325 NW Spanish River Blvd - Apartments FOR SALE


Boca Raton, FL 33431- Downtown Boca Raton
$5,000,000 USD
727-744-9291
325 NW Spanish River Blvd, Boca Raton, FL for Sale
$5,000,000 USD
Apartments - FOR SALE
1/32
null | 5% Cap Rate

325 NW Spanish River Blvd
Boca Raton, FL 33431
Downtown Boca Raton


HIGHLIGHTS

  • Built by Army Corp of Engineers of Concrete Block and old growth Dade County Pine, situated on high ground
  • Unique Loft-Style Units with Large Windows, Skylights, and Vaulted Ceilings
  • Lush, Tropical Landscaping comprised of large mature Banyan and Sea Grape trees, Mango & other Citrus Trees w/irrigation
  • Short walk to FAU Campus and short drive to Mizner Park/Downtown Boca Raton, local beaches. Easy access to I-95 and Federal Hwy
  • Located in East Boca Raton, surrounded by low density residential neighborhoods.
  • Ample On-Site Parking Available

OVERVIEW

Tanglewood Apartments represents a rare opportunity to acquire a generationally held, boutique garden-style multifamily property that has not been offered to the market in over 47 years. Originally constructed in 1940 by the U.S. Army Corps of Engineers as Building T-249 for the Boca Raton Army Air Field, the property served as a schoolhouse during World War II and remains one of only a limited number of surviving “T-Buildings” from that era. Constructed of concrete block and old-growth Dade County Pine, the asset offers a unique blend of historic character and enduring construction rarely found in South Florida multifamily assets. The property consists of 18 operating units and 19 total units as recognized by the Property Appraiser, featuring a distinctive unit mix comprised of (1) detached 1-Bedroom | 1-Bath cottage residence, (13) 1-Bedroom | 1-Bath apartments — including (7) loft-style units with vaulted ceilings and skylights — and (4) 2-Bedroom apartments. Unit 6 is currently utilized as an onsite leasing/management office, presenting potential value-add upside through conversion back to a studio or loft-style residential unit. Tanglewood is further distinguished by its award-winning tropical landscaping and serene, park-like setting centered around an extraordinary mature sea grape canopy complemented by lush native vegetation, banyan specimens, citrus trees, and shaded outdoor gathering areas throughout the property. Residents enjoy a quiet, resort-style environment enhanced by thoughtfully designed seating and outdoor grilling areas rarely replicated in comparable multifamily communities.

FOR SALE DETAILS

PRICE

$5,000,000 USD

PRICE/SF

$473 USD /SF

# OF UNITS

19

PRICE/UNIT

$263,158

CAP RATE

5%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Tanglewood Apartments of Boca Raton

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1940

PARKING SPACES

24

LAND DETAILS

LAND ACRES

1.07 AC

LAND SF

46,496 SF

ZONING

R1D

APN/PARCEL ID

06-43-47-07-02-029-0061,06-43-47-07-02-029-0070

ASK ABOUT THIS PROPERTY

Tyler CarbonelliTyler B. Carbonelli P.A.More Info
727-744-9291

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Tyler CarbonelliTyler B. Carbonelli P.A.More Info
727-744-9291

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