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Multifamily

Boca Sunrise Apartments

1600 NW 15th Ave, Boca Raton, FL 33486

Listing Price: $3,200,000

Cap Rate
3.83%
Number of Units
9
Occupancy
97.0%
Price/Unit
$355,556
Price/Gross SF
$256.62
Gross SF
12,470

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Boca Sunrise Apartments, a nine-unit, boutique multifamily townhouse community operating as 10 units. Boca Sunrise Apartments is located just east of Interstate 95 and south of Glades Road at 1600 NW 15th Avenue in Boca Raton, Florida which is in Palm Beach County. Boca Sunrise was built in 1978 of concrete block and consists of one two-story townhouse-style building comprised of six two-bed / one and a half-bath, two three-bed / two and a half-bath and one three-bed / one bath townhouse units. Also, there is one non-conforming studio unit. The property is on .57 acres. The building’s amenities include an on-site laundry room with two washers and two dryers, which are owned by the seller. There are 24 on-site parking spaces and one trash dumpster, which is owned by the seller. The exterior of the building was painted last year. All units have central air-conditioning except for the non-conforming studio unit, which has a wall unit air-conditioner. Residents of Boca Sunrise are responsible for electricity and cable, while water, sewer, and trash removal are included in the rent and paid by the owner except for the non-conforming studio unit, the electricity is paid by the owner. Boca Sunrise Apartments is located across the street from Boca High School and behind University Commons, which is a large shopping center anchored by Whole Foods Market, tenants include Bed Bath & Beyond, Barnes & Nobles, Nordstrom Rack, J. Alexanders, P.F. Chang’s, Shake Shack and others. The property is in close proximity to Boca Raton Community Middle School, Florida Atlantic University, Boca Raton Regional Hospital and Town Center at Boca Raton. Boca Sunrise Apartments offers an investor a rare opportunity to acquire a nine-unit boutique multifamily townhouse community in an excellent Boca Raton location that is walking distance to schools, restaurants, shopping and other neighborhood amenity retailers. The property is being offered for sale by a long-term owner who has not maximized the rents. By making improvements to the property, a new owner should be able to increase the rents to market level.

Investment Highlights

  • Excellent Boca Raton Location and Rental Market
  • Walking Distance to Schools, Restaurants and Shopping
  • Close Proximity to Interstate 95 and Glades Road
  • Desirable Mix of Two and Three-Bedroom Townhouse Units
  • Rare Boca Raton Multifamily Offering

Exclusively Listed By

Financing By

Multifamily

Boca Sunrise Apartments

Listing Price: $3,200,000

Cap Rate
3.83%
Number of Units
9
Occupancy
97.0%
Price/Unit
$355,556
Price/Gross SF
$256.62
Gross SF
12,470

Investment Highlights

  • Excellent Boca Raton Location and Rental Market
  • Walking Distance to Schools, Restaurants and Shopping
  • Close Proximity to Interstate 95 and Glades Road
  • Desirable Mix of Two and Three-Bedroom Townhouse Units
  • Rare Boca Raton Multifamily Offering

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Boca Sunrise Apartments, a nine-unit, boutique multifamily townhouse community operating as 10 units. Boca Sunrise Apartments is located just east of Interstate 95 and south of Glades Road at 1600 NW 15th Avenue in Boca Raton, Florida which is in Palm Beach County. Boca Sunrise was built in 1978 of concrete block and consists of one two-story townhouse-style building comprised of six two-bed / one and a half-bath, two three-bed / two and a half-bath and one three-bed / one bath townhouse units. Also, there is one non-conforming studio unit. The property is on .57 acres. The building’s amenities include an on-site laundry room with two washers and two dryers, which are owned by the seller. There are 24 on-site parking spaces and one trash dumpster, which is owned by the seller. The exterior of the building was painted last year. All units have central air-conditioning except for the non-conforming studio unit, which has a wall unit air-conditioner. Residents of Boca Sunrise are responsible for electricity and cable, while water, sewer, and trash removal are included in the rent and paid by the owner except for the non-conforming studio unit, the electricity is paid by the owner. Boca Sunrise Apartments is located across the street from Boca High School and behind University Commons, which is a large shopping center anchored by Whole Foods Market, tenants include Bed Bath & Beyond, Barnes & Nobles, Nordstrom Rack, J. Alexanders, P.F. Chang’s, Shake Shack and others. The property is in close proximity to Boca Raton Community Middle School, Florida Atlantic University, Boca Raton Regional Hospital and Town Center at Boca Raton. Boca Sunrise Apartments offers an investor a rare opportunity to acquire a nine-unit boutique multifamily townhouse community in an excellent Boca Raton location that is walking distance to schools, restaurants, shopping and other neighborhood amenity retailers. The property is being offered for sale by a long-term owner who has not maximized the rents. By making improvements to the property, a new owner should be able to increase the rents to market level.

Exclusively Listed By

Financing By

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