3063 Floweva Street
- 6 units
- West Palm Beach location
- 100% occupancy
- High investment potential
- Well-maintained property
- Strong rental demand
- Attractive rental income
- Desirable multifamily investment
- Stable rental history
Property Description
Excellent opportunity to acquire a well-maintained 6-unit multifamily property in South Florida. The property consists of three separate buildings on one parcel: a front triplex with two 1 bed/1 bath units and one 3 bed/1 bath unit, a rear duplex with two 2 bed/1 bath units, and a standalone 1 bed/1 bath cottage. Several units feature private fenced backyards, enhancing tenant appeal and retention. One of the 1 bed/1 bath units will be delivered vacant in June, allowing for immediate rental upside. Each unit has it’s own electric meter. Current gross rents total $8,900 /month or $106,800/year. Rents are significantly below market, providing a strong value-add opportunity. Market rent estimates: 1 bed units $1,600–$1,750, 2 bed units $1,900–$2,000, and 3 bed units $2,500+. Pro forma gross income is approximately $133,200 annually. Lease terms and current rents: Unit A (1 bed/1 bath): $1,300/month – Month to Month at Will Unit B (1 bed/1 bath cottage): $1,300/month – Month to Month at Will Unit C (3 bed/1 bath): $1,500/month – Month to Month at Will Unit D (1 bed/1 bath): $1,350/month – Month to Month at Will Unit 3075 (2 bed/1 bath): $1,650/month – lease through 10/31/2026 Unit 3077 (2 bed/1 bath): $1,800/month – lease through 3/31/2027 All leases transitioning to month-to-month at expiration for added flexibility. Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systems—no coin collection required. Property is in overall good condition with no major deferred maintenance. At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%+. This is an excellent opportunity to acquire a stabilized income-producing asset with immediate upside potential in a highly desirable rental market. Offered at $1,125,000 ($187,500 per unit). Rent role attached in MLS.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,150,000 |
| No. of Units: | 6 |
| Opportunity Zone: | No |
| Price per unit: | $191,667 |
| Property Website | Click Here |
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