Residential Income

Presenting a unique opportunity for an investor to acquire a strong cash flow asset with major value add opportunity. 513 47th Street is located in the Northwood neighborhood of West Palm Beach where there is a strong rental market and ever growing demand. This multifamily consists of 3 buildings, 5 possible units (currently 4) in total which have been gutted and preliminary plans drawn to show highest and best use. The proposed units are listed below along with their renovated rent projections. Full rehab is needed. The renovated property can generate $7,700 a month. That's a 10% CAP rate! Unit #1 650 SF 2/1 $1,700 Unit #2 650 SF 2/1 $1,700 Unit #3 650 SF 2/1 $1,700 Unit #4 275 SF Studio $1,200 Unit #5 400 SF 1/1 $1,400 Property currently classified as 4 units on Palm Beach County Tax Appraisers Website. Buyer responsible for working with the city to convert to 5 units. All information to be verified by buyer.