Suncoast Villas at Blue Heron 2130 Avenue S, West Palm Beach FL
Suncoast Villas Overview Comprising 20 units in the heart of West Palm Beach, Suncoast Apartments represents an absolutely turnkey investment with significant market and management upside remaining. Family-owned and managed and maintained by fastidious, experienced landlords, this CBS structure needs nothing to continue to provide smooth and reliable cash flow over the near and long terms. Located directly across from the virtually brand new Suncoast Public School and municipal water park, the area is especially family friendly and presents excellent value to tenants and landlords alike. 12 of the 20 units have undergone a full renovation in the last 5 years including new kitchens with granite countertops, new flooring, paint, bathrooms, and more. Tenants are carefully screened to ensure stability and profitability, as well as quiet enjoyment for other residents. Building also features on-site laundry, central air conditioning throughout, integrated storm shutters, a gated and keyed courtyard, private off street parking, The West Palm Beach rental market has experienced steady growth since the housing market shift of 2008-2009. A fundamental move toward rentals continues to be the prevailing market trend, and truly quality affordable housing continues to be in short supply. New construction is subject to high land and constructions costs, driving rents to unaffordable levels. Assets such as Suncoast Apartments fill this niche uniquely well, with renovated interiors, a gated courtyard (all units enter from the courtyard, increasing security and tenant value), and central air providing a higher-end living experience in a preexisting structure, the replacement cost of which is much higher than what it can be purchased for. 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.
Suncoast Villas Highlights and Location Map Palm Beach Gardens Miami, FL Keys I-95 Palm Beach International Airport Palm Beach, Jupiter, Port St. Lucie Suncoast Villas at Blue Heron Intracoastal Waterway Atlantic Ocean Singer Island Downtown West Palm Beach Asset Overview: Capitalization Rate: 6.05% Market Rent ROI Over 8% Price: $2,200,000 2130 Ave S, West Palm Beach, FL 20 Units 10 1BR 1BA 10 2BR 1BA Gated and locked courtyard restricts access to tenants only and their guests, increases security and quiet enjoyment. On-site laundry Fully occupied, stable, with below market rents throughout. All long term tenants. Directly across Ave S from BRAND NEW Suncoast High School and municipal water park. Family friendly area! Central air conditioning throughout with all units replaced during ownership. Durable CBS Construction Directly adjacent to Municipal Waterpark and BRAND NEW Suncoast High School! Other building features include: Spacious unit layouts! All owner-designed, high end landscaping! 12 of 20 units have brand new interiors, with remainder in good condition. Ideally located close to: I-95 World famous beaches and Atlantic Coast Downtown West Palm Beach Northwood Village Palm Beach Island Singer Island Well-maintained, impeccable asset! On-site storage/work closet with built in sink, shower, and toilet. Excellent capitalization rate, combined with massive near and long term rental rate upside.
Suncoast Villas Finance Current Cap Rate: 6.05% Current Cash-on Cash Return: 12.19% Market Cap Rate: 8.42% Market Cash-on Cash Return: 21.68% Offered at $2,200,000
Suncoast Villas Location Map Blue Heron Blvd County Aquatic Center Suncoast Villas John F Kennedy Middle School N Suncoast High School
Suncoast Villas Location Map Major Retailers I-95 Washington Elementary School The Abbey (Class A Apts) Ed Morse Honda Wendy s Riviera Beach s local economy has flourished in recent years of its own accord, thanks to an influx of national and global retailers. These include Wal-Mart, Target, Family Dollar, Walgreens, Taco Bell (and other popular Yum! Brands restaurants), TD Bank, and many others. These brands research their potential markets heavily before establishing a presence. The fact that East and West Riviera have both become commerce centers speaks volumes about the future economic growth expected in this area over the near and long term. The local government has invested heavily in infrastructure to accommodate future growth in both population and traffic. Various spots throughout the city have been chosen for new public transport points, increasing the reach of the local transit system significantly. In addition, Suncoast Villas is close on all sides to class A apartment complexes, Class A retail, and a large number of single family homes. Walgreens Dunkin Donuts JFK Middle School Suncoast High School Suncoast Villas at Blue Heron UPS Customer Ctr Coca Cola Local Vending Svc Ctr
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