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Multifamily

Northwest District -WPB Portfolio

709 6th St, West Palm Beach, FL 33401

Listing Price: $3,200,000

Cap Rate
6.38%
Number of Units
25
GRM
9.85
Occupancy
100.0%
Price/Unit
$128,000
Price/Gross SF
$199.46
Gross SF
16,043

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present to market the Northwest District - WPB Portfolio, a 25-unit portfolio of four multifamily properties located at 908 5th Street, 709 6th Street, 800 Douglass Avenue and 800 54th Street West Palm Beach, which is located in Palm Beach County, FL. The portfolio is comprised of 14 two bedroom/ one bathroom units, nine one bedroom/ one bathroom units and two studio units totaling 15,373 square feet.

908 5th Street, 709 6th Street and 800 Douglass Avenue are all located within walking distance of one another, (the fourth property 800 54th Street is a short drive north of the three previously mentioned properties). These properties are located in the Historic Northwest neighborhood which is situated north of Okeechobee Boulevard, south of Palm Beach Lakes Boulevard, west of north Dixie Highway and east of N. Australian Avenue. The Historic Northwest neighborhood is experiencing the benefits from its historic designation and an increase in attention and investment, realizing economic benefit through an increase in investor attention and property values. The Historic Northwest district is perfectly positioned for rebirth. Located just north of downtown, the neighborhood boundaries extend from Banyan Boulevard to Palm Beach Lakes Boulevard, west to Tamarind Avenue and east to Rosemary Avenue. The Northwest is rich with history and culture.

Predominantly residential, the majority of the area is designated as a historic district. Two commercial north-south corridors, Rosemary Avenue and Tamarind Avenue, form the borders of the neighborhood. The community redevelopment agency (CRA) and a group of stakeholders collaborated to create an action plan that focused redevelopment activities in six areas; business development, transportation, residential development, marketing and branding, security and capital improvements. The improvement program includes new street-scape along the 7th Street corridor. In addition, the entire Tamarind Corridor will be realigned and resurfaced from Banyan Boulevard to Palm Beach Lakes Boulevard.

The Historic Northwest is ideally positioned to become a cross-cultural destination with the current restoration of the historic and famed Sunset Ballroom and Lounge (8th Street and Henrietta) and the recent development and completion of Heart and Soul Park (825 N. Rosemary Avenue). Additional area redevelopment information can be found on the following pages.

Investment Highlights

  • Rapidly Improving Historic West Palm Beach Neighborhood
  • Located within the West Palm Beach Community Development Agency Boundaries
  • Surrounded by Several Revitalization Projects that are Currently Under Construction
  • Minutes from Downtown West Palm Beach
  • Excellent Unit Mix of Mostly One & Two-Bedroom Floor Plans
  • Concrete Block Construction

Exclusively Listed By

Financing By

Multifamily

Northwest District -WPB Portfolio

Listing Price: $3,200,000

Cap Rate
6.38%
Number of Units
25
GRM
9.85
Occupancy
100.0%
Price/Unit
$128,000
Price/Gross SF
$199.46
Gross SF
16,043

Investment Highlights

  • Rapidly Improving Historic West Palm Beach Neighborhood
  • Located within the West Palm Beach Community Development Agency Boundaries
  • Surrounded by Several Revitalization Projects that are Currently Under Construction
  • Minutes from Downtown West Palm Beach
  • Excellent Unit Mix of Mostly One & Two-Bedroom Floor Plans
  • Concrete Block Construction

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present to market the Northwest District - WPB Portfolio, a 25-unit portfolio of four multifamily properties located at 908 5th Street, 709 6th Street, 800 Douglass Avenue and 800 54th Street West Palm Beach, which is located in Palm Beach County, FL. The portfolio is comprised of 14 two bedroom/ one bathroom units, nine one bedroom/ one bathroom units and two studio units totaling 15,373 square feet.

908 5th Street, 709 6th Street and 800 Douglass Avenue are all located within walking distance of one another, (the fourth property 800 54th Street is a short drive north of the three previously mentioned properties). These properties are located in the Historic Northwest neighborhood which is situated north of Okeechobee Boulevard, south of Palm Beach Lakes Boulevard, west of north Dixie Highway and east of N. Australian Avenue. The Historic Northwest neighborhood is experiencing the benefits from its historic designation and an increase in attention and investment, realizing economic benefit through an increase in investor attention and property values. The Historic Northwest district is perfectly positioned for rebirth. Located just north of downtown, the neighborhood boundaries extend from Banyan Boulevard to Palm Beach Lakes Boulevard, west to Tamarind Avenue and east to Rosemary Avenue. The Northwest is rich with history and culture.

Predominantly residential, the majority of the area is designated as a historic district. Two commercial north-south corridors, Rosemary Avenue and Tamarind Avenue, form the borders of the neighborhood. The community redevelopment agency (CRA) and a group of stakeholders collaborated to create an action plan that focused redevelopment activities in six areas; business development, transportation, residential development, marketing and branding, security and capital improvements. The improvement program includes new street-scape along the 7th Street corridor. In addition, the entire Tamarind Corridor will be realigned and resurfaced from Banyan Boulevard to Palm Beach Lakes Boulevard.

The Historic Northwest is ideally positioned to become a cross-cultural destination with the current restoration of the historic and famed Sunset Ballroom and Lounge (8th Street and Henrietta) and the recent development and completion of Heart and Soul Park (825 N. Rosemary Avenue). Additional area redevelopment information can be found on the following pages.

Exclusively Listed By

Financing By

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