Broadway Apartments 2708 Broadway, West Palm Beach
Broadway Apartments Overview Consisting of 11 units located in the heart of Historic Northwood Village, freshly updated Broadway Apartments presents an intriguing opportunity for the savvy multifamily Real Estate investor. Featuring new flooring, updated kitchens, bathrooms, and fixtures in all units, as well as a new roof, resurfaced parking lot, and new windows/exterior paint, 2708 Broadway will be delivered leased or ready-to-lease, with little to no deferred maintenance a turnkey investment. Northwood Village has been experiencing significant growth in recent years, as local government has pursued a number of programs to foster the growth of the arts and local culture. Spearheaded by the CRA alongside local business owners and creative personalities, this initiative has brought a level vibrance and life to West Palm Beach and surrounding areas not previously seen. Broadway Apartments are also located in very close proximity to the beautiful intracoastal waterway, as well as the world-famous Atlantic Coast beaches and Palm Beach Island. Local employment and commerce centers include Downtown West Palm Beach (less than 5 mins by car), The Port of Palm Beach (only a few blocks north), The Palm Beach Outlets (less than 10 mins drive), Palm Beach Island, Palm Beach Gardens, as well beautiful CityPlace and Antique Row located along US HWY 1 just a few miles south. Brimming with an unusual amount of cultural nuance, this area presents an attractive prospect to tenants and investors alike, positioning owners in an ideal, high demand market segment, and offering tenants excellent value and location at affordable rental rates. Most significantly, perhaps, is that this property, with its adjacent vacant parcel, is eminently buildable. Approvals were obtained for construction of 16 units total on the land underneath the property. Multifamily rentals of this class will remain in very high demand as new, less affordable Class A units come online throughout the state. Units such as these can be purchased for WELL below their replacement construction cost, making them an excellent near and long term investment. 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. Martin Goldstein 561-310-0935 Russell Goldstein 561-503-3648
Asset Overview: Capitalization Rate: 10.09% Price: $785,000 2708 Broadway 11 Efficiency Style Units Adjacent parcel is approved for 5 additional units! Entire property approved for 16 units total! Newly renovated throughout, featuring: New Kitchen cabinets New appliances New flooring New bathroom fixtures and vanities Broadway Apartments La Fontana of The Palm Beaches (Luxury Condominiums) Updated plumbing and Palm Beach Island electric New roof New parking surface and striping New windows Durable CBS Construction Currie Park Ideally located close to: Downtown Northwood Downtown West Palm Beach Port of Palm Beach Palm Beach Island Palm Beach Maritime Atlantic Coast Beaches Interstate 95 Museum Palm Beach Outlets Professionally managed and maintained Excellent capitalization rate, combined with massive near and long term Pleasant City Intracoastal Waterway upside. Large concentrations of units such as this are becoming increasingly scarce as institutional investors and REITs aggressively purse them off-market for long-term hold investments. Broadway Apartments Highlights and Location Map
Broadway Apartments Aerial Photographs Intracoastal Waterway Downtown Northwood 2708 Broadway
Broadway Apartments Finance 10.09% Pro Forma ROI at Competitive Rents 28.36% Cash on Cash Return! Offered at $785,000
Broadway Apartments Finance Adjacent Parcel US HWY 1 2708 Broadway
Contact Listing Agents For more information or to schedule a property tour please do not hesitate to contact us at the numbers and/or email addresses below: Martin Goldstein, Lic. Real Estate Broker Martin@TheGoldsteinRealEstateGroup.com 561-310-0935 Russell Goldstein Russell@TheGoldsteinRealEstateGroup.com 561-503-3648