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Multifamily

Lake Arjaro Apartments

4885 Lake Arjaro Drive, West Palm Beach, FL 33407

Listing Price: $8,600,000

Cap Rate
5.23%
Number of Units
57
GRM
10.10
Occupancy
95.0%
Price/Unit
$150,877
Price/Gross SF
$149.36
Gross SF
57,580

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Lake Arjaro Apartments, a 57-unit apartment community located in the city of West Palm Beach, Florida. Lake Arjaro was constructed in 1984 of concrete block with painted stucco exterior and consists of 7 two-story, garden style apartment buildings situated around a small lake on a total of 5.6-acres. There is a one-story, freestanding building located at the front of the property which is currently being utilized as a leasing office and maintenance shop. The property offers a unique unit mix of all two- and three-bathroom floor plans averaging 1,010 rentable square feet, each with two bathrooms and 29 with an additional large den that is convertible into a bedroom. Every apartment has a private screened-in balcony or patio, central heating and air-conditioning, separate electric hot-water heater, washer and dryer connections, and a fully equipped kitchen with all-electric appliances. Electricity is separately metered and paid for by the residents, while water, sewer and trash removal are included in the rent. At some point in the past, exterior water submeters were added but are currently not being utilized.

The community is fully fenced except for two open entrances on the east and west side of the property, each with a long driveway that potentially could be gated. There are a total of 116 surface parking spaces. Each building has two storage closets on first floor. At one time the property had a large pool and tennis court, both of which are currently not in use and offer future opportunity for a new owner.

Situated equidistant between Interstate 95 and Floridas Turnpike, Lake Arjaro benefits from excellent access to transportation, employment and many economic drivers throughout Palm Beach County. The BallPark of the Palm Beaches, a 7,700-capacity stadium along with 6 practice fields, where the Houston Astros and Washington Nationals hold spring training, is located one block to the south. Rapids Waterpark, a 35-acre park with 42 watersides and attractions, is located just a few blocks to the north. Sams Club, MorseLife Heathy System, JFK Medical Center, Veterans Affairs Medical Center, Costco and FedEx distribution centers, Cheney Brothers Headquarters, Egret Lake Elementary and Palm Beach Lakes Community High School are all within approximately two miles. Furthermore, Foodtown Supermarket, a large local supermarket that has been in business since 1969, is located across the street.

Lake Arjaro has been owner operated for the past six years. During that time, rental rates have been slowly increased. Currently, the in-place rents are approximately $275 below market, which offers an investor a tremendous opportunity for rental growth through interior and exterior renovations. Furthermore, with the reinstitution of the water meters, a new owner should see double digit returns.


Investment Highlights

  • Tremendous Value Add Opportunity
  • Close Proximity to Many Economic Drivers and Employment Centers
  • Built in 1984 of Concrete Block with Pitched Roofs
  • Excellent Unit Mix with Large Two and Three-Bedroom Apartments
  • Freestanding On-Site Leasing Office
  • 100% Two- and Three-Bedroom Floor Plans

Exclusively Listed By

Listing Price: $8,600,000

Cap Rate
5.23%
Number of Units
57
GRM
10.10
Occupancy
95.0%
Price/Unit
$150,877
Price/Gross SF
$149.36
Gross SF
57,580

Investment Highlights

  • Tremendous Value Add Opportunity
  • Close Proximity to Many Economic Drivers and Employment Centers
  • Built in 1984 of Concrete Block with Pitched Roofs
  • Excellent Unit Mix with Large Two and Three-Bedroom Apartments
  • Freestanding On-Site Leasing Office
  • 100% Two- and Three-Bedroom Floor Plans

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Lake Arjaro Apartments, a 57-unit apartment community located in the city of West Palm Beach, Florida. Lake Arjaro was constructed in 1984 of concrete block with painted stucco exterior and consists of 7 two-story, garden style apartment buildings situated around a small lake on a total of 5.6-acres. There is a one-story, freestanding building located at the front of the property which is currently being utilized as a leasing office and maintenance shop. The property offers a unique unit mix of all two- and three-bathroom floor plans averaging 1,010 rentable square feet, each with two bathrooms and 29 with an additional large den that is convertible into a bedroom. Every apartment has a private screened-in balcony or patio, central heating and air-conditioning, separate electric hot-water heater, washer and dryer connections, and a fully equipped kitchen with all-electric appliances. Electricity is separately metered and paid for by the residents, while water, sewer and trash removal are included in the rent. At some point in the past, exterior water submeters were added but are currently not being utilized.

The community is fully fenced except for two open entrances on the east and west side of the property, each with a long driveway that potentially could be gated. There are a total of 116 surface parking spaces. Each building has two storage closets on first floor. At one time the property had a large pool and tennis court, both of which are currently not in use and offer future opportunity for a new owner.

Situated equidistant between Interstate 95 and Floridas Turnpike, Lake Arjaro benefits from excellent access to transportation, employment and many economic drivers throughout Palm Beach County. The BallPark of the Palm Beaches, a 7,700-capacity stadium along with 6 practice fields, where the Houston Astros and Washington Nationals hold spring training, is located one block to the south. Rapids Waterpark, a 35-acre park with 42 watersides and attractions, is located just a few blocks to the north. Sams Club, MorseLife Heathy System, JFK Medical Center, Veterans Affairs Medical Center, Costco and FedEx distribution centers, Cheney Brothers Headquarters, Egret Lake Elementary and Palm Beach Lakes Community High School are all within approximately two miles. Furthermore, Foodtown Supermarket, a large local supermarket that has been in business since 1969, is located across the street.

Lake Arjaro has been owner operated for the past six years. During that time, rental rates have been slowly increased. Currently, the in-place rents are approximately $275 below market, which offers an investor a tremendous opportunity for rental growth through interior and exterior renovations. Furthermore, with the reinstitution of the water meters, a new owner should see double digit returns.


Exclusively Listed By

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