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Lakewood Flats 1000 W Lakewood Rd 7 Unit Apartment Building $1,495,000 ($213,571/Unit) 5.76% Cap Rate West Palm Beach, FL 33405
Investment Highlights
- 7-Unit Property With Diverse Mix of 2/1, 2/2, and 3/1 Units
- Proximity to Downtown West Palm Beach, PBI Airport, and Major Employment Hubs
- Brand New Roofs On All Three Buildings
- Coin Operated Laundry On Site
Executive Summary
Marcus & Millichap is pleased to present Lakewood Flats, a seven-unit multifamily property located at 1000 W Lakewood Road in West Palm Beach, Florida. The property totals 5,026 gross square feet and is situated on a 0.31-acre lot, offering a low-density layout with a residential feel. The asset consists of four buildings constructed between 1926 and 1940, featuring wood frame construction and brand new pitched composite shingle roofs.
The unit mix consists of four two-bedroom/one-bathroom units, one two-bedroom/two-bathroom unit, and two three-bedroom/one-bathroom units, providing a diverse range of floorplans that appeal to both families and long-term tenants. The presence of larger units positions the property well within a submarket experiencing strong demand for workforce and family-oriented housing.
Lakewood Flats is centrally located with convenient access to Downtown West Palm Beach, I-95, and Palm Beach International Airport, as well as major employment hubs including Good Samaritan Medical Center, Palm Beach Atlantic University, and surrounding retail corridors. Residents benefit from proximity to nearby amenities such as Dreher Park, the Palm Beach Zoo, and the Intracoastal Waterway, along with a variety of shopping and dining options along Dixie Highway and Southern Boulevard.
With continued population growth and redevelopment throughout West Palm Beach, particularly in nearby urban and infill corridors, the area has seen increasing demand for well-located rental housing.
Lakewood Flats presents an opportunity to acquire a well-located, low-density multifamily asset with a strong unit mix and long-term upside potential in one of Palm Beach County’s most active rental markets.
The unit mix consists of four two-bedroom/one-bathroom units, one two-bedroom/two-bathroom unit, and two three-bedroom/one-bathroom units, providing a diverse range of floorplans that appeal to both families and long-term tenants. The presence of larger units positions the property well within a submarket experiencing strong demand for workforce and family-oriented housing.
Lakewood Flats is centrally located with convenient access to Downtown West Palm Beach, I-95, and Palm Beach International Airport, as well as major employment hubs including Good Samaritan Medical Center, Palm Beach Atlantic University, and surrounding retail corridors. Residents benefit from proximity to nearby amenities such as Dreher Park, the Palm Beach Zoo, and the Intracoastal Waterway, along with a variety of shopping and dining options along Dixie Highway and Southern Boulevard.
With continued population growth and redevelopment throughout West Palm Beach, particularly in nearby urban and infill corridors, the area has seen increasing demand for well-located rental housing.
Lakewood Flats presents an opportunity to acquire a well-located, low-density multifamily asset with a strong unit mix and long-term upside potential in one of Palm Beach County’s most active rental markets.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $1,495,000 | Property Subtype | Apartment |
| Price Per Unit | $213,571 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.76% | Lot Size | 0.31 AC |
| Gross Rent Multiplier | 9.4 | Building Size | 4,000 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1926 |
| Zoning | SF7 - single-family low density residential zoning district | ||
| Price | $1,495,000 |
| Price Per Unit | $213,571 |
| Sale Type | Investment |
| Cap Rate | 5.76% |
| Gross Rent Multiplier | 9.4 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 4,000 SF |
| No. Stories | 2 |
| Year Built | 1926 |
| Zoning | SF7 - single-family low density residential zoning district |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 700 |
| 2+2 | 1 | - | 726 |
| 3+1 | 2 | - | 750 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 74-43-44-04-08-010-0360 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $882,876 |
Property Taxes
Parcel Number
74-43-44-04-08-010-0360
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$882,876
Contacts
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River Rhoads -
Daniel Cunningham -
Evan Richardson -
Dillon Majeski -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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