Bought with NON MEMBER OFFICE
$499,000
$499,000
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7 Beds
4 Baths
2,625 SqFt
SOLD DATE : 12/08/2023
Key Details
Sold Price $499,000
Property Type Multi-Family
Sub Type Quad Plex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,625 sqft
Price per Sqft $190
Subdivision North Palm Bch 1
MLS Listing ID RX-10929358
Sold Date 12/08/23
Bedrooms 7
Full Baths 4
Construction Status Resale
HOA Y/N No
Year Built 1942
Annual Tax Amount $7,238
Tax Year 2022
Lot Size 5,256 Sqft
Property Description
Presenting a unique opportunity for an investor to acquire a strong cash flow asset with major value add opportunity. 513 47th Street is located in the Northwood neighborhood of West Palm Beach where there is a strong rental market and ever growing demand. This multifamily consists of 3 buildings, 5 possible units (currently 4) in total which have been gutted and preliminary plans drawn to show highest and best use. The proposed units are listed below along with their renovated rent projections. Full rehab is needed. The renovated property can generate $7,700 a month. That's a 10% CAP rate!Unit #1 650 SF 2/1 $1,700 Unit #2 650 SF 2/1 $1,700 Unit #3 650 SF 2/1 $1,700 Unit #4 275 SF Studio $1,200 Unit #5 400 SF 1/1 $1,400
Location
State FL
County Palm Beach
Area 5420
Zoning SF7(ci
Interior
Heating No Heat
Cooling None
Flooring Other
Exterior
Exterior Feature Fence
Utilities Available Electric, Public Sewer, Public Water
Amenities Available None
Waterfront No
Waterfront Description None
Roof Type Flat Tile
Private Pool No
Building
Lot Description < 1/4 Acre
Story 2.0
Foundation Frame
Construction Status Resale
Others
Senior Community No Hopa
Restrictions None
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
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