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Multifamily

Flamingo Park Apartments

420 Kanuga Dr, West Palm Beach, FL 33401

Listing Price: $2,800,000

Cap Rate
4.30%
Number of Units
16
Occupancy
96.0%
Price/Unit
$175,000
Price/Gross SF
$285.80
Gross SF
9,797

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Flamingo Park Apartments, a 16-unit, boutique apartment community located in the highly sought-after Flamingo Park submarket of West Palm Beach, Florida. Flamingo Park Apartments consists of four two-story residential buildings and one one-story four car garage built in 1928 of wood frame construction, all situated on one .43-acre parcel of land. The property is situated just west of Federal Highway (US-1) and a few blocks south of Okeechobee Boulevard. Named a West Palm Beach historic district in 1993, Flamingo Park is one of sixteen historic districts and dates to 1921. The district consists of 501 contributing structures spanning approximately 26 square blocks and the subject property sits along its east side. Originally a pineapple plantation and mango orchard, Flamingo Park has transformed into an exclusive and very desirable residential community. Since 1987, when neighbors founded the Flamingo Park Neighborhood Association, many of the historic homes have been restored to their original look. Over the years, the surrounding area has drawn many boutique shops, restaurants, coffee shops and new residential development due to the influx of young professionals. The property benefits from a very convenient location with Interstate 95, Downtown West Palm Beach, Rosemary Square, Palm Beach County Convention Center, Kravis Center, Clematis Street, Palm Beach Atlantic University and Palm Beach International Airport all just a few minutes’ drive. Flamingo Park, Howard Park, Norton Museum of Art and Ann Norton Sculpture Gardens are all within a few blocks. Okeechobee Boulevard provides access to most national retailers and CityPlace and Clematis Street are home to an endless number of restaurants, bars, and retail shops. Flamingo Park Apartments offers a diverse unit mix of studio, one- and two-bedroom floor plans. The current owners purchased the property with building 422 being vacant/down. The four-units in that building were fully renovated and the units are currently being leased. All apartments have individual wall unit air-conditioning and flooring is either ceramic tile, hardwood, or vinyl faux wood. Kitchens are fully equipped with appliances and have gas or electric stoves. Buildings 420 and 424 use gas while buildings 418 and 422 use electric. Each building has a hot water heater four in total. Recently the owner installed two new hot water heaters. Additionally, two of the units have dishwashers. Each apartment is separately metered for electricity and while there is one master water meter, the owner charges a convenience fee to all residents on a monthly basis. There is a total of eight onsite surface parking spaces as well as abundant street parking. The four individual garages are accessed by an enclosed hallway which also has a communal bathroom. The garages have the potential to park a car or be used for storage or other potential uses. Flamingo Park Apartments offers an investor the opportunity to acquire a 16-unit boutique apartment community in an excellent rental market. Flamingo Park has transformed into a trendy area, with restaurants, shopping and other neighborhood amenity retailers. In addition, the property is in close proximity to downtown West Palm Beach and Clematis Street. Currently the rents are below market, an investor could continue to remodel units and increase the rents to market levels.

Investment Highlights

  • Desirable Flamingo Park Submarket
  • Minimal Ownership Turnover in Area
  • Excellent Mix of 50 Percent Two-Bedrooms
  • Four Private Garages with Communal Restroom
  • Close to Downtown and Clematis Street
  • New Development in Surrounding Area

Exclusively Listed By

Financing By

Listing Price: $2,800,000

Cap Rate
4.30%
Number of Units
16
Occupancy
96.0%
Price/Unit
$175,000
Price/Gross SF
$285.80
Gross SF
9,797

Investment Highlights

  • Desirable Flamingo Park Submarket
  • Minimal Ownership Turnover in Area
  • Excellent Mix of 50 Percent Two-Bedrooms
  • Four Private Garages with Communal Restroom
  • Close to Downtown and Clematis Street
  • New Development in Surrounding Area

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Flamingo Park Apartments, a 16-unit, boutique apartment community located in the highly sought-after Flamingo Park submarket of West Palm Beach, Florida. Flamingo Park Apartments consists of four two-story residential buildings and one one-story four car garage built in 1928 of wood frame construction, all situated on one .43-acre parcel of land. The property is situated just west of Federal Highway (US-1) and a few blocks south of Okeechobee Boulevard. Named a West Palm Beach historic district in 1993, Flamingo Park is one of sixteen historic districts and dates to 1921. The district consists of 501 contributing structures spanning approximately 26 square blocks and the subject property sits along its east side. Originally a pineapple plantation and mango orchard, Flamingo Park has transformed into an exclusive and very desirable residential community. Since 1987, when neighbors founded the Flamingo Park Neighborhood Association, many of the historic homes have been restored to their original look. Over the years, the surrounding area has drawn many boutique shops, restaurants, coffee shops and new residential development due to the influx of young professionals. The property benefits from a very convenient location with Interstate 95, Downtown West Palm Beach, Rosemary Square, Palm Beach County Convention Center, Kravis Center, Clematis Street, Palm Beach Atlantic University and Palm Beach International Airport all just a few minutes’ drive. Flamingo Park, Howard Park, Norton Museum of Art and Ann Norton Sculpture Gardens are all within a few blocks. Okeechobee Boulevard provides access to most national retailers and CityPlace and Clematis Street are home to an endless number of restaurants, bars, and retail shops. Flamingo Park Apartments offers a diverse unit mix of studio, one- and two-bedroom floor plans. The current owners purchased the property with building 422 being vacant/down. The four-units in that building were fully renovated and the units are currently being leased. All apartments have individual wall unit air-conditioning and flooring is either ceramic tile, hardwood, or vinyl faux wood. Kitchens are fully equipped with appliances and have gas or electric stoves. Buildings 420 and 424 use gas while buildings 418 and 422 use electric. Each building has a hot water heater four in total. Recently the owner installed two new hot water heaters. Additionally, two of the units have dishwashers. Each apartment is separately metered for electricity and while there is one master water meter, the owner charges a convenience fee to all residents on a monthly basis. There is a total of eight onsite surface parking spaces as well as abundant street parking. The four individual garages are accessed by an enclosed hallway which also has a communal bathroom. The garages have the potential to park a car or be used for storage or other potential uses. Flamingo Park Apartments offers an investor the opportunity to acquire a 16-unit boutique apartment community in an excellent rental market. Flamingo Park has transformed into a trendy area, with restaurants, shopping and other neighborhood amenity retailers. In addition, the property is in close proximity to downtown West Palm Beach and Clematis Street. Currently the rents are below market, an investor could continue to remodel units and increase the rents to market levels.

Exclusively Listed By

Financing By

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