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Multifamily

Gardenette Apartments

4700 Gardenette Street, West Palm Beach, FL 33415

Listing Price: $749,000

Cap Rate
4.89%
Number of Units
5
Occupancy
100.0%
Price/Unit
$149,800
Price/Gross SF
$163.11
Gross SF
4,592

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Gardenette Apartments, a ?ve-unit apartment community. The property is located between Southern Boulevard and Forest Hill Boulevard, just west of South Military Trail at 4700 Gardenette Street in unincorporated Palm Beach County, Florida. The property consists of one two-story garden style apartment building that was constructed in 1978 and is situated on .58 acres. Gardenette Apartments offers a very desirable mix of two, three-bedroom / two-bathroom units, two, two-bedroom / one-bathroom units and one, one-bedroom/one-bathroom unit with an average unit size of 918 square feet. Each unit is separately metered for water and electricity. Every unit has central air conditioning, fully equipped kitchens with electric appliances, and tile ?ooring throughout. Additionally, there are wood hurricane shutters that come with the property. There are also two storage sheds on the property, one of the storage sheds is being rented for additional income. Three of the central air conditioning units have been replaced within the last two years. The property has a septic tank system for the sewage. There are 11 on-site parking spaces. Gardenette Apartments offers an investor the opportunity to acquire a well-maintained ?ve-unit building in an excellent rental market with the potential to increase rents to market levels. Additionally, the property has a desirable unit mix consisting of three-bedroom, two-bedroom and one-bedroom units, each with its own water and electric meter.

Investment Highlights

  • Well-Maintained Property with Below Market Rents
  • Separate Electric and Water Meters
  • Desirable Unit Mix with Average Unit Size of 918 Square Feet

Exclusively Listed By

Financing By

Listing Price: $749,000

Cap Rate
4.89%
Number of Units
5
Occupancy
100.0%
Price/Unit
$149,800
Price/Gross SF
$163.11
Gross SF
4,592

Investment Highlights

  • Well-Maintained Property with Below Market Rents
  • Separate Electric and Water Meters
  • Desirable Unit Mix with Average Unit Size of 918 Square Feet

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Gardenette Apartments, a ?ve-unit apartment community. The property is located between Southern Boulevard and Forest Hill Boulevard, just west of South Military Trail at 4700 Gardenette Street in unincorporated Palm Beach County, Florida. The property consists of one two-story garden style apartment building that was constructed in 1978 and is situated on .58 acres. Gardenette Apartments offers a very desirable mix of two, three-bedroom / two-bathroom units, two, two-bedroom / one-bathroom units and one, one-bedroom/one-bathroom unit with an average unit size of 918 square feet. Each unit is separately metered for water and electricity. Every unit has central air conditioning, fully equipped kitchens with electric appliances, and tile ?ooring throughout. Additionally, there are wood hurricane shutters that come with the property. There are also two storage sheds on the property, one of the storage sheds is being rented for additional income. Three of the central air conditioning units have been replaced within the last two years. The property has a septic tank system for the sewage. There are 11 on-site parking spaces. Gardenette Apartments offers an investor the opportunity to acquire a well-maintained ?ve-unit building in an excellent rental market with the potential to increase rents to market levels. Additionally, the property has a desirable unit mix consisting of three-bedroom, two-bedroom and one-bedroom units, each with its own water and electric meter.

Exclusively Listed By

Financing By

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