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Multifamily

Casa Loma

1105 S Federal Hwy, Lake Worth, FL 33460

Listing Price: $2,450,000

Cap Rate
6.32%
Number of Units
14
GRM
4.88
Occupancy
96.0%
Price/Unit
$175,000
Price/Gross SF
$463.49
Gross SF
5,286

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to present for sale Casa Loma Furnished Rentals, a 14 unit apartment building located at 1105 S Federal Highway, Lake Worth Beach, Florida.

Casa Loma is a renovated two-story apartment building located near historic downtown Lake Worth Beach. The property was built in 1990 with concrete-block construction, consists of 5,286 square feet, and is situated on a 0.30-acre parcel. The unit mix consists of thirteen (13) studio apartments and one (1) one-bedroom / one-bathroom unit. The property sits on S Federal Highway and is located east of S Dixie Highway, south of 6th Avenue S and north of Lantana Road.

Within the last two years the property has received extensive interior and exterior renovations. Exterior renovations include hurricane impact windows, a new roof, new Mitsubishi mini-split air conditioners that have a 10-year warranty, exterior paintwork, new signage, lighting and security cameras. Interior renovations include unit upgrades throughout.

The asset, currently being operated as furnished rentals, benefits from having an active transient license connected to the property. The license allows an investor great optionality with respect to how the property is operated. Such options include furnished/seasonal rentals, traditional annual rentals or as a vacation rental/boutique hotel.

Casa Loma offers an investor an excellent opportunity to purchase a stabilized, turn-key property that allows for rental flexibility with multiple options to maximize cash flow.

Investment Highlights

  • Turn-Key Investment Opportunity with Recently Updated Unit Interiors Located in Lake Worth Beach
  • Several Exterior Improvements including a New Roof, Mini-Split A/C Units and Paintwork Completed in 2022
  • Active Transient License in Place Which Provides Excellent Rental Flexibility
  • Currently Operating as Furnished Rentals with the Majority of Tenants Having 7 Month Agreements in Place
  • 1990 Concrete Block Construction

Exclusively Listed By

Financing By

Listing Price: $2,450,000

Cap Rate
6.32%
Number of Units
14
GRM
4.88
Occupancy
96.0%
Price/Unit
$175,000
Price/Gross SF
$463.49
Gross SF
5,286

Investment Highlights

  • Turn-Key Investment Opportunity with Recently Updated Unit Interiors Located in Lake Worth Beach
  • Several Exterior Improvements including a New Roof, Mini-Split A/C Units and Paintwork Completed in 2022
  • Active Transient License in Place Which Provides Excellent Rental Flexibility
  • Currently Operating as Furnished Rentals with the Majority of Tenants Having 7 Month Agreements in Place
  • 1990 Concrete Block Construction

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to present for sale Casa Loma Furnished Rentals, a 14 unit apartment building located at 1105 S Federal Highway, Lake Worth Beach, Florida. Casa Loma is a renovated two-story apartment building located near historic downtown Lake Worth Beach. The property was built in 1990 with concrete-block construction, consists of 5,286 square feet, and is situated on a 0.30-acre parcel. The unit mix consists of thirteen (13) studio apartments and one (1) one-bedroom / one-bathroom unit. The property sits on S Federal Highway and is located east of S Dixie Highway, south of 6th Avenue S and north of Lantana Road. Within the last two years the property has received extensive interior and exterior renovations. Exterior renovations include hurricane impact windows, a new roof, new Mitsubishi mini-split air conditioners that have a 10-year warranty, exterior paintwork, new signage, lighting and security cameras. Interior renovations include unit upgrades throughout. The asset, currently being operated as furnished rentals, benefits from having an active transient license connected to the property. The license allows an investor great optionality with respect to how the property is operated. Such options include furnished/seasonal rentals, traditional annual rentals or as a vacation rental/boutique hotel. Casa Loma offers an investor an excellent opportunity to purchase a stabilized, turn-key property that allows for rental flexibility with multiple options to maximize cash flow.

Exclusively Listed By

Financing By

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