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The Lucerne 101 Lucerne Ave 5 Unit Apartment Building $1,795,000 ($359,000/Unit) 8.03% Cap Rate Lake Worth, FL 33460
INVESTMENT HIGHLIGHTS
- A+ Location With Great Walkability
- Four Studios & One 2-Bed Cottage
- Updated Interiors
- Fully Furnished
- Five Stars on Airbnb
- Lush and Private Grounds
EXECUTIVE SUMMARY
Just reduced! ONE Commercial Real Estate is pleased to present The Lucerne, 4 studios and 1 single family 2br/2ba cottage currently operating as Extended stay/monthly rentals boasting Art Deco styling, located in the heart of downtown Lake Worth Beach, Florida. Four tastefully decorated studios are located in one two-story structure with a cozy lobby, and a spacious 2 bedroom 2 bath cottage that is located within a second detached structure with new roof. All units are complete with kitchen, bar area, and patio areas. A private courtyard with gazebo & garden between them provides a comfortable amenity for guests to relax. Both the lobby and exterior features exude the vibrant, unmistakable Art Deco architecture renowned for bold ornamentation and elegance. Bathrooms and kitchens have been updated and include durable vanities, cabinets, granite counter tops, in addition to other stylish features. The backyard and common areas have been meticulously landscaped, providing a fresh and clean environment for visitors to enjoy. The downtown Lake Worth Beach neighborhood has seen tremendous
growth with its mix of cultural vibrance and favorable location. Guests are provided with bikes, beach chairs, towels and umbrellas to encourage accessing all the amenities offered by Lake Worth Beach Park. The short-term rental strategy positions itself to meet the
growing demand for boutique accommodations within the submarket. With its prime location and Art Deco stylings, The Lucerne delivers a competitive product to the market capable of outperforming comparable options within the segment.
*Potential short term seller financing * Cap rate representing Year 2 STR Pro Forma*
growth with its mix of cultural vibrance and favorable location. Guests are provided with bikes, beach chairs, towels and umbrellas to encourage accessing all the amenities offered by Lake Worth Beach Park. The short-term rental strategy positions itself to meet the
growing demand for boutique accommodations within the submarket. With its prime location and Art Deco stylings, The Lucerne delivers a competitive product to the market capable of outperforming comparable options within the segment.
*Potential short term seller financing * Cap rate representing Year 2 STR Pro Forma*
PROPERTY FACTS
| Price | $1,795,000 | Building Class | B |
| Price Per Unit | $359,000 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 3,277 SF |
| Cap Rate | 8.03% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1945 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | DT - Downtown is intended to provide the establishment and expansion of a broad range of office and commercial uses, including higher density residential. | ||
| Price | $1,795,000 |
| Price Per Unit | $359,000 |
| Sale Type | Investment |
| Cap Rate | 8.03% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.15 AC |
| Building Size | 3,277 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1945 |
| Parking Ratio | 1.22/1,000 SF |
| Zoning | DT - Downtown is intended to provide the establishment and expansion of a broad range of office and commercial uses, including higher density residential. |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | 325 - 2,107 |
| 2+2 | 1 | - | 826 - 1,170 |
1 1
Walk Score®
Very Walkable (79)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 38-43-44-21-15-513-0050 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $421,916 |
PROPERTY TAXES
Parcel Number
38-43-44-21-15-513-0050
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$421,916
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The Lucerne | 101 Lucerne Ave
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