FL > Lake Worth
Lake Worth, FL 33460,Address not disclosed
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Lake Worth, FL 33460,Address not disclosed
Lake Worth, FL 33460,Address not disclosed
Lake Worth, FL 33460,Address not disclosed
Lake Worth, FL 33460,Address not disclosed
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Alex Mendel

Alex Mendel

+1(561) 827-8449
$ 3,500,000
Est. payment /mo
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Address not disclosed Lake Worth, FL 33460

12,750 SqFt

UPDATED:

Key Details

Property Type Multi-Family, Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 12,750 sqft

Price per Sqft $274

MLS Listing ID A11857160

HOA Y/N No

Year Built 1923

Annual Tax Amount $71,142

Lot Size 8,778 Sqft

Property Sub-Type Multi Family

Property Description

Lake Lofts is a 3-story concrete block boutique apartment building with 25 units only footsteps from Lake & Lucerne Avenues in Lake Worth Beach. The property features an attractive unit mix including one studio, 21 1BR/1BA, two 2BR/1BA and an attached house 3BR/1.5BA with a den.
Lake Lofts is offered with a very attractive assumable loan featuring a 2.87% interest rate locked until June 2027. The current outstanding balance is approximately $1,850,000 and the loan has a maturity date of May 2042.
The property has been historically operating near 100% occupancies with effective rents of $1,626/unit. Rents include electric, water and gas. Current market rents average $1,682/month allowing to raise rents by ~$17k/yr. A new owner can implement a value-add program for an additional $90k/yr.

Location

State FL

County Palm Beach

Area 5610

Exterior

Private Pool Yes

Building

Story 3

Others

Tax ID 38434421150170291

Acceptable Financing Assumable, Cash, Conventional

Listing Terms Assumable, Cash, Conventional

Virtual Tour https://www.propertypanorama.com/instaview/mia/A11857160

Listed by CBRE, Inc.
agent

Alex Mendel

Agent

+1(561) 827-8449

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