Bought with Fidelity Real Estate Group LLC
$1,600,000
$1,800,000
11.1%For more information regarding the value of a property, please contact us for a free consultation.
14 Baths
7,568 SqFt
SOLD DATE : 12/01/2022
Key Details
Sold Price $1,600,000
Property Type Commercial
Sub Type MultiFamily (5+ Units)
Listing Status Sold
Purchase Type For Sale
Square Footage 7,568 sqft
Price per Sqft $211
Subdivision Lake Worth Town Of Add 1
MLS Listing ID RX-10780122
Sold Date 12/01/22
Year Built 1984
Annual Tax Amount $19,909
Tax Year 2021
Lot Size 0.310 Acres
Property Description
8 Unit apartment building with a community pool in East Lake Worth. There are 6 two bedroom/2 bath apartments & 2 one bedroom, one bath apartments. Each unit has separate meters. Buyer MUST be willing to buy with the current tenant in place until November 2026.Tenant has option for 2 additional 5 year terms. Being sold with tenant in place on 5 year NNN leases at $120k/year. 3% rent escalation per year. Tenant pays ALL expenses, capital expenditures, taxes, and insurance. 6% estimated CAP rate going up as rent escalation goes up. Showings need to be scheduled around tenants.
Location
State FL
County Palm Beach
Area 5610
Zoning SF-R(c
Interior
Heating Central
Cooling Central
Flooring Other
Fireplaces Type Smoke Detector
Exterior
Utilities Available Cable, Electric, Public Sewer, Public Water, Separate Meter
Roof Type Comp Rolled
Building
Story 100.00
Others
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
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