Skip to main content

Multifamily

Forest Glen Condominiums

4876 Orleans Court, West Palm Beach, FL 33415

Listing Price: $7,955,000

Cap Rate
5.96%
Number of Units
37
Price/Unit
$215,000
Price/Gross SF
$163.87
Gross SF
48,544

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Forest Glen Condominium Portfolio, a portfolio of 37 out of 232 condominiums located in West Palm Beach, Florida. SUBJECT PROPERTIES This portfolio is comprised of 37 out of 232 condominiums located within the Forest Glen community with one of the unit addresses being 4630 Orleans Court, Unit A, West Palm Beach, FL 33415 for reference. The Forest Glen community is comprised of 58 single-story buildings, which were constructed in 1981 and 1982 of wood frame. The portfolio consists entirely of three-bedroom | two-bathroom condominiums which measure approximately 1,312 square feet. Total living square footage for the 37 units included in this offering is 48,544 square feet (Palm Beach Property Appraiser) and the average in-place rents are currently $1,723 per month or $1.31 per square foot. Units feature formica countertops; white or black electric appliances; carpeted, vinyl or ceramic tile flooring and central air conditioning. This portfolio offers an exceptional value-add opportunity, as the advertised 2023 HUD fair market rents for three-bedroom apartments in zip code 33415 are $2,190, an increase of $467 above the current portfolio average. LOCATION The Forest Glen Condominium Portfolio is located west of Interstate 95 off Southern Boulevard and Military Trail. The location offers convenient access to Interstate 95, Florida’s Turnpike and Dixie Highway. The surrounding area consist primary of single-family homes, as well as condominiums and multifamily properties. The average household income within 5-miles is $71,584 (Experian). The Forest Glen Condominium Portfolio is conveniently located directly across the street from West Palm Beach International Airport. Surrounding area retailers and points of interest include Mounts Botanical Gardens, (0.2 miles), Walmart Supercenter (1.0 miles), Trulieve West Palm Beach (1.1 miles), Presidente Supermarket (1.4 miles), Publix Supermarket at Polo Grounds Mall (1.7 miles) and the Pine Trail Shopping Center; consisting of LA Fitness, Petco, MD Now Urgent Care, Sprouts Farmers Market, Applebee’s, Buffalo Wild Wings and TD Bank (1.8 miles). Across the street from the Pine Trail Shopping Center is Cross Country Plaza, which includes retailers such as Footlocker, Dunkin’ Ross, Launch Trampoline Park and David’s Bridal (1.8 miles). The Palm Beach Zoo & Conservation Society (4.4 miles), Norton Museum of Art (5.2 miles) and Downtown West Palm Beach (5.3 miles) are also just a short drive from the portfolio. Nearby educational facilities include Hope-Centennial Elementary School (2.0 miles), Wynnebrook Elementary School (2.7 miles), Palm Beach Central High School (7.1 miles), Lake Worth Middle School (7.3 miles) and Palm Beach State College (13.9 miles). SUMMARY The Forest Glen Condominium is being offered for sale free and clear of debt at $7,955,000 or $215,000 per unit and $164 per square foot.

Investment Highlights

  • Value Add Portfolio Comprising 37 (out of 232 Total) Condominiums
  • Single-Story Buildings Built in 1981 & 1982 of Wood Frame w/Central A/C
  • (37) 3 Bed/2Bath Units at $1,807 Avg In-Place Rent or $1.38 per Square Foot
  • Market Rents are Currently at $2,000+ Within the Community
  • Proximate to Southern Boulevard, Belvedere Road, Military Trail & Interstate 95

Exclusively Listed By

Financing By

Multifamily

Forest Glen Condominiums

Listing Price: $7,955,000

Cap Rate
5.96%
Number of Units
37
Price/Unit
$215,000
Price/Gross SF
$163.87
Gross SF
48,544

Investment Highlights

  • Value Add Portfolio Comprising 37 (out of 232 Total) Condominiums
  • Single-Story Buildings Built in 1981 & 1982 of Wood Frame w/Central A/C
  • (37) 3 Bed/2Bath Units at $1,807 Avg In-Place Rent or $1.38 per Square Foot
  • Market Rents are Currently at $2,000+ Within the Community
  • Proximate to Southern Boulevard, Belvedere Road, Military Trail & Interstate 95

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Forest Glen Condominium Portfolio, a portfolio of 37 out of 232 condominiums located in West Palm Beach, Florida. SUBJECT PROPERTIES This portfolio is comprised of 37 out of 232 condominiums located within the Forest Glen community with one of the unit addresses being 4630 Orleans Court, Unit A, West Palm Beach, FL 33415 for reference. The Forest Glen community is comprised of 58 single-story buildings, which were constructed in 1981 and 1982 of wood frame. The portfolio consists entirely of three-bedroom | two-bathroom condominiums which measure approximately 1,312 square feet. Total living square footage for the 37 units included in this offering is 48,544 square feet (Palm Beach Property Appraiser) and the average in-place rents are currently $1,723 per month or $1.31 per square foot. Units feature formica countertops; white or black electric appliances; carpeted, vinyl or ceramic tile flooring and central air conditioning. This portfolio offers an exceptional value-add opportunity, as the advertised 2023 HUD fair market rents for three-bedroom apartments in zip code 33415 are $2,190, an increase of $467 above the current portfolio average. LOCATION The Forest Glen Condominium Portfolio is located west of Interstate 95 off Southern Boulevard and Military Trail. The location offers convenient access to Interstate 95, Florida’s Turnpike and Dixie Highway. The surrounding area consist primary of single-family homes, as well as condominiums and multifamily properties. The average household income within 5-miles is $71,584 (Experian). The Forest Glen Condominium Portfolio is conveniently located directly across the street from West Palm Beach International Airport. Surrounding area retailers and points of interest include Mounts Botanical Gardens, (0.2 miles), Walmart Supercenter (1.0 miles), Trulieve West Palm Beach (1.1 miles), Presidente Supermarket (1.4 miles), Publix Supermarket at Polo Grounds Mall (1.7 miles) and the Pine Trail Shopping Center; consisting of LA Fitness, Petco, MD Now Urgent Care, Sprouts Farmers Market, Applebee’s, Buffalo Wild Wings and TD Bank (1.8 miles). Across the street from the Pine Trail Shopping Center is Cross Country Plaza, which includes retailers such as Footlocker, Dunkin’ Ross, Launch Trampoline Park and David’s Bridal (1.8 miles). The Palm Beach Zoo & Conservation Society (4.4 miles), Norton Museum of Art (5.2 miles) and Downtown West Palm Beach (5.3 miles) are also just a short drive from the portfolio. Nearby educational facilities include Hope-Centennial Elementary School (2.0 miles), Wynnebrook Elementary School (2.7 miles), Palm Beach Central High School (7.1 miles), Lake Worth Middle School (7.3 miles) and Palm Beach State College (13.9 miles). SUMMARY The Forest Glen Condominium is being offered for sale free and clear of debt at $7,955,000 or $215,000 per unit and $164 per square foot.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower