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Lucerne Apartments 202 Lucerne Ave 13 Unit Apartment Building $3,025,000 ($232,692/Unit) 5.25% Cap Rate Lake Worth, FL 33460
INVESTMENT HIGHLIGHTS
- Located In The Heart Of Downtown Lake Worth Beach On Lucerne Avenue
- 1974 Concrete Block Construction With Central Air Conditioning Throughout
- Property Has A Transitory License In Place and an On-Site Laundry Facility
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present Lucerne Apartments, a 14-unit multifamily property located at 202 Lucerne Avenue, Lake Worth Beach, Florida. Built in 1974, the property features concrete block construction with a stucco exterior and is comprised of thirteen one-bedroom/one-bathroom units and one two-bedroom/one bathroom unit. All units feature central air conditioning, and the property includes an on-site laundry facility. Currently operated as annual rentals, the asset also retains a transitory license, allowing the flexibility to convert all 14 units to short-term rentals—offering investors significant potential to increase revenue.
Ideally situated in the heart of downtown Lake Worth Beach, Lucerne Apartments sits just north of Lake Avenue, steps from the city’s vibrant dining, retail, and entertainment corridor. The property benefits from close proximity to City Hall, Lake Worth High School, JFK Medical Center, the Intracoastal Waterway, Lake Worth Beach Park, and the Lake Worth Golf Club. Ongoing redevelopment and mixed-use projects throughout downtown continue to enhance the area’s appeal and strengthen long-term investment fundamentals.
Lucerne Apartments represents a compelling opportunity to acquire a stabilized, income-producing asset in one of Palm Beach County’s most walkable and dynamic downtown submarkets. With in-place cash flow, short-term rental flexibility, on-site laundry, and strong underlying demand supported by steady population and economic growth, the property offers both secure returns and meaningful value-add upside.
Ideally situated in the heart of downtown Lake Worth Beach, Lucerne Apartments sits just north of Lake Avenue, steps from the city’s vibrant dining, retail, and entertainment corridor. The property benefits from close proximity to City Hall, Lake Worth High School, JFK Medical Center, the Intracoastal Waterway, Lake Worth Beach Park, and the Lake Worth Golf Club. Ongoing redevelopment and mixed-use projects throughout downtown continue to enhance the area’s appeal and strengthen long-term investment fundamentals.
Lucerne Apartments represents a compelling opportunity to acquire a stabilized, income-producing asset in one of Palm Beach County’s most walkable and dynamic downtown submarkets. With in-place cash flow, short-term rental flexibility, on-site laundry, and strong underlying demand supported by steady population and economic growth, the property offers both secure returns and meaningful value-add upside.
PROPERTY FACTS
| Price | $3,025,000 | Apartment Style | Low-Rise |
| Price Per Unit | $232,692 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 5.25% | Building Size | 9,320 SF |
| Gross Rent Multiplier | 10.46 | No. Stories | 2 |
| No. Units | 13 | Year Built | 1974 |
| Property Type | Multifamily | Parking Ratio | 2.37/1,000 SF |
| Property Subtype | Apartment | Cross Streets | N Palmway |
| Zoning | DT - Downtown | ||
| Price | $3,025,000 |
| Price Per Unit | $232,692 |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Gross Rent Multiplier | 10.46 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 9,320 SF |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 2.37/1,000 SF |
| Cross Streets | N Palmway |
| Zoning | DT - Downtown |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Heating
- Dining Room
- Freezer
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | 550 |
| 1+2 | 3 | - | - |
| 2+1 | 4 | - | 900 |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 38-43-44-21-15-030-0150 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,303,230 |
PROPERTY TAXES
Parcel Number
38-43-44-21-15-030-0150
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,303,230
CONTACTS
-
Evan Richardson -
River Rhoads -
Daniel Cunningham -
Dillon Majeski -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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Lucerne Apartments | 202 Lucerne Ave
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