Investment Overview

Marcus & Millichap, as exclusive listing agents, is pleased to present for sale Palm & Sun Furnished Suites, a 11-unit apartment building located at 1601 S Federal Highway, Lake Worth Beach, Florida. The property is a one-story apartment building located south of Downtown Lake Worth Beach and a short drive north of the water-front restaurants and shops situated on E Ocean Ave in the city of Lantana. The property was built in 1956 with concrete-block construction, consisting of 3,667 square feet, and is set on a 0.30-acre parcel. The unit mix consists of ten (10) studio apartments and one (1) one-bedroom / one-bathroom unit. 10 out of 11 units have full kitchens that include gas ranges and ovens. The property includes an on-site pool, laundry machines, and a pool room. Palm and Sun is located on S Federal Highway between 15th and 17th Avenue S and is located east of S Dixie Highway, south of 6th Avenue S and north of Lantana Road. 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. The Palm & Sun can be purchased individually or together as a portfolio with the Casa Loma Furnished Rentals, which is located less than 5 blocks north of the subject property. Purchasing the portfolio of both properties simultaneously will provide an investor an opportunity to own 25 units allowing for greater economies of scale and added synergy when maximizing rents across the portfolio.