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Multifamily

Grandview Heights

1713 Florida Ave, West Palm Beach, FL 33401

Listing Price: $1,775,000

Cap Rate
5.50%
Number of Units
6
GRM
11.98
Occupancy
100.0%
Price/Unit
$295,833
Price/Gross SF
$448.91
Gross SF
3,954

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Grandview Heights, a 6-unit, boutique apartment community located in the highly sought-after Grandview Heights submarket of West Palm Beach, Florida. Grandview Heights consists of two two-story residential buildings situated on a .17-acre parcel of land. The front building, which was built in 1935 of wood frame, is comprised of two apartments. The rear building, which was built in 1961 of concrete block, is comprised of four
apartments. The property is situated just west of Dixie Highway (US-1) and a few blocks south of Okeechobee Boulevard. The neighborhood boasts stunning historic Spanish Mission and Colonial Revival homes and tree-lined streets.

Named a West Palm Beach historic district in 1999, Grandview Heights is one of thirteen historic districts in the City of West Palm Beach. The district is bounded by M Street, Park Place, Lake Avenue and Alabama Avenue and spans approximately 21 square blocks. Due to its proximity to the beach, downtown, and the airport, this neighborhood has transformed into one of the most exclusive and sought-after places to live in West Palm Beach. 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 Downtown West Palm Beach, Rosemary Square, the Palm Beach County Convention Center, the Kravis Center for the Performing Arts, Clematis Street, and Palm Beach Atlantic University all within just a few blocks. Many of these destinations were built in the late 1990’s after the
city demolished many historic homes in the Grandview Heights neighborhood to create a center for arts and entertainment. Interstate 95 and the Palm Beach International Airport are only 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 many restaurants, bars, and retail shops. Okeechobee Boulevard, which is just to the north, provides access to most national retailers, and Cityplace and Clematis Street are home to an endless array of trendy restaurants, bars, and shops.

Grandview Heights offers a good mix of one- and two-bedroom floor plans, some with large living rooms, private patios, and expansive balconies. Over the past few years there has been significant interior and exterior renovations and upgrades including, but not limited to landscaping and landscape lighting, sprinkler system, metal and wood perimeter fencing, painting of exterior stairs and railings, gutters and drains, new railings and decks, and new roof over water heater closet. Apartment upgrades include
wiring and breaker replacements, interior paint, window replacement, bathtub resurfacing, and microwave replacement. Apartments are separately metered for electricity, and water is billed to the residents at $100 per month for all one-bedroom apartments and $200 per month for the two-bedroom. The front building has central heating and air-conditioning, and the back building has individual wall air-conditioning units. All apartments have a separate hot-water heater. There is a total of seven onsite surface parking spaces as well as abundant street parking. There is a laundry with one washer and dryer accessible to the back building that serves those four apartments. The two apartments in the front building each have a washer and dryer in them.

The property has historically operated as a mix of seasonal, short-term, and long-term rentals, although the current owner is in the process of converting all apartments to long term rentals. Due to the proximity to downtown West Palm Beach, Palm Beach island and the beach, there is an excellent opportunity to run the property as short-term rentals.

Investment Highlights

  • Highly Sought-After Grandview Heights Submarket
  • Minimal Ownership Turnover in Neighborhood
  • Close to Downtown and Clematis Street
  • Recent Major Improvements to the Property
  • Excellent Mix of One- and Two-Bedrooms
  • Boutique Property with Lots of Private Space
  • New Development in Surrounding Area
  • Potential for Short-Term or Long-Term Rentals

Exclusively Listed By

Multifamily

Grandview Heights

Listing Price: $1,775,000

Cap Rate
5.50%
Number of Units
6
GRM
11.98
Occupancy
100.0%
Price/Unit
$295,833
Price/Gross SF
$448.91
Gross SF
3,954

Investment Highlights

  • Highly Sought-After Grandview Heights Submarket
  • Minimal Ownership Turnover in Neighborhood
  • Close to Downtown and Clematis Street
  • Recent Major Improvements to the Property
  • Excellent Mix of One- and Two-Bedrooms
  • Boutique Property with Lots of Private Space
  • New Development in Surrounding Area
  • Potential for Short-Term or Long-Term Rentals

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Grandview Heights, a 6-unit, boutique apartment community located in the highly sought-after Grandview Heights submarket of West Palm Beach, Florida. Grandview Heights consists of two two-story residential buildings situated on a .17-acre parcel of land. The front building, which was built in 1935 of wood frame, is comprised of two apartments. The rear building, which was built in 1961 of concrete block, is comprised of four apartments. The property is situated just west of Dixie Highway (US-1) and a few blocks south of Okeechobee Boulevard. The neighborhood boasts stunning historic Spanish Mission and Colonial Revival homes and tree-lined streets. Named a West Palm Beach historic district in 1999, Grandview Heights is one of thirteen historic districts in the City of West Palm Beach. The district is bounded by M Street, Park Place, Lake Avenue and Alabama Avenue and spans approximately 21 square blocks. Due to its proximity to the beach, downtown, and the airport, this neighborhood has transformed into one of the most exclusive and sought-after places to live in West Palm Beach. 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 Downtown West Palm Beach, Rosemary Square, the Palm Beach County Convention Center, the Kravis Center for the Performing Arts, Clematis Street, and Palm Beach Atlantic University all within just a few blocks. Many of these destinations were built in the late 1990’s after the city demolished many historic homes in the Grandview Heights neighborhood to create a center for arts and entertainment. Interstate 95 and the Palm Beach International Airport are only 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 many restaurants, bars, and retail shops. Okeechobee Boulevard, which is just to the north, provides access to most national retailers, and Cityplace and Clematis Street are home to an endless array of trendy restaurants, bars, and shops. Grandview Heights offers a good mix of one- and two-bedroom floor plans, some with large living rooms, private patios, and expansive balconies. Over the past few years there has been significant interior and exterior renovations and upgrades including, but not limited to landscaping and landscape lighting, sprinkler system, metal and wood perimeter fencing, painting of exterior stairs and railings, gutters and drains, new railings and decks, and new roof over water heater closet. Apartment upgrades include wiring and breaker replacements, interior paint, window replacement, bathtub resurfacing, and microwave replacement. Apartments are separately metered for electricity, and water is billed to the residents at $100 per month for all one-bedroom apartments and $200 per month for the two-bedroom. The front building has central heating and air-conditioning, and the back building has individual wall air-conditioning units. All apartments have a separate hot-water heater. There is a total of seven onsite surface parking spaces as well as abundant street parking. There is a laundry with one washer and dryer accessible to the back building that serves those four apartments. The two apartments in the front building each have a washer and dryer in them. The property has historically operated as a mix of seasonal, short-term, and long-term rentals, although the current owner is in the process of converting all apartments to long term rentals. Due to the proximity to downtown West Palm Beach, Palm Beach island and the beach, there is an excellent opportunity to run the property as short-term rentals.

Exclusively Listed By

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