640 SE 2nd Ave - Apartments FOR SALE


Boynton Beach, FL 33435- Outer Boynton Beach
$5,795,000 USD
954-573-4449
640 SE 2nd Ave, Boynton Beach, FL for Sale
$5,795,000 USD
Apartments - FOR SALE
1/30
null | 6.58% Cap Rate

640 SE 2nd Ave
Boynton Beach, FL 33435
Outer Boynton Beach


HIGHLIGHTS

  • New Roof and Hurricane Impact Doors
  • 50% of the Units have been updated, Value Add through unit turnovers and no immediate differed maintnance
  • Walking distance to the beach and restaurants and 15 minutes to downtown WPB and 5 minutes to Atlantic Ave Delray Beach
  • Oversized Lot with Additional 1,000 SF +/- CBS Structure for Storage Income, Amenities, and Potential Additional Unit
  • Surrounded by new development and positioned on an oversized .8 acre lot with ample backyard space for tenant enjoyment
  • Units all have an additional vanity/sink giving the abaility to put in-unit stackable washer and dryers. Currently (2) Coin laundry facilities on site

OVERVIEW

ONE Commercial Real Estate is pleased to present The Palms, a 24-unit garden-style multifamily community located in prime Boynton Beach, Florida, just steps from the Atlantic Ocean and surrounded by significant ongoing and planned development, restaurants, and marina. The property features a desirable unit mix of 20 one-bedroom units and 4 spacious two-bedroom units, catering to consistent renter demand in this coastal submarket. The asset also includes an additional ±1,000 SF CBS structure, currently utilized as owner storage/garage, offering a unique opportunity for ancillary income generation through storage, amenities or potential unit conversion. The Palms boasts an exceptional location, with close proximity to South Federal Highway and Ocean Avenue, providing direct access to the beach. Residents enjoy immediate access to premier local amenities including Oceanfront Park, Boynton Harbor Marina, and well-known waterfront dining destinations such as Two Georges and Banana Boat. The Boynton Beach submarket continues to experience strong population growth and economic expansion, driven by its strategic location between Downtown Delray Beach and West Palm Beach. This positioning supports sustained rental demand and long-term appreciation. The Palms represents a rare opportunity to acquire a well-maintained, stabilized asset with no deferred maintenance, allowing investors to focus immediately on revenue growth and operational upside rather than capital-intensive improvements. Current rents remain below market, presenting a clear path to upon increases, interior upgrades, and ancillary income strategies. With its premier coastal location, clean physical condition, and embedded upside, The Palms offers a compelling stabilized value-add investment opportunity in one of South Florida’s most desirable and supply-constrained rental markets

FOR SALE DETAILS

PRICE

$5,795,000 USD

PRICE/SF

$327 USD /SF

# OF UNITS

24

PRICE/UNIT

$241,458

CAP RATE

6.58%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Palms Boynton Beach

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1967

PARKING SPACES

36

LAND DETAILS

LAND ACRES

0.8 AC

LAND SF

35,022 SF

ZONING

R3

APN/PARCEL ID

08-43-45-27-04-000-0260

ASK ABOUT THIS PROPERTY

Alexis ShapiroONE Commercial Real EstateMore Info
954-573-4449

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

Alexis ShapiroONE Commercial Real EstateMore Info
954-573-4449

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