526 NW 12th Avenue

Listing Snapshot

Sold Price

$1,100,000

Sold On

June 26, 2026

Days on Site

7 Days

Bedrooms

0

Total Baths

0

Total Sq Ft

3,500 sqft

Lot Size

0.23 Acres

Year Built

1958

Property Type

Commercial

MLS #

B26031568

Property Tax

$11,411 (2025)

County

Palm Beach

Status

Sold

Special Conditions

Standard

About This Property

Well-maintained, turnkey 8-unit apartment building in the heart of Boynton Beach. Seven of eight 1BR/1BA units are currently leased at $1,500/month under the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program, which is a federal rental assistance programs that provide government-guaranteed monthly rent payments directly from the housing authority, virtually eliminating collection risk and delivering recession-resistant income. All units have been recently upgraded and the property has historically maintained 100% occupancy. There is a significant value-add opportunity - current contract rents of $1,500/month are well below the 2026 HUD Fair Market Rent of $2,080 for a 1-bedroom unit in this zip code, representing a gap of $580/unit/month. As housing authority rent adjustments are approved, a new owner has the potential to capture up to $55,680 in additional annual income across all eight units without any capital investment. At stabilized occupancy and current rents, the property generates $144,000 in gross annual income with a Net Operating Income of $94,589 under owner management (34.3% expense ratio, no professional management fee included). The property is not specifically designated as a HUD or low-income property and may be operated under full market-rate rents and conditions at the owner's will. The property has been comprehensively renovated since 2018, including a full new roof, completely remodeled unit interiors, updated electrical and plumbing systems, new flooring, and new appliances (refrigerator, stove, and A/C) in every unit, and full exterior painting in 2026. The building presents in well-maintained condition with minimal deferred maintenance and no near-term capital expenditure required, offering a true turnkey investment generating cash flow from closing. Prime southern Palm Beach County location in one of the highest-demand corridors for workforce and affordable housing. Boynton Beach is among the fastest-growing cities in the county with strong population growth projected through 2030. The Boynton Beach Community Redevelopment Agency is actively promoting area growth and has recently purchased large redevelopment parcels in close proximity to the subject property, signaling continued public investment in the surrounding neighborhood. Supply of workforce housing remains critically limited, with zero new 1-2 Star apartment units under construction or proposed anywhere in the submarket through 2030, and vacancy has tightened to just 5.2%, well below the 10-year average.

General Features

Property Type

Commercial

Status

Sold

Year Built

1958

Property Condition

Resale

Number of Stories

2

Lot Size (Acres)

0.23

Total Sq Ft

3,500

Sewer

Public Sewer

Water Source

Public

Zoning

R2 (city)

Interior Features

Cooling

Central Air / Wall Window Units

Heating

Central / Individual

Flooring

Tile / Wood

Exterior Features

Construction

Block / Stucco

Roof

Flat

Community & HOA

Security

Carbon Monoxide Detectors / Smoke Detectors

Utilities

Electricity Connected / Sewer Connected / Water Connected

Financing Terms

Cash / Conventional

MLS Area

4330