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2649 Lake Dr 7 Unit Apartment Building Offered at $9,490,000 Riviera Beach, FL 33404
INVESTMENT HIGHLIGHTS
- 90% Occupied. Gross Annual Income = $283,200. 7 condos = $195,600. 8 Boat Slips = $87,600
EXECUTIVE SUMMARY
Imagine owning a luxury waterfront property where the world...literally...dives in!! This rare gem is a boaters paradise with 7 condos and 8 boat slips/lifts in a private marina, all FULLY renovated and upgraded from top to bottom with unprecedented wide intracoastal views. Located on the magnificent Singer Island, intracoastal side just a few short breaths away from The Top 10 Globally Recognized Shallow Water Dive Spots. Just minutes from Palm Beach Island and 15 minutes to PBI airport, this one of a kind community has a brand new metal roof and all new impact windows/doors and fully renovated in 2023. All condos boast new kitchens, appliances, bathrooms, hvac and flooring. Fully fenced and secured!
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$360,000
|
$51.14
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$360,000
|
$51.14
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$150,000
|
$21.31
|
| Net Operating Income |
$210,000
|
$29.83
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $360,000 |
| Annual Per SF | $51.14 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $360,000 |
| Annual Per SF | $51.14 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $150,000 |
| Annual Per SF | $21.31 |
| Net Operating Income | |
|---|---|
| Annual | $210,000 |
| Annual Per SF | $29.83 |
PROPERTY FACTS
| Price | $9,490,000 | Lot Size | 0.35 AC |
| Price Per Unit | $1,355,714 | Building Size | 7,040 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2023 |
| Apartment Style | Garden | Parking Ratio | 2.27/1,000 SF |
| Building Class | C | ||
| Zoning | Multifamily/Hotel - RMH-15—MULTI-FAMILY/HOTEL (RMH-15) (56-RIVIERA BEACH) | ||
| Price | $9,490,000 |
| Price Per Unit | $1,355,714 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 7,040 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2023 |
| Parking Ratio | 2.27/1,000 SF |
| Zoning | Multifamily/Hotel - RMH-15—MULTI-FAMILY/HOTEL (RMH-15) (56-RIVIERA BEACH) |
AMENITIES
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Fenced Lot
- Cabana
- Dock
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2.5 | 1 | $3,600 | 1,660 |
| 2+1.5 | 6 | $2,500 | 830 |
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2649 Lake Dr
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