Calling all investors.  Here is a GREAT opportunity to own an income producing duplex and triplex community in West Palm Beach, FL.  That’s right I said COMMUNITY.  This property consists of 31 units together as a community and 12 more units located 3 streets to the East of the 31 units. 

31 Units on 54th Trail S.

31 Units on 54th Trail S.

12 Units on Laura Lane.

12 Units on Laura Lane.

 The breakdown of units is as follows:

  • 2 Units @ 3 bed / 2 bath
  • 33 Units @ 2 bed / 2 bath
  • 8 Units @ 2 bed / 1 bath
  • Total of 43 Units

These units are very, very well kept and clean.  2 of the owners live on-site and maintain the property on a daily basis. When renters move they will replace carpets, appliances if necessary, paint and make any repairs needed to bring the unit up to nice condition.  The owners have given many units new roofs, exterior paint, replaced soffits with new wood and paint and pressure clean as well.  Again, this is a very well cared for property.

The folks living in these units are on annual leases.  Some of these renters have been here for years.  Others have just signed new leases.  All units are rented out minus 2 units that the owners occupy and live in, one that is used as the management office and one unit that is open for showings.  Rental rates vary from one unit rented out at $650/M to others rented out at $850/M.  These are all below other like units in the area. Many units in the area rent for $900 to over $1,000 a month and many are in inferior condition to these units.  The rental breakdown as it stands today (7/17/08) is as follows:

  • # of Units       Rent/month             Total
  • 13        @         $850                 $11,050.00
  • 1          @         $825                 $825.00
  • 12         @         $800                 $9,600.00
  • 2          @         $775                 $1,550.00
  • 9          @         $750                 $6,750.00
  • 2          @         $725                 $1,450.00
  • 1          @         $650                 $650.00
  • 40        @Avg. $796.88 / M = $31,875 / Month = $384,500.00 / Y

Again, if these rents were adjusted to just an average of $850 /M at 40 units your total would be $34,000.00 /M = $408,000.00 / Y.   At $900 a month, your figures would be 40 units @ $900/M = $36,000.00/M = $432,000.00 / Y.   And if you were to rent out all 43 units annually at $900 /M then your numbers jump to $38,700 /M = $464,400.00 /Y.  Adding nearly $100,000.00 per year to the income the property currently generates.

The owners will consider selling off the 31 units by themselves at $3,100,000.00 and the 12 units at $1,100,000.00.  They are open to offers and the property has been receiving some really good traffic since it went on the market just a couple weeks ago.  If you are an investor, member of an investment group, real estate broker , agent, mortgage broker, lender, etc… then this is one property you MUST consider.  Below are some additional photos of the property to view and you can also see this great property on LoopNet here – http://listing.loopnet.com/15758859 . 

Thanks and I look forward to your comments, suggestions and offers!