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$ 3,500,000
Est. payment | /mo
12,750 SqFt
$ 3,500,000
Est. payment | /mo
12,750 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 12,750 sqft
Price per Sqft $274
MLS Listing ID A11857160
HOA Y/N No
Year Built 1923
Annual Tax Amount $71,142
Lot Size 8,778 Sqft
Property Sub-Type Multi Family
Property Description
Lake Lofts is a 3-story concrete block boutique apartment building with 25 units only footsteps from Lake & Lucerne Avenues in Lake Worth Beach. The property features an attractive unit mix including one studio, 21 1BR/1BA, two 2BR/1BA and an attached house 3BR/1.5BA with a den.
Lake Lofts is offered with a very attractive assumable loan featuring a 2.87% interest rate locked until June 2027. The current outstanding balance is approximately $1,850,000 and the loan has a maturity date of May 2042.
The property has been historically operating near 100% occupancies with effective rents of $1,626/unit. Rents include electric, water and gas. Current market rents average $1,682/month allowing to raise rents by ~$17k/yr. A new owner can implement a value-add program for an additional $90k/yr.
Lake Lofts is offered with a very attractive assumable loan featuring a 2.87% interest rate locked until June 2027. The current outstanding balance is approximately $1,850,000 and the loan has a maturity date of May 2042.
The property has been historically operating near 100% occupancies with effective rents of $1,626/unit. Rents include electric, water and gas. Current market rents average $1,682/month allowing to raise rents by ~$17k/yr. A new owner can implement a value-add program for an additional $90k/yr.
Location
State FL
County Palm Beach
Area 5610
Exterior
Private Pool Yes
Building
Story 3
Others
Tax ID 38434421150170291
Acceptable Financing Assumable, Cash, Conventional
Listing Terms Assumable, Cash, Conventional
Virtual Tour https://www.propertypanorama.com/instaview/mia/A11857160
Listed by CBRE, Inc.
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