls; Last Updated 14 Oct 3:29 pm EDT
- Capital Improvements 10-Year Last Updated 14 Oct 3:33 pm EDT
- Investment Summary Last Updated 19 Oct 4:30 pm EDT
- P&L 2013, 2014, 2015 Last Updated 14 Oct 3:24 pm EDT
- Rent Roll & Summary September 2016 Last Updated 14 Oct 3:20 pm EDT
If you would like to visit this property, please complete and submit the Temporary Access Agreement
You will need a registered account and be 'Signed In' to view and complete the document.
Once you have submitted the agreement, please contact the Property Representative to set up an appointment.
There is not a Preferred Lender for this auction. You may not include a financing contingency with your bid.
If you intend to purchase the property ALL CASH, you will be required to provide proof of verifiable funds prior to the offer deadline.
For further details about Financing, please read the Terms and Conditions of Sale located in the Documents section or contact the FRE.com Support Team.
All information contained on FRE.com and dispensed by the Support Staff, Property Representative and other agents of the Seller is from sources deemed reliable and is not warranted or guaranteed by the Seller, its partners or related companies, LFC Communications, Inc., LFC Marketing Services, Inc., or any of their agents. Buyers shall rely entirely on their own judgment and inspection.
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