Multifamily Property For Sale - POSSIBLE SHORT SALE- 6 unit Apt Bldg-WALK TO BEACH

812 NE 8th Ave, Delray Beach, FL, 33483

 
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Multifamily For Sale
Delray Beach, FL
Florida

POSSIBLE SHORT SALE- 6 unit Apt Bldg-WALK TO BEACH

 

812 NE 8th Ave

Delray Beach, Florida 33483
County: Palm Beach
 
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  For Sale Active  
Type:Multifamily
Garden/Low-Rise
No. Units:6
Building Size:2,490 SF
Lot Size:0.15 Acres
Occupancy:100.00%
Price:$549,000
Price/Unit:$91,500
Cap Rate:6.60%
Year Built:1963
Date Last Verified:1/4/2009
Property ID:15717393
 
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 Additional Information 

Property Description:
Great Investment Opportunity for the savvy investor on this 6 unit apartment building located in the heart of the East Delray Beach Resort area. WALKING DISTANCE TO THE BEACH and downtown Atlantic Avenue's shops, restaurants and nightlife. Currently the units are leased on a month to month basis (avg rent $775/unit) with tremendous upside potential. Highest and best use would be to convert to a vacational rental property where in season rentals for the area could bring in as much $2000 per month per apartment from Nov - April and $1000 per month from May - October for a total potential gross income of $108,000.

Location Description:
The property is ideally located near the Intercoastal Bridge at George Bush Blvd, near the Intercoastal bridge and walking distance to the beach and downtown Delray. POSSIBLE SHORT SALE! Seller will present all reasonable offers to lender.

No. Stories:1Commission Split:3%
 Highlights 
•POSSIBLE SHORT SALE! Seller will present all reasonable offers to lender.•Walking distance to Beach and Downtown Atlantic Ave
 
•6.6% CAP with upside potential•Great East Delray location - Plenty of parking
 
•Convert to Vacation Rental property for added income•Convert to Coop Units and sell individually
  Financial Summary Actual  
Scheduled Gross Income:$55,800
Effective Gross Income:$55,800
Operating Expenses:$19,344
Net Operating Income:$36,456
 
  Unit Mix Information
1 BR/1BA
No. Units: 6
SF: 415
Avg. Mo. Rent: $775
 
 
  Debt & Equity Information
No Debt & Equity Information Provided
5/17/2008
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The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
 
 

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