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Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1923
Sq.Footage
N/A
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.
Features & Amenities
Interior
-
Total Bedrooms
N/A
-
Bathrooms
N/A
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Parking
On Street
-
Pool
No
Area & Lot
-
Property Type
Commercial Sale
-
Property Sub Type
Multi Family
Price
-
Sales Price
$3,500,000
-
Tax Amount
71142.0
-
Zoning
DT (city
-
Sq. Footage
N/A
-
Price/SqFt
N/A
HOA
-
Association
No
School District
-
Elementary School
N/A
-
Middle School
N/A
-
High School
N/A
Property Features
-
Stories
3
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Location
County
Palm Beach
Elementary School
Middle School
High School
Listing Courtesy of Periklis Synanidis , CBRE, Inc.
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Realtor
JarrodGaylis
Call Jarrod today to schedule a private showing.
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