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1925 Palm Dr
Homestead, FL 33033
Towngate Condominium Portfolio · Multifamily Property For Sale
·
10 Units


Investment Highlights
- 10 Individual Condominiums in two gated communities
- 2003 concrete block construction
- 1,482 overall average rentable square footage per unit
- All are two-story townhomes
- 100% two-, three-, and four-bedroom floor plans, all renovated
- Fully amenitized communities with clubhouses and pools, Great proximity to shopping, employment, and schools
Executive Summary
Marcus & Millichap, as exclusive listing agent, is excited to bring to market a 10-unit bulk condominium offering located in Homestead, Florida. The property includes 10 townhomes out of 325 total units located in the Towngate Condominium Association.
The community was constructed in 2003 of concrete block with exterior painted stucco. The unit mix is comprised of (2) two-bedroom townhomes, (7) three-bedroom townhomes, and (1) four-bedroom townhome, all averaging 1,482 rentable square feet. All units have two and one-half bathrooms. Furthermore, most units have been nicely renovated with European cabinetry in the kitchens and bathrooms, granite countertops and backsplashes, black and stainless-steel appliances with built-in microwave, flooring, lighting, and fixtures. Towngate units include a private backyard and Caribbean Isles Villas include a private balcony or patio. Parking consists of 2 assigned spaces for all units except for E models, which get 1 assigned space as they have a private garage. There is additional parking throughout the community.
Towngate residents enjoy a 24/7 gated community, a clubhouse with clubroom, fitness center, billiard room, business center, basketball court, shuffleboard court, tennis court, playground, pool, and social/BBQ areas.
Towngate Condominium is one of the seventeen communities located in the Keys Gate neighborhood and is comprised of all Mediterranean-villa style townhomes. Keys Gate is an urban neighborhood located in Homestead, Florida, just 30 minutes away from the Florida Keys and five minutes from the Florida Turnpike. The neighborhood is primarily made up of medium-sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is occupied by a mixture of owners and renters. 95% of the residences in the Keys Gate neighborhood are newer, built in 2000 or more recently.
The community was constructed in 2003 of concrete block with exterior painted stucco. The unit mix is comprised of (2) two-bedroom townhomes, (7) three-bedroom townhomes, and (1) four-bedroom townhome, all averaging 1,482 rentable square feet. All units have two and one-half bathrooms. Furthermore, most units have been nicely renovated with European cabinetry in the kitchens and bathrooms, granite countertops and backsplashes, black and stainless-steel appliances with built-in microwave, flooring, lighting, and fixtures. Towngate units include a private backyard and Caribbean Isles Villas include a private balcony or patio. Parking consists of 2 assigned spaces for all units except for E models, which get 1 assigned space as they have a private garage. There is additional parking throughout the community.
Towngate residents enjoy a 24/7 gated community, a clubhouse with clubroom, fitness center, billiard room, business center, basketball court, shuffleboard court, tennis court, playground, pool, and social/BBQ areas.
Towngate Condominium is one of the seventeen communities located in the Keys Gate neighborhood and is comprised of all Mediterranean-villa style townhomes. Keys Gate is an urban neighborhood located in Homestead, Florida, just 30 minutes away from the Florida Keys and five minutes from the Florida Turnpike. The neighborhood is primarily made up of medium-sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is occupied by a mixture of owners and renters. 95% of the residences in the Keys Gate neighborhood are newer, built in 2000 or more recently.
Property Facts
| Price Per Unit | $240,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.51 AC |
| Cap Rate | 6% | Building Size | 14,817 SF |
| Gross Rent Multiplier | 9.86 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2003 |
| Property Subtype | Apartment | Parking Ratio | 1.42/1,000 SF |
| Apartment Style | Townhome | Parcel Number | 10-7916-008-0001 |
| Zoning | PUD - Planned Unit Development | ||
| Price Per Unit | $240,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 9.86 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.51 AC |
| Building Size | 14,817 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2003 |
| Parking Ratio | 1.42/1,000 SF |
| Zoning | PUD - Planned Unit Development |
| Parcel Number | 10-7916-008-0001 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Tile Floors
- Kitchen
- Granite Countertops
- Tub/Shower
- Patio
Site Amenities
- Playground
- Pool
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2.5 | 2 | $2,200 | 1,370 |
| 3+2.5 | 7 | $2,400 | 1,452 - 1,519 |
| 4+2.5 | 1 | $2,700 | 1,846 |
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