Bought with The Keyes Company
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Key Details
Sold Price $1,150,000
Property Type Commercial
Sub Type MultiFamily (5+ Units)
Listing Status Sold
Purchase Type For Sale
Subdivision Greenacres Plat No 1
MLS Listing ID RX-10933781
Sold Date 12/14/23
Year Built 1942
Annual Tax Amount $7,076
Tax Year 2023
Lot Size 0.620 Acres
Property Description
PURCHASE A HIGH CAP RATE CASH FLOWING INVESTMENT PROPERTY CONSISTING OF 13 UNITS ON 0.62 ACRES OF COMMERCIAL LAND IN LAKE WORTH, FL. LOCATED JUST OFF LAKE WORTH RD, WHICH HAS AN AADT OF 43,500 (2022 FDOT) AND EAST OF S MILITARY TRAIL, THIS PROPERTY OFFERS EASY ACCESS TO I-95 AND THE FLORIDA TURNPIKE. OF THE 13 UNITS, 7 OF THEM ARE 2 BED 1 BATH TRAILERS APPROX 672 SF EACH, 4 ARE STUDIO COTTAGES AND 2 ARE EFFICENCY APTS. THE PROPERTY IS CONSISTENTLY AND MOSTLY FULLY OCCUPIED WITH MANY LONG TERM TENANTS WHO MOSTLY PAY ON A WEEKLY BASIS (EXCEPT 2 UNITS WHO PAYS MONTHLY & BI WEEKLY). THERE IS POTENTIAL UPSIDE BY POSSIBLY ADDING 2 MORE MOBILE HOMES, SUBJECT TO CODE REGULATIONS. THE LAND IS ZONED UI-2 URBAN INFILL, WHICH CAN ACCOMMODATE MANY COMMERCIAL USES. ALL UNITS ARE PARK OWNED
Location
State FL
County Palm Beach
Area 5700
Zoning UI-2
Interior
Heating Other
Cooling Wall-Win A/C
Flooring Carpet, Ceramic Tile, Other, Vinyl Floor
Fireplaces Type None
Exterior
Community Features Presently Leased
Utilities Available Electric, Gas Bottle, Public Water, Septic
Roof Type Comp Shingle,Other
Present Use Presently Leased
Building
Story 100.00
Foundation Other
Others
Security Features Fence
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
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