1801 Spruce Ave - Apartments FOR SALE


West Palm Beach, FL 33407- Pleasant City
$3,100,000 USD
954-245-3492
1801 Spruce Ave, West Palm Beach, FL for Sale
$3,100,000 USD
Apartments - FOR SALE
1/28
null | 5.09% Cap Rate

1801 Spruce Ave
West Palm Beach, FL 33407
Pleasant City


HIGHLIGHTS

  • 1 & 2-Story Buildings, Comprised of 18 Units Originally Constructed in 1925 & 1959
  • Unit Mix Consists of (15) 1 Bedroom – 1 Bathrooms and (3) 2 Bedroom – 1 Bathrooms
  • Units Feature Tile Flooring, Stainless Steel Appliances and Updated Kitchens & Bathrooms
  • Common Area Amenities Include On-Site Laundry and Large Gated Courtyard
  • Walking Distance to The Padel Club, CVS, The Nora District and the District at Northwood
  • Proximate to Federal Highway (US-1), Palm Beach Lakes Boulevard and Dixie Highway

OVERVIEW

The Thomas Team of Marcus & Millichap are pleased to present Spruce Apartments, an 18-unit multifamily property located in West Palm Beach, Florida. Spruce Apartments were constructed in 1925 and 1959 of concrete block and painted stucco with a flat roof. The property consists of (15) one-bedroom/one-bathroom units and (3) two-bedroom/one-bathroom units, totaling 7,930 square feet of gross building area and approximately 7,650 square feet of rentable area. The property is situated on a 13,068-square-foot lot, according to the Palm Beach County Property Appraiser. Units feature modern interiors with tile flooring, stainless steel appliances, and updated kitchens and bathrooms. All units also include either window/wall air-conditioning units or mini splits. Common area amenities include on-site laundry, and large gated courtyard.

FOR SALE DETAILS

PRICE

$3,100,000 USD

PRICE/SF

$391 USD /SF

# OF UNITS

18

PRICE/UNIT

$172,222

CAP RATE

5.09%

% LEASED

89%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Spruce Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

13,068 SF

ZONING

MF14, Palm Beach

APN/PARCEL ID

74-43-43-16-16-012-0181

ASK ABOUT THIS PROPERTY

Joseph ThomasMarcus & MillichapMore Info
954-245-3492

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Joseph ThomasMarcus & MillichapMore Info
954-245-3492

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.