Multifamily

Zenith Apartments

4303-4371 Canal 8 Rd, West Palm Beach, FL 33406

Listing Price: $3,150,000

Cap Rate
5.51%
Number of Units
21
GRM
10.82
Occupancy
95.0%
Price/Unit
$150,000
Price/Gross SF
$163.40
Gross SF
19,278

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Zenith Apartments, a 21-unit apartment community located South of Forest Hill Boulevard and East of Military Trail on Canal 8 Road in the city of West Palm Beach, Florida. The property was constructed in 1975 and consists of six duplexes and three triplexes. All of the buildings are single-story and are situated on three contiguous parcels totaling 3.41 acres.

Zenith Apartments offers a very desirable mix of all two-bedroom apartments, each with a separate electric and water meters. Apartments have central heating and air-conditioning, a separate hot-water heater, fully equipped kitchens with all electric appliances, washer and dryer connections, two entrances and tile flooring throughout. Water meters were installed for all of the units in 2019. Over the past 10 years, approximately over sixty percent of the kitchens and bathrooms were remodeled, including new cabinets and laminate countertops in the kitchen only. Additionally, four-bathroom tubs were replaced. There are nine roofs in total, three roofs were replaced in 2005-2007, four roofs were replaced in 2013-2014 and two roofs were replaced in 2018. The seller has replaced ninety percent of the air-conditioners since 2005. Additionally, each unit has two parking spaces and there are two dumpsters on-site.

Zenith Apartments offers an investor the opportunity to acquire a twenty-one-unit apartment community in an excellent rental market, with separate water meters for each unit on a 3.41-acre site. Additionally, with below market rents an investor could continue to remodel units and increase the rents to market levels.

Investment Highlights

  • Current Ownership of Over Fifteen Years
  • All Two Bedroom Floor Plans
  • Approximately Over Sixty Percent of Kitchen and Bathrooms Remodeled
  • Water Meters Installed for All Units in 2019
  • Driveway Recently Sealed and Stripped
  • The Property is Located in an Opportunity Zone

Exclusively Listed By

Listing Price: $3,150,000

Cap Rate
5.51%
Number of Units
21
GRM
10.82
Occupancy
95.0%
Price/Unit
$150,000
Price/Gross SF
$163.40
Gross SF
19,278

Investment Highlights

  • Current Ownership of Over Fifteen Years
  • All Two Bedroom Floor Plans
  • Approximately Over Sixty Percent of Kitchen and Bathrooms Remodeled
  • Water Meters Installed for All Units in 2019
  • Driveway Recently Sealed and Stripped
  • The Property is Located in an Opportunity Zone

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Zenith Apartments, a 21-unit apartment community located South of Forest Hill Boulevard and East of Military Trail on Canal 8 Road in the city of West Palm Beach, Florida. The property was constructed in 1975 and consists of six duplexes and three triplexes. All of the buildings are single-story and are situated on three contiguous parcels totaling 3.41 acres.

Zenith Apartments offers a very desirable mix of all two-bedroom apartments, each with a separate electric and water meters. Apartments have central heating and air-conditioning, a separate hot-water heater, fully equipped kitchens with all electric appliances, washer and dryer connections, two entrances and tile flooring throughout. Water meters were installed for all of the units in 2019. Over the past 10 years, approximately over sixty percent of the kitchens and bathrooms were remodeled, including new cabinets and laminate countertops in the kitchen only. Additionally, four-bathroom tubs were replaced. There are nine roofs in total, three roofs were replaced in 2005-2007, four roofs were replaced in 2013-2014 and two roofs were replaced in 2018. The seller has replaced ninety percent of the air-conditioners since 2005. Additionally, each unit has two parking spaces and there are two dumpsters on-site.

Zenith Apartments offers an investor the opportunity to acquire a twenty-one-unit apartment community in an excellent rental market, with separate water meters for each unit on a 3.41-acre site. Additionally, with below market rents an investor could continue to remodel units and increase the rents to market levels.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower