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Multifamily

Broadway Apartments

3201 Broadway, West Palm Beach, FL 33407

Listing Price: $2,950,000

Cap Rate
5.49%
Number of Units
15
Price/Unit
$196,667
Price/Gross SF
$416.43
Gross SF
7,084

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Broadway Apartments, a 15-unit garden apartment complex located in West Palm Beach, Florida. SUBJECT PROPERTY Broadway Apartments is comprised of two, two-story apartment buildings totaling 15 units and located at 3201 Broadway in West Palm Beach. The property was built in 1951 and both buildings recently went through a complete gut-renovation, which was finalized in December 2022. The total building square footage is 7,084 and the property encompasses an 12,602 square-foot lot (according to the Palm Beach Property Appraiser). The unit mix consists of (5) studios measuring approximately 400 square feet, (6) one-bedroom | one-bathroom apartments measuring approximately 460 square feet and (4) two-bedroom | one-bathroom apartments measuring approximately 580 square feet. Major capital improvements include brand new roofs, hurricane-resistant impact windows and doors, new guardrails on the breezeway and stairs, new interior and exterior/underground plumbing lines, new main electrical and interior breaker panels and new min-split air conditioning systems. The parking lots have been resealed and striped, new landscaping was planted in the courtyard area, brick pavers were installed in the patio area and fences with keypad-controlled gated access were installed at both entrances. All units feature new tile flooring throughout (including new sub-floor and pads), new kitchens cabinetry, granite countertops and tile backsplash, new electric appliances, new bathroom vanities and tiled showers, tank-less hot water heaters, new interior doors and fresh interior and exterior painting of both buildings. Broadway Apartments also includes laundry machines, which are owned by the property. The average in-place rent for the efficiency is $800 per month, $1,314 for the studios, $1,658 for the one-bedrooms, and $1,834 for the two-bedrooms. LOCATION Broadway Apartments are situated along Broadway (US-1) and the corner of 32nd Street. The surrounding neighborhood consists primarily of multifamily properties, single-family homes, and condominiums. Broadway is a main north/south thoroughfare that leads directly into downtown West Palm Beach. According to the city’s website the CRA unveiled exterior façade incentive grant to spur economic development along the Broadway corridor (between 26th-59th Street) and fourteen projects have been awarded funding and have begun making improvements upgrading buildings and properties. The average household income is reportedly $84,692 within three miles, according to Experian. Broadway Apartments are located in the Northwood submarket of Palm Beach County, which is (2.5 miles) north of Dowtown West Palm Beach and (3 miles) south of Riviera Beach. Northwood is a small enclave providing residents and guests a wide variety of shopping, dining, boutique galleries and even a monthly wine stroll. Surrounding areas of interest, retailers and entertainment include Northwood Art & Music (0.8 miles), Fogleman Park (1.1 miles), St. Mary’s Medical Center (1.4 miles), McCray’s Backyard BBQ & Seafood (2.2 miles), Margaritaville at Sea (2.3 miles), Peanut Island (2.4 miles), Riviera Beach (2.5 miles), Publix Supermarket at City Place (2.6 miles), Port of Palm Beach (2.2 miles) and Phil Foster Park (4.0 miles), Area education centers include Northboro Elementary School (0.8 miles), Northmore Elementary School (1.1 miles), Bak Middle School of the Arts (2.3 miles), Roosevelt Middle School (1.6 miles), Roosevelt Elementary (1.6 miles) and Suncoast Community High School (4.3 miles) SUMMARY Broadway Apartments are being offered for sale at $2,950,000.

Investment Highlights

  • Gated, Two, Two-Story Apartment Buildings Totaling 15 Units
  • Both Buildings Completely Gut Renovated in 2022/2023
  • Brand New Roofs, Hurricane-Resistant Impact Windows & Doors, New Guardrails, New Plumbing (Interior & Exterior)
  • New Interior Upgrades Include: Tile Flooring, Kitchens & Cabinetry, Granite Countertops, Tile Backsplash, Electric Appliances, Mini-Split A/C Units and more!

