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Multifamily

Indigo Palms

4011 36th Ct, West Palm Beach, FL 33407

Listing Price: $5,800,000

Cap Rate
5.22%
Number of Units
57
GRM
9.66
Occupancy
95.0%
Price/Unit
$101,754
Price/Gross SF
$218.11
Gross SF
26,592

Investment Overview

Marcus and Millichap, as exclusive listing agent, is pleased to bring to market the Indigo Palms Villas, a 57-unit apartment complex located in the city of West Palm Beach, in Palm Beach County, FL. The property was built in 1985 on a large 3.3-acre parcel. Indigo Palms is comprised of 29 Studio units, 26 One Bedroom /One Bathroom units and two (2) Two Bedroom /Two Bathroom units across 6 buildings totaling 26,592 square feet. The roofs have been completely replaced on three out of the six buildings on the property. The property also includes a RUBS water system that has not yet been activated.

The asset is located south of 45th Street, East of N. Australian Avenue, North of 36th Street and West of US Highway 1. Indigo Palms is ideally situated roughly three miles from the downtown West Palm Beach central business district which includes an abundance of employment and entertainment opportunities. West Palm Beach is the largest city in Palm Beach County, the CBD is highlighted by City Place Tower, Phillips Point and Esperante; three class A office towers comprising in excess of 1 million square feet and representing thousands of area jobs. Other attractions found in downtown West Palm Beach include Clematis Street, the Kravis Center for Performing Arts and City Place. City Place is a 600,000-square-foot lifestyle center including a mix of retail stores, restaurants and other entertainment opportunities.

Indigo Palms Villas presents an investor with an excellent opportunity to acquire 57 multifamily units situated on one parcel within the rapidly growing city of West Pam Beach.

Investment Highlights

  • 6 Garden Style Buildings built in 1985
  • Additional Upside Through Leasing Units to Market Rents
  • Ideally Located a Short Drive From Downtown West Palm Beach
  • Mix Of Studio, One- and Two- Bedroom Floorplans
  • Three of Six Roofs Were Replaced in 2021
  • Close Proximity To Local Shopping and Dining Options

Exclusively Listed By

Listing Price: $5,800,000

Cap Rate
5.22%
Number of Units
57
GRM
9.66
Occupancy
95.0%
Price/Unit
$101,754
Price/Gross SF
$218.11
Gross SF
26,592

Investment Highlights

  • 6 Garden Style Buildings built in 1985
  • Additional Upside Through Leasing Units to Market Rents
  • Ideally Located a Short Drive From Downtown West Palm Beach
  • Mix Of Studio, One- and Two- Bedroom Floorplans
  • Three of Six Roofs Were Replaced in 2021
  • Close Proximity To Local Shopping and Dining Options

Investment Overview

Marcus and Millichap, as exclusive listing agent, is pleased to bring to market the Indigo Palms Villas, a 57-unit apartment complex located in the city of West Palm Beach, in Palm Beach County, FL. The property was built in 1985 on a large 3.3-acre parcel. Indigo Palms is comprised of 29 Studio units, 26 One Bedroom /One Bathroom units and two (2) Two Bedroom /Two Bathroom units across 6 buildings totaling 26,592 square feet. The roofs have been completely replaced on three out of the six buildings on the property. The property also includes a RUBS water system that has not yet been activated.

The asset is located south of 45th Street, East of N. Australian Avenue, North of 36th Street and West of US Highway 1. Indigo Palms is ideally situated roughly three miles from the downtown West Palm Beach central business district which includes an abundance of employment and entertainment opportunities. West Palm Beach is the largest city in Palm Beach County, the CBD is highlighted by City Place Tower, Phillips Point and Esperante; three class A office towers comprising in excess of 1 million square feet and representing thousands of area jobs. Other attractions found in downtown West Palm Beach include Clematis Street, the Kravis Center for Performing Arts and City Place. City Place is a 600,000-square-foot lifestyle center including a mix of retail stores, restaurants and other entertainment opportunities.

Indigo Palms Villas presents an investor with an excellent opportunity to acquire 57 multifamily units situated on one parcel within the rapidly growing city of West Pam Beach.

Exclusively Listed By

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