1210 Palm Beach Lakes Blvd
West Palm Beach, FL 33401
Sunset Cove Apartments · Multifamily Property For Sale · 78 Units

Consisting of 78 ALL 2 Bedroom Units in the heart of one of the fastest growing parts of West Palm Beach, Lancaster Apartments is an excellent, well-positioned asset. It represents a rare and desirable large scale investment opportunity in one of the country’s highest demand rental markets. Currently in the latter half of an extensive renovation program, these units have huge, observable built in value. Ideally located to take full advantage of steady growth in the West Palm Beach commercial and housing markets, these units bring a huge amount of upside to the table. Currently fully occupied and stabilized at competitive rental rates, market growth alone has and will continue to elevate the surrounding area. Moving this property further upmarket is easily accomplished with reasonable cost-effective renovations and effective management. Stable cash flow and 100% occupancy are easily sustainable while raising to market rents, driven by historically very heavy demand for affordable, quality, well maintained rentals. Currently units are being rented at $1100 monthly following interior renovation (in some cases, this is up from $675 for the same unit with previous tenants), which is extremely competitive for the area. Approximately 50% of the units have been turned in this manner, leaving significant future upside accessible to the new owner. These factors, in addition to the forecast market growth already driving rental demand and prices, makes multifamily units in this sector of the market excellent investments at this point in the market cycle, and in this locale.