Lake Lofts is a 3-story concrete block boutique apartment building with 25 units only footsteps from Lake and Lucerne Avenues in Lake Worth Beach. The property features an attractive unit mix including one studio, 21 1BR / 1BA, two 2BR / 1BA and an attached

Lake Worth

$3,500,000 USD
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AddressLake Worth
Type of PropertyIncome / MultiFamily
Type of BusinessApartments, Residential-Multi-Family
Price$3,500,000
Property StatusActive
MLS NumberA11857160
Property Size8778
Lot Size8778
Year Built1923
Folio Number38434421150170291
Zoning InformationDT (CITY
Days on Market29

Detailed Description: Lake Lofts is a 3-story concrete block boutique apartment building with 25 units only footsteps from Lake and Lucerne Avenues in Lake Worth Beach. The property features an attractive unit mix including one studio, 21 1BR / 1BA, two 2BR / 1BA and an attached house 3BR / 1.5BA with a den. Lake Lofts is offered with a very attractive assumable loan featuring a 2.87% interest rate locked until June 2027. The current outstanding balance is approximately $1,850,000 and the loan has a maturity date of May 2042. The property has been historically operating near 100% occupancies with effective rents of $1,626 / unit. Rents include electric, water and gas. Current market rents average $1,682 / month allowing to raise rents by ~ $17k / yr. A new owner can implement a value-add program for an additional $90k / yr.

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Address Information
StateFlorida
CityLake Worth
CountyPalm Beach County
Zip Code33460
Section21
Zip Code (4 Digits)3749
Financial Information
Price$3,500,000
Price per Foot$0
Folio Number38434421150170291
Tax Amount$71,142
Full Descriptions
Detailed DescriptionLake Lofts is a 3-story concrete block boutique apartment building with 25 units only footsteps from Lake and Lucerne Avenues in Lake Worth Beach. The property features an attractive unit mix including one studio, 21 1BR / 1BA, two 2BR / 1BA and an attached house 3BR / 1.5BA with a den. Lake Lofts is offered with a very attractