938 Northern Dr - Magnolia Square 28 Unit Apartment Building Offered at $6,200,000 at a 6.06% Cap Rate Lake Park, FL 33403

Marcus & Millichap is pleased to exclusively present Magnolia Square Apartments, a well-maintained, 28-unit boutique multifamily community located in the heart of Lake Park, one of northern Palm Beach County’s coastal submarkets. Positioned just north of Park Avenue, the town’s vibrant downtown corridor, and minutes from the Intracoastal Waterway, the property offers immediate access to popular recreational amenities including Lake Shore Park, Kelsey Park, and Lake Park Harbor Marina. This walkable and highly livable location places residents near the Park Avenue Arts & Entertainment District, home to dining, boutiques, cultural festivals, and weekly community events that attract residents from surrounding waterfront neighborhoods. Magnolia Square Apartments was constructed in 1963 of concrete block with painted stucco exterior with a wood second floor consisting of two, two-story residential buildings. The property is on approximately 0.79 acres and is zoned C-1. The roofs are approximately 18 years old. The community features a desirable mix of sixteen (16) two-bedroom/one-bath units and twelve (12) three-bedroom/two-bath units, each offering central air conditioning with approximately 34 on-site parking spaces, assigned one per tenant and two trash dumpsters.