608 5 th Street, West Palm Beach. Martin Goldstein Alexis Shapiro The-Goldstein-Group.com

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1 608 5 th Street, West Palm Beach

2 608 5 th Street th Street includes (16) well appointed 2 bedroom 1 bathroom units in a very centralized location in West Palm Beach with being in close proximity to I-95, public transit including just being a few walking blocks away from the new high speed Brightline Train, as well as The Palm Beach Outlet Mall, City place, and the pristine beaches of Palm Beach, amongst many other local destinations. During ownership the property has gone under updates such as new roof, driveway, and interior upgrades to units to ensure rents can maintain and reach their market value. West Palm Beach has experienced very strong economic growth over the last 5-10 years, owed inpart to steady population growth in South Florida at-large. As one of the country s largest cultural and commercial centers, Palm Beach County and neighboring Broward County have experienced steadily increasing demand in the Class B and C rental sectors. Rental rates on new construction Class A units in high-density, high demand locales like Miami, are often prohibitively high, driving demand for affordable, well-managed, centrally located rentals such as these which still enable tenants to enjoy all that South Florida Coastal Living has to offer. According to a widely-quoted, well-respected quarterly report last published in June 2017 by the University of Central Florida s Institute for Economic Competitiveness: Economic and job growth in Florida are forecasted to continue to outperform the U.S. labor market and more Baby Boomers continue to reach the end of their working lives. This bodes well for continued population growth via the in-migration of retirees and job seekers to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates. In addition to these sources of domestic population growth, international immigration will also feed into the state s population growth. With population growth comes increased demand for affordable, quality rental housing. Robust CBS construction ensures long-term reliability and relative ease of maintenance over the long term.

3 608 5 th Street Overview Northwood Village Palm Beach Gardens, Jupiter, Port St. Lucie Asset Overview: Capitalization Rate: 8.06% Market Capitalization Rate 9.36% Price: $1,520,000 Intracoastal waterway th Street West Palm Beach 16 Units (16) 2 BR 1 BA Units Fully operating and occupied New roof on one of the buildings, all central a/c Durable CBS Construction Clematis Street th Street City Place Brightline Train The Breakers Palm Beach, Boynton Beach, Delray beach, Miami Other capital improvements include: Upgraded Interiors Tenants pay all utilities Ideally located close to: Downtown West Palm Beach Port of Palm Beach Palm Beach Island Interstate 95 Palm Beach Outlets Excellent capitalization rate, combined with massive near and long term upside.

4 608 5 th Street Finance 8.06% Current Cap Rate 9.36% Market Cap Rate 18.75% Current Cash-on Cash Return 23.94% Market Cash-on Cash Return Offered at $1,520,000

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10 608 5 th Street Surrounding Area

11 Contact Listing Agents For more information or to schedule a property tour please do not hesitate to contact us at the numbers and/or addresses below: Martin Goldstein, Lic. Real Estate Broker Martin@TheGoldsteinRealEstateGroup.com Alexis Shapiro Alexis@TheGoldsteinRealEstateGroup.com