Multifamily

Flats at 15th Vista

Listing Price: $2,720,000

Cap Rate
5.02%
Number of Units
17
GRM
11.26
Occupancy
96.00%
Price/Unit
$160,000
Price/Gross SF
$274.58
Gross SF
9,906

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Flats at 15th Vista, a 17-unit apartment building located at 1820 Northwest 15th Vista in Boca Raton, Florida.

Subject Property
The Flats at 15th Vista is single-story apartment building consisting of 17 units, originally constructed in 1942. The building is 10,070 square feet and is situated on a 35,815 square foot lot according to the Palm Beach County Property Appraiser.

The Flats at 15th Vista is comprised of (2) studios with sunrooms, (9) one-bedroom | one-bathroom apartments, (4) one-bedroom | one-bathroom loft apartments, (1) two-bedroom | one- bathroom apartment and (1) three-bedroom | one-bathroom apartments. The property also includes a tropical courtyard, large storage room where an incoming owner could install rental storage lockers and laundry room with two washers and two dryers (owned by the property).

Location
Flats at 15th Vista is located in a residential neighborhood north of Glades Road, east of Florida Atlantic University and west of North Dixie and North Federal Highways. The surrounding neighborhood consists primarily of single-family homes and multifamily buildings with an average household income of $118,897 within a three-mile radius (Experian).

Florida Atlantic University is located just west of Flats at 15th Vista and is the largest area employer and one of the top-10 employers in Palm Beach County with more than 3,000 employees. Surrounding retailers include Whole Foods Market (1.8 miles), The Fresh Market (2.1 miles) and Publix Super Market (2.2 miles), while Downtown Boca Raton and Mizner Park are located just (1.3 miles) to the southeast, offering a wide array of shopping, dining and entertainment. Other area education centers include J.C. Mitchell Elementary School (0.7 miles), FAU High School (0.8 miles), Boca Raton Elementary School (1.4 miles), Boca Raton High School (2.0 miles), and Lynn University (3.2 miles). Other area points of interest include Boca Raton Resort & Club (2.6 miles), Boca Raton Golf Club (2.7 miles), Royal Palm Yacht & Country Club (3.0 miles), and South Inlet Park (3.1 miles).

Summary
The Flats at 15th Vista is offered for sale free and clear of debt at $2,720,000 or $160,000 per unit.

Investment Highlights

  • Excellent East Boca Raton Location, Short Walk From FAU
  • Hurricane Impact Windows/Doors, Metal Roof
  • $118,897 Average Household Income in Three-Miles
  • Easy Access to Dixie Highway, US-1 (Federal Highway), Glades Road
  • Close Proximity to Mizner Park and Downtown Boca Raton

Exclusively Listed By

Listing Price: $2,720,000

Cap Rate
5.02%
Number of Units
17
GRM
11.26
Occupancy
96.00%
Price/Unit
$160,000
Price/Gross SF
$274.58
Gross SF
9,906

Investment Highlights

  • Excellent East Boca Raton Location, Short Walk From FAU
  • Hurricane Impact Windows/Doors, Metal Roof
  • $118,897 Average Household Income in Three-Miles
  • Easy Access to Dixie Highway, US-1 (Federal Highway), Glades Road
  • Close Proximity to Mizner Park and Downtown Boca Raton

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Flats at 15th Vista, a 17-unit apartment building located at 1820 Northwest 15th Vista in Boca Raton, Florida.

Subject Property
The Flats at 15th Vista is single-story apartment building consisting of 17 units, originally constructed in 1942. The building is 10,070 square feet and is situated on a 35,815 square foot lot according to the Palm Beach County Property Appraiser.

The Flats at 15th Vista is comprised of (2) studios with sunrooms, (9) one-bedroom | one-bathroom apartments, (4) one-bedroom | one-bathroom loft apartments, (1) two-bedroom | one- bathroom apartment and (1) three-bedroom | one-bathroom apartments. The property also includes a tropical courtyard, large storage room where an incoming owner could install rental storage lockers and laundry room with two washers and two dryers (owned by the property).

Location
Flats at 15th Vista is located in a residential neighborhood north of Glades Road, east of Florida Atlantic University and west of North Dixie and North Federal Highways. The surrounding neighborhood consists primarily of single-family homes and multifamily buildings with an average household income of $118,897 within a three-mile radius (Experian).

Florida Atlantic University is located just west of Flats at 15th Vista and is the largest area employer and one of the top-10 employers in Palm Beach County with more than 3,000 employees. Surrounding retailers include Whole Foods Market (1.8 miles), The Fresh Market (2.1 miles) and Publix Super Market (2.2 miles), while Downtown Boca Raton and Mizner Park are located just (1.3 miles) to the southeast, offering a wide array of shopping, dining and entertainment. Other area education centers include J.C. Mitchell Elementary School (0.7 miles), FAU High School (0.8 miles), Boca Raton Elementary School (1.4 miles), Boca Raton High School (2.0 miles), and Lynn University (3.2 miles). Other area points of interest include Boca Raton Resort & Club (2.6 miles), Boca Raton Golf Club (2.7 miles), Royal Palm Yacht & Country Club (3.0 miles), and South Inlet Park (3.1 miles).

Summary
The Flats at 15th Vista is offered for sale free and clear of debt at $2,720,000 or $160,000 per unit.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower