Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to present Inlet Reef Apartments, a 14-unit multifamily property located in the highly desirable waterfront community of Palm Beach Shores. Built in 1955, the property consists of 7,302 square feet on a 0.39-acre lot and is constructed of durable concrete block with window unit air conditioning. The unit mix includes 12 one-bedroom/one-bath units and 2 studio units, and the property features a private pool, as well as coin-operated laundry, enhancing its appeal. Currently operated as an annual rental community, Inlet Reef Apartments presents a high-value repositioning opportunity. Given its prime location and strong demand for short-term accommodations, converting the property to furnished short-term rentals would significantly enhance cash flow and maximize investment returns. Situated on a 0.39-acre lot, this property offers strong redevelopment potential. It falls within Palm Beach Shores District B zoning, which permits up to 21 units per acre—allowing for approximately 8.19 units on this site. As the island continues to grow rapidly, several new condominium developments have already emerged on the same street as the Inlet Reef Apartments. Situated just steps from the Palm Beach Inlet, the property offers immediate access to boating, fishing, and waterfront recreation. The popular Peanut Island, a premier destination for snorkeling and outdoor activities, is just minutes away. Sailfish Marina, known for its waterfront dining and fishing charters, is within walking distance, while high-end hotels, including the Palm Beach Marriott Singer Island Beach Resort & Spa, are in close proximity. Additionally, the Port of Palm Beach, located 1.5 miles away, serves as a key economic driver, supporting commercial shipping and cruise travel. With its coastal location, solid construction, and significant value-add potential through short-term rental conversion, Inlet Reef Apartments represents a premier investment opportunity in one of South Florida’s most sought-after beachside markets.