West Palm Beach Development Site 5901 Broadway 9 Unit Apartment Building $1,750,000 ($194,444/Unit) West Palm Beach, FL 33407

Union Street Partners LLC is pleased to present 5901 Broadway, an opportunity to acquire an income-producing development site on a corner parcel along West Palm Beach’s rapidly evolving Broadway Corridor.
The City of West Palm Beach has made redevelopment of the Broadway Corridor a priority and recently adopted significant zoning changes intended to encourage new residential and mixed-use development. Under the updated Broadway Mixed-Use District (BMUD) regulations, the former three-story height limitation has been expanded to allow development of up to seven stories through the City's workforce housing incentive program, subject to applicable requirements.
Based on the site's 15,250 square feet of land, a seven-story development could potentially accommodate approximately 60,000 gross square feet, or approximately 50,000 square feet of net rentable residential area, subject to final design, parking, zoning requirements and municipal approvals.
At the $1,750,000 offering price, the acquisition represents approximately $29 per potential gross buildable square foot based on a 60,000-square-foot development concept.
This opportunity combines three increasingly valuable fundamentals: existing income, significant development potential and strong demand for workforce housing in South Florida.