200 Park Ave - Apartments FOR SALE


West Palm Beach, FL 33403- Kelsey City
$4,995,000 USD
305-205-3291
200 Park Ave, West Palm Beach, FL for Sale
$4,995,000 USD
Apartments - FOR SALE
1/12
null | Request Cap Rate

200 Park Ave
West Palm Beach, FL 33403
Kelsey City


HIGHLIGHTS

  • 22-unit multifamily asset with diverse unit mix including cottage-style homes
  • Large ±55,321 SF lot in a prime coastal infill location
  • Current rents below market (1BR: ~$1,375–$1,450 vs. higher comps)
  • Long-term upside through operational improvements and market growth
  • Significant value-add opportunity through rent increases to market
  • Additional revenue stream of 36k from 16 garages

OVERVIEW

Union Street Partners is pleased to present the exclusive offering of a 22-unit value-add multifamily property located at 200 Park Avenue in Lake Park, Florida. The asset is situated on a rare ±55,321 SF parcel in a desirable coastal infill location and consists of 11 buildings featuring a mix of apartment units and detached cottage-style homes. The property also includes 16 garages generating $36,000 in additional annual income, providing a supplemental revenue stream. The property is 100% occupied with below-market rents, offering investors a clear and immediate mark-to-market opportunity. Rental comps in the surrounding area indicate strong potential for income growth through strategic rent increases and operational improvements. Multifamily assets of this size with excess land in Palm Beach County are increasingly limited, particularly in supply-constrained submarkets near North Palm Beach and Downtown West Palm Beach. Investor demand for value-add opportunities in South Florida remains strong. Palm Beach County population growth is forecasted to increase by 65,000 residents through 2030. Local submarkets East of I-95 are experiencing the highest growth. Palm Beach County's outlook is highly positive, characterized as a booming, "AAA" rated economic hub with significant growth in wealth migration, business expansion, and tourism. This offering represents a compelling opportunity to acquire scale, stable income, and long-term upside in one of the most sought after investment markets in the Country.

FOR SALE DETAILS

PRICE

$4,995,000 USD

PRICE/SF

$828 USD /SF

# OF UNITS

22

PRICE/UNIT

$227,045

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Park Place Apartments Lake Park, Florida

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1940

PARKING SPACES

26

LAND DETAILS

LAND ACRES

1.21 AC

LAND SF

52,499 SF

ZONING

R1A, Lake Park

APN/PARCEL ID

36-43-42-20-01-030-0010

ASK ABOUT THIS PROPERTY

Gregory CelentanoUnion Street PartnersMore Info
305-205-3291

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Gregory CelentanoUnion Street PartnersMore Info
305-205-3291

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