UNDER CONTRACT
Main Stream Apartments is a 24-unit apartment community, with the ability to build 6 more units, located in the city of Greenacres, FL which is in central Palm Beach County. Neighboring cities include Lake Worth, Boynton Beach, Palm Springs and West Palm Beach. This location provides quick access to everything a resident could need in all surrounding cities from shopping, dining, schools and hospitals to the beach, entertainment facilities and golf.
Wellman Trail, the private driveway entrance to Main Stream Apartments which will transfer at sale, fronts Melaleuca Lane which is an East / West road that becomes 6th Avenue South to the east. 6th Avenue runs from Federal Highway in Lake Worth to the east and becomes Melaleuca Lane at Congress Avenue where Palm Beach State’s Main Central Campus is located and continues West to Jog Road. Melaleuca Lane provides tenants with easy access to John Prince Park, Palm Beach State College and I-95 as well as various retailers, restaurants, schools and hospitals. Military Trail, which is immediately east of the property, providing access to all major retailers and restaurants and runs North / South throughout Palm Beach County. Within walking distance from the apartments lies a Publix anchored shopping center, a 7-Eleven gas station, and a Walgreens.
Main Stream Apartments’ unit mix provides an owner various options for rentals to a wide variety of tenants with a fantastic unit mix consisting of 12 - one bedroom / one bathroom units of approximately 750 sq./ft., 10 - two bedroom / one bathroom units of approximately 850 sq./ft. and 2 - two bedroom / two bathroom units of approximately 950 sq./ft. Each unit has individual central heat and air, individual water heaters located in the kitchens, plentiful parking and a coin laundry in each building.
The current property owner has taken great pride in Main Stream Apartments by paying close attention to maintaining and improving the physical and structural integrity of the asset through the term of ownership. The building, landscaping and parking lot are clean and well maintained. The property setting is off the main road which allows for a quiet, safe and pleasant living experience for the tenants.
During the past 4 years of ownership, the owner has renovated 22 of the 24 units with the majority of the units having new or updated appliances, kitchen cabinets, counter tops, tile floors as well as new vanities and tiled bathtubs in the bathrooms. Prior to this ownership, the roofs were replaced in 2013 on all three buildings. The current owner also replaced all Federal Pacific Electric Boxes in 2015 alleviating this insurance issue for a new owner. New central A/C units (compressors and handlers) were installed in many of the renovated apartments and approximately half of the water heaters have been replaced since 2017. In addition to these interior improvements, the owner has removed a large grouping of nuisance pine trees and, at the end of 2018, a new inch and a half layer of pavement was done over the entire parking and driving surfaces. All of this combined allows Main Stream Apartments to consistently boasts 95%+ occupancy levels, and is currently operating at 100% occupied. It is truly one of the nicest properties of this vintage in the area.
Main Stream Apartments offers an investor the opportunity to capture a clean, quiet and well run asset to add to their portfolio with the potential to build an additional 6 more units, bringing the unit total to 30. Most of the heavy lifting of renovations has been completed so a new owner can cash flow this asset with relative ease.
