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Multifamily

Richard Road Apartments

2735 Richard Rd, West Palm Beach, FL 33403

Listing Price: $2,850,000

Cap Rate
5.18%
Number of Units
16
Occupancy
96.0%
Price/Unit
$178,125
Price/Gross SF
$204.07
Gross SF
13,966

Investment Overview

Marcus & Millichap, as exclusive listing agent, is proud to present to market the Richard Road Apartments which is located at 2717 and 2735 Richard Road and 2682 Hinda Road, West Palm Beach, which is in Palm Beach County, Florida. The property consists of sixteen units. The unit mix consists of Two (2) Studios, Four (4) one- bedroom / one- bathroom units and ten (10) two- bedroom / one- bathroom units. The Richard Road Apartments is comprised of seven buildings over three contiguous parcels (00-43-42-17-04-000-0390, 00-43-42-17-04-000-0400 and 00-43-42-17-04-000-0310) totaling 1.34 acres. The 12 units located on Richard Road were constructed in 1973 and 1975 while the four units located on Hinda Road was constructed in 1960. Located on Richard and Hinda Road, the assets sit between Northlake Boulevard and PGA Boulevard which contains a majority of the area's well-known retailers and restaurants. Located approximately a one mile east of Interstate 95, the property also benefits from its close proximity to the highway and other major roadways such as Northlake Boulevard and US-Hwy 1. The Richard Road Apartments provides an investor an excellent opportunity to purchase a stabilized cash-flowing multifamily asset that has added value potential through increasing all rents to current market rates in the desirable West Palm Beach market.

Investment Highlights

  • Located in the Densely Populated West Palm Beach Rental Market
  • Excellent Unit Mix Consisting of Mostly Two Bedroom Units
  • Conveniently Situated Near Major Area Thoroughfares Such as Northlake Blvd, US HWY-1 and Interstate-95
  • Close Proximity to Several Big Box Retailers Including Costco, Lowes, Home Depot and Target

Exclusively Listed By

Financing By

Multifamily

Richard Road Apartments

Listing Price: $2,850,000

Cap Rate
5.18%
Number of Units
16
Occupancy
96.0%
Price/Unit
$178,125
Price/Gross SF
$204.07
Gross SF
13,966

Investment Highlights

  • Located in the Densely Populated West Palm Beach Rental Market
  • Excellent Unit Mix Consisting of Mostly Two Bedroom Units
  • Conveniently Situated Near Major Area Thoroughfares Such as Northlake Blvd, US HWY-1 and Interstate-95
  • Close Proximity to Several Big Box Retailers Including Costco, Lowes, Home Depot and Target

Investment Overview

Marcus & Millichap, as exclusive listing agent, is proud to present to market the Richard Road Apartments which is located at 2717 and 2735 Richard Road and 2682 Hinda Road, West Palm Beach, which is in Palm Beach County, Florida. The property consists of sixteen units. The unit mix consists of Two (2) Studios, Four (4) one- bedroom / one- bathroom units and ten (10) two- bedroom / one- bathroom units. The Richard Road Apartments is comprised of seven buildings over three contiguous parcels (00-43-42-17-04-000-0390, 00-43-42-17-04-000-0400 and 00-43-42-17-04-000-0310) totaling 1.34 acres. The 12 units located on Richard Road were constructed in 1973 and 1975 while the four units located on Hinda Road was constructed in 1960. Located on Richard and Hinda Road, the assets sit between Northlake Boulevard and PGA Boulevard which contains a majority of the area's well-known retailers and restaurants. Located approximately a one mile east of Interstate 95, the property also benefits from its close proximity to the highway and other major roadways such as Northlake Boulevard and US-Hwy 1. The Richard Road Apartments provides an investor an excellent opportunity to purchase a stabilized cash-flowing multifamily asset that has added value potential through increasing all rents to current market rates in the desirable West Palm Beach market.

Exclusively Listed By

Financing By

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