Skip to main content

Multifamily

Lake Park Portfolio

921 Evergreen Dr, Lake Park, FL 33403

Listing Price: $4,250,000

Cap Rate
6.87%
Number of Units
34
GRM
7.94
Occupancy
95.0%
Price/Unit
$125,000
Price/Gross SF
$120.54
Gross SF
35,258

Investment Overview

Marcus & Millichap is pleased to bring to market the Lake Park Portfolio, a mixed use opportunity that is comprised of 20 multifamily apartment units and 14 retail bays in Lake Park, which is in Palm Beach County, FL. The multifamily portion of the portfolio consists of 16 two- bedroom / 1.5 bathroom units, two (2) three- bedroom / 1.5- bathroom units and two (2) four- bedroom / two bathroom units. The retail portion consists of a 12 unit shopping strip as well as a schoolhouse that is currently being rented out as offices and a cafeteria. The buildings total 35,258 square feet and was built between 1969 and 1985 and sits on a 2.1 acre lot. All of the buildings were constructed of concrete block construction and have central air-conditioning throughout.

Located on the corner of Evergreen Drive and 10th Street, the asset sits south of Northlake Boulevard, west of U.S. Highway 1, east of Old Dixie Highway and north of Blue Heron Boulevard. The property is conveniently situated minuets from local area shops and retail and is only a short drive from the Atlantic Ocean. Located minutes from the major employment centers in the suburban areas of the Lake Park submarket the property is only 10 minutes from the downtown West Palm Beach Central Business District. Together, the downtown and suburban areas of West Palm Beach consist of approximately 6.5 million square feet of office space including major commerce centers such as the Palm Beach County Courthouse, Philips Point, Esperante, the Palm Beach Financial District and The Breakers Hotel. In addition, the North Palm Beach/Palm Beach Gardens submarket consists of approximately 4.8 million square feet of office space including Abacoa, FP&L Corporate Headquarters, Harbour Financial Center, Palm Beach
Gardens Medical Center, Financial Center at the Gardens and Golden Bear Plaza. The property offers excellent access to the areas major highways and transportation networks, I-95 is just about three miles west and Palm Beach International Airport (six million passengers annually) less than 20 minutes south of the property.

Investment Highlights

  • Central Air Conditioning Throughout
  • Mixed Use Opportunity Comprising of Multifamily and Retail Units
  • Approximately One Mile West Of the Intracoastal Waterway
  • Opportunity to Purchase 20 Multifamily Units and 14 Retail Bays
  • Multifamily Units are Large Two- Three- And Four- Bedroom Floorplans

Exclusively Listed By

Financing By

Listing Price: $4,250,000

Cap Rate
6.87%
Number of Units
34
GRM
7.94
Occupancy
95.0%
Price/Unit
$125,000
Price/Gross SF
$120.54
Gross SF
35,258

Investment Highlights

  • Central Air Conditioning Throughout
  • Mixed Use Opportunity Comprising of Multifamily and Retail Units
  • Approximately One Mile West Of the Intracoastal Waterway
  • Opportunity to Purchase 20 Multifamily Units and 14 Retail Bays
  • Multifamily Units are Large Two- Three- And Four- Bedroom Floorplans

Investment Overview

Marcus & Millichap is pleased to bring to market the Lake Park Portfolio, a mixed use opportunity that is comprised of 20 multifamily apartment units and 14 retail bays in Lake Park, which is in Palm Beach County, FL. The multifamily portion of the portfolio consists of 16 two- bedroom / 1.5 bathroom units, two (2) three- bedroom / 1.5- bathroom units and two (2) four- bedroom / two bathroom units. The retail portion consists of a 12 unit shopping strip as well as a schoolhouse that is currently being rented out as offices and a cafeteria. The buildings total 35,258 square feet and was built between 1969 and 1985 and sits on a 2.1 acre lot. All of the buildings were constructed of concrete block construction and have central air-conditioning throughout.

Located on the corner of Evergreen Drive and 10th Street, the asset sits south of Northlake Boulevard, west of U.S. Highway 1, east of Old Dixie Highway and north of Blue Heron Boulevard. The property is conveniently situated minuets from local area shops and retail and is only a short drive from the Atlantic Ocean. Located minutes from the major employment centers in the suburban areas of the Lake Park submarket the property is only 10 minutes from the downtown West Palm Beach Central Business District. Together, the downtown and suburban areas of West Palm Beach consist of approximately 6.5 million square feet of office space including major commerce centers such as the Palm Beach County Courthouse, Philips Point, Esperante, the Palm Beach Financial District and The Breakers Hotel. In addition, the North Palm Beach/Palm Beach Gardens submarket consists of approximately 4.8 million square feet of office space including Abacoa, FP&L Corporate Headquarters, Harbour Financial Center, Palm Beach
Gardens Medical Center, Financial Center at the Gardens and Golden Bear Plaza. The property offers excellent access to the areas major highways and transportation networks, I-95 is just about three miles west and Palm Beach International Airport (six million passengers annually) less than 20 minutes south of the property.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower