Investment Overview

Marcus & Millichap, as exclusive listing agents, is pleased to offer for sale the Kelsey City Apartments located at 227 Foresteria Drive, Lake Park, which is in Palm Beach County, Florida. Kelsey City Apartments consists of a furnished, Mediterranean Revival style, 4 bedroom / 3.5 bathroom house and two duplexes in the back of the property. The duplexes consist of one (1) 2 bedroom / 1 bathroom unit, two (2) 1 bedroom / 1 bathroom unit, and one (1) studio. Kelsey City Apartments is made up of three separate buildings within one parcel (36-43-42-20-01-030-0350), totaling 0.36 acres. The house and one of the duplexes were built in 1925 with concrete block construction and feature central air conditioning. The house, built in the Mediterranean Revival style, draws inspiration from early 20th-century California architecture, heavily influenced by Latin American designs. The house is being offered furnished, as it has primarily been used as a short-term rental through Airbnb and VRBO. The additional duplex was added to the property in 1938 and constructed using wood/steel frame construction. The property is located just one block west of Federal Highway, south of Northlake Boulevard, north of Silver Beach Road, and east of Old Dixie Highway. The surrounding neighborhood consists primarily of single-family homes and small multifamily properties. The city of Lake Park has benefitted from recent improvements and developments in the area. Just south of Kelsey City Apartments, a development known as Nautilus 220 is nearing completion. The project is set to include 330 luxury condominiums, 13,000 square feet of office space, 8,058 square feet of retail, and 14,550 square feet of restaurant space, all within two 24-story towers that rise along the Intracoastal Waterway.