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Multifamily

The Artisan Condominiums

707 6th Ave S, Lake Worth Beach, FL 33460

Listing Price: $3,250,000

Cap Rate
4.81%
Number of Units
18
GRM
8.63
Occupancy
96.0%
Price/Unit
$180,556
Price/Gross SF
$301.37
Gross SF
10,784

Investment Overview

Marcus & Millichap, as exclusive listing agent, is proud to present to market the Artisan Condominiums which is located at 707 6th Ave S, Lake Worth Beach, Florida.

The Artisan Condominiums is comprised of (17) one-bedroom / one-bathroom units and (1) two-bedroom / one-bathroom unit. Unit 5101 has the ability to be easily converted to a 2-Bedroom unit. The offering contains all 18 units within the association totaling .71 acres. The property was originally constructed in 1951 of concrete block and stucco. All plumbing and electrical have been updated with hurricane impact windows throughout. All 5 roofs were replaced in 2021. Current average rents for the one-bedroom units are $1,311/month, which sits 22% below market rate. There is a laundry room on site with 2 sets of coin operated, washers and dryers that are owned by the seller.

The property is located between Dixie Highway and Federal Highway along 6th Avenue, offering phenomenal access to Interstate-95 (0.7 miles). The property also sits less than a mile south of Lake Avenue, offering access to all the restaurants and retail that downtown Lake Worth Beach has to offer such as Dave’s Last Resort, Lilo’s Street food, Too Jay’s Deli and Matthews Brewing Company.

Investment Highlights

  • Located Between Dixie and Federal Highway in the Densely Populated City of Lake Worth Beach
  • Each Unit is Equipped With Mini-Splits and Impact Windows
  • Over 20% Upside Through Increasing Monthly Rents to Market Rate
  • Coin Operated Laundry On-Site
  • Fenced-In Courtyard
  • All Roofs Replaced in 2021

Exclusively Listed By

Multifamily

The Artisan Condominiums

Listing Price: $3,250,000

Cap Rate
4.81%
Number of Units
18
GRM
8.63
Occupancy
96.0%
Price/Unit
$180,556
Price/Gross SF
$301.37
Gross SF
10,784

Investment Highlights

  • Located Between Dixie and Federal Highway in the Densely Populated City of Lake Worth Beach
  • Each Unit is Equipped With Mini-Splits and Impact Windows
  • Over 20% Upside Through Increasing Monthly Rents to Market Rate
  • Coin Operated Laundry On-Site
  • Fenced-In Courtyard
  • All Roofs Replaced in 2021

Investment Overview

Marcus & Millichap, as exclusive listing agent, is proud to present to market the Artisan Condominiums which is located at 707 6th Ave S, Lake Worth Beach, Florida. The Artisan Condominiums is comprised of (17) one-bedroom / one-bathroom units and (1) two-bedroom / one-bathroom unit. Unit 5101 has the ability to be easily converted to a 2-Bedroom unit. The offering contains all 18 units within the association totaling .71 acres. The property was originally constructed in 1951 of concrete block and stucco. All plumbing and electrical have been updated with hurricane impact windows throughout. All 5 roofs were replaced in 2021. Current average rents for the one-bedroom units are $1,311/month, which sits 22% below market rate. There is a laundry room on site with 2 sets of coin operated, washers and dryers that are owned by the seller. The property is located between Dixie Highway and Federal Highway along 6th Avenue, offering phenomenal access to Interstate-95 (0.7 miles). The property also sits less than a mile south of Lake Avenue, offering access to all the restaurants and retail that downtown Lake Worth Beach has to offer such as Dave’s Last Resort, Lilo’s Street food, Too Jay’s Deli and Matthews Brewing Company.

Exclusively Listed By

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