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Multifamily

East Delray Apartments

613 NE 4th St, Delray Beach, FL 33483

Listing Price: $2,500,000

Cap Rate
3.07%
Number of Units
8
Occupancy
97.0%
Price/Unit
$312,500
Price/Gross SF
$458.21
Gross SF
5,456

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market East Delray Apartments, an eight-unit boutique apartment building located in the city of Delray Beach, Florida, in one of the most desirable rental submarkets of Palm Beach County. East Delray Apartments is situated just east of Federal Highway (US 1) and is walking distance to Atlantic Avenue, Publix Supermarket, and beaches. It benefits from a large surrounding employment base. Additionally, there are many new developments under construction which will attract more people to the area. East Delray Apartments is a two-story, garden style building on a .31-acre lot that was constructed in 1973 of concrete block with a painted stucco exterior and flat roof with tile mansard. The unit mix is comprised of eight one-bedroom apartments; one of which has a private patio. Apartments have solid wood cabinets, granite countertops, dishwasher, ceiling fans, closet built-ins, ceramic tile and wood laminate flooring, and washer and dryer. Many of the windows have been upgraded to hurricane impact. Residents are responsible for electricity and cable, while water, sewer, and trash removal are included in the rent. Current in place rents are approximately $400 below the market, which offers an excellent opportunity for the new owner to significantly increase the revenue through lease expiration.

Investment Highlights

  • Well Maintained Boutique Apartment Building
  • Highly Sought-After Delray Beach Rental Market
  • Walking Distance to Atlantic Avenue
  • Two Blocks from Publix Supermarket
  • In Place Rents Approximately $400 Below Market
  • All One-Bedrooms Floor Plans

Exclusively Listed By

Financing By

Multifamily

East Delray Apartments

Listing Price: $2,500,000

Cap Rate
3.07%
Number of Units
8
Occupancy
97.0%
Price/Unit
$312,500
Price/Gross SF
$458.21
Gross SF
5,456

Investment Highlights

  • Well Maintained Boutique Apartment Building
  • Highly Sought-After Delray Beach Rental Market
  • Walking Distance to Atlantic Avenue
  • Two Blocks from Publix Supermarket
  • In Place Rents Approximately $400 Below Market
  • All One-Bedrooms Floor Plans

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market East Delray Apartments, an eight-unit boutique apartment building located in the city of Delray Beach, Florida, in one of the most desirable rental submarkets of Palm Beach County. East Delray Apartments is situated just east of Federal Highway (US 1) and is walking distance to Atlantic Avenue, Publix Supermarket, and beaches. It benefits from a large surrounding employment base. Additionally, there are many new developments under construction which will attract more people to the area. East Delray Apartments is a two-story, garden style building on a .31-acre lot that was constructed in 1973 of concrete block with a painted stucco exterior and flat roof with tile mansard. The unit mix is comprised of eight one-bedroom apartments; one of which has a private patio. Apartments have solid wood cabinets, granite countertops, dishwasher, ceiling fans, closet built-ins, ceramic tile and wood laminate flooring, and washer and dryer. Many of the windows have been upgraded to hurricane impact. Residents are responsible for electricity and cable, while water, sewer, and trash removal are included in the rent. Current in place rents are approximately $400 below the market, which offers an excellent opportunity for the new owner to significantly increase the revenue through lease expiration.

Exclusively Listed By

Financing By

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