Exclusively Listed By

Multifamily

Broadway Apartments

Listing Price: $2,950,000

Cap Rate
5.49%
Number of Units
15
Price/Unit
$196,667
Price/Gross SF
$416.43
Gross SF
7,084

Investment Highlights

  • Gated, Two, Two-Story Apartment Buildings Totaling 15 Units
  • Both Buildings Completely Gut Renovated in 2022/2023
  • Brand New Roofs, Hurricane-Resistant Impact Windows & Doors, New Guardrails, New Plumbing (Interior & Exterior)
  • New Interior Upgrades Include: Tile Flooring, Kitchens & Cabinetry, Granite Countertops, Tile Backsplash, Electric Appliances, Mini-Split A/C Units and more!

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Broadway Apartments, a 15-unit garden apartment complex located in West Palm Beach, Florida. SUBJECT PROPERTY Broadway Apartments is comprised of two, two-story apartment buildings totaling 15 units and located at 3201 Broadway in West Palm Beach. The property was built in 1951 and both buildings recently went through a complete gut-renovation, which was finalized in December 2022. The total building square footage is 7,084 and the property encompasses an 12,602 square-foot lot (according to the Palm Beach Property Appraiser). The unit mix consists of (5) studios measuring approximately 400 square feet, (6) one-bedroom | one-bathroom apartments measuring approximately 460 square feet and (4) two-bedroom | one-bathroom apartments measuring approximately 580 square feet. Major capital improvements include brand new roofs, hurricane-resistant impact windows and doors, new guardrails on the breezeway and stairs, new interior and exterior/underground plumbing lines, new main electrical and interior breaker panels and new min-split air conditioning systems. The parking lots have been resealed and striped, new landscaping was planted in the courtyard area, brick pavers were installed in the patio area and fences with keypad-controlled gated access were installed at both entrances. All units feature new tile flooring throughout (including new sub-floor and pads), new kitchens cabinetry, granite countertops and tile backsplash, new electric appliances, new bathroom vanities and tiled showers, tank-less hot water heaters, new interior doors and fresh interior and exterior painting of both buildings. Broadway Apartments also includes laundry machines, which are owned by the property. The average in-place rent for the efficiency is $800 per month, $1,314 for the studios, $1,658 for the one-bedrooms, and $1,834 for the two-bedrooms. LOCATION Broadway Apartments are situated along Broadway (US-1) and the corner of 32nd Street. The surrounding neighborhood consists primarily of multifamily properties, single-family homes, and condominiums. Broadway is a main north/south thoroughfare that leads directly into downtown West Palm Beach. According to the city’s website the CRA unveiled exterior façade incentive grant to spur economic development along the Broadway corridor (between 26th-59th Street) and fourteen projects have been awarded funding and have begun making improvements upgrading buildings and properties. The average household income is reportedly $84,692 within three miles, according to Experian. Broadway Apartments are located in the Northwood submarket of Palm Beach County, which is (2.5 miles) north of Dowtown West Palm Beach and (3 miles) south of Riviera Beach. Northwood is a small enclave providing residents and guests a wide variety of shopping, dining, boutique galleries and even a monthly wine stroll. Surrounding areas of interest, retailers and entertainment include Northwood Art & Music (0.8 miles), Fogleman Park (1.1 miles), St. Mary’s Medical Center (1.4 miles), McCray’s Backyard BBQ & Seafood (2.2 miles), Margaritaville at Sea (2.3 miles), Peanut Island (2.4 miles), Riviera Beach (2.5 miles), Publix Supermarket at City Place (2.6 miles), Port of Palm Beach (2.2 miles) and Phil Foster Park (4.0 miles), Area education centers include Northboro Elementary School (0.8 miles), Northmore Elementary School (1.1 miles), Bak Middle School of the Arts (2.3 miles), Roosevelt Middle School (1.6 miles), Roosevelt Elementary (1.6 miles) and Suncoast Community High School (4.3 miles) SUMMARY Broadway Apartments are being offered for sale at $2,950,000.

Exclusively Listed By

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