Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale The Charmer Apartments and Villas (the Property), a thirty-nine unit, boutique rental community located just north of Downtown West Palm Beach, Florida in the exclusive and highly sought after submarket of Northwood. The Charmer is one of only a handful of apartment buildings in Northwood and is being offered for sale by a 20+ year owner who has meticulously maintained the Property. Over the past few years there have been very substantial renovations and upgrades including new hurricane impact windows and fire escapes, exterior painting, electrical and plumbing, unit interiors and other areas of the Property.
The Charmer is comprised of a one-story, eight-unit building known as the Villas, and a three-story, thirty-one unit building known as the Apartments. Connecting both buildings is a large brick paver, private courtyard with a swimming pool. The unit mix offers various studio, one and two-bedroom floor plans ranging between 434 and 1,336 square feet. Apartments feature hardwood and ceramic tile flooring, high ceilings, separate dining areas, lots of closet space, separate kitchens with all white appliances including dishwasher, and select apartments have French doors opening up to a small balcony. All Apartments have been renovated with new cabinetry and granite countertops. All Villas have private ground floor entrances and a door leading to the courtyard and pool area.
The Charmer has many unique features that are not typically seen in other properties, such as a large basement, wide interior hallways with hardwood flooring, private entryway courtyard with telephone entry system, oversized onsite laundry room, dog waste station, and a gated parking lot with 18 parking spaces.
With continued development in the submarket and increasing rental rates, The Charmer offers an excellent value add opportunity by bringing current rents up to market levels, further unit upgrades, charging for onsite parking and the introduction of utility efficiencies such as low flow devices. These improvements and adjustments should generate an immediate increase in annual revenue of approximately $60,000.
The Charmer is located in the Northwood District of West Palm Beach. The Northwood District is comprised of six sections including an historic district which is listed in the National Register of Historic Places. The Charmer is located in the Northwood Shores section of the Northwood District. It spans three blocks from Poinsettia Avenue to the Intracoastal Waterway with home values reaching into the millions.
There is also a retail section known as Northwood Village. Fine and contemporary dining, eclectic and vintage shops, and modern salons line the streets, creating a hub for hipsters, foodies, fashionistas and designers. The neighborhood vibe is reminiscent of northern California or bohemian European capitals, where walking is encouraged and boutique doors are open and inviting.
The Charmer benefits from its proximity to Downtown West Palm Beach, which is less than a mile south of the Property and bridge access to Palm Beach within a half mile of the Property. Downtown West Palm Beach is experiencing explosive growth with new residential and commercial buildings, as well as the addition of a Brightline/Virgin Trains West Palm Beach Station with trains connecting South Florida, and, soon, Orlando.
