Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Flamingo Park Apartments, a 16-unit, boutique apartment community located in the highly sought-after Flamingo Park submarket of West Palm Beach, Florida. Flamingo Park Apartments consists of four two-story residential buildings and one one-story four car garage built in 1928 of wood frame construction, all situated on one .43-acre parcel of land. The property is situated just west of Federal Highway (US-1) and a few blocks south of Okeechobee Boulevard. Named a West Palm Beach historic district in 1993, Flamingo Park is one of sixteen historic districts and dates to 1921. The district consists of 501 contributing structures spanning approximately 26 square blocks and the subject property sits along its east side. Originally a pineapple plantation and mango orchard, Flamingo Park has transformed into an exclusive and very desirable residential community. Since 1987, when neighbors founded the Flamingo Park Neighborhood Association, many of the historic homes have been restored to their original look. Over the years, the surrounding area has drawn many boutique shops, restaurants, coffee shops and new residential development due to the influx of young professionals. The property benefits from a very convenient location with Interstate 95, Downtown West Palm Beach, Rosemary Square, Palm Beach County Convention Center, Kravis Center, Clematis Street, Palm Beach Atlantic University and Palm Beach International Airport all just a few minutes’ drive. Flamingo Park, Howard Park, Norton Museum of Art, and Ann Norton Sculpture Gardens are all within a few blocks. As well as walking distance to restaurants, bars, and retail shops. Okeechobee Boulevard provides access to most national retailers and Cityplace and Clematis Street are home to an endless number of restaurants, bars, and retail shops. Flamingo Park Apartments offers a diverse unit mix of one-, two-, and three-bedroom floor plans. Over the past year, the seller has done significant interior and exterior renovations and upgrades including, but not limited to new exterior paint, all new landscaping, and fully renovating 13 apartment interiors with high-end finishes. Apartment upgrades include new bathrooms, including claw style bath tubes in several units, kitchen cabinets, larger oven sized ranges, quartz counter tops, faux wood vinyl flooring, new wall unit air- conditioning in 10 of the units and new mini split units in 6 of the units, lighting, and stainless-steel appliances in most apartments. Also, new dishwashes in several of the units. New electrical panels in all 16 units. The remaining three units have had a partial update. Kitchens are fully equipped with appliances and have gas or electric stoves. Buildings 420 and 424 use gas while buildings 418 and 422 use electric. Each building has a hot water heater four in total. Additionally, unit 418-2 has its own electric hot water heater. Apartments are separately metered for electricity, while water, sewer and trash are included in the rent. The owner currently charges a flat fee to all residents for water. There is a total of eight onsite surface parking spaces as well as abundant street parking. The four individual garages are accessed by an enclosed hallway which also has a communal bathroom. The seller put in a new laundry room which has two washers and two dryers using space in one of the garages as well as a mini split air-conditioning system. The laundry machines are leased. The garages have the potential to park a car, be used for storage or other potential uses. Flamingo Park Apartments offers an investor the opportunity to acquire a renovated a 16-unit boutique apartment community in an excellent rental market. Flamingo Park has transformed into a trendy area, with restaurants, shopping and other neighborhood amenity retailers. In addition, the property is in close proximity to downtown West Palm Beach and Clematis Street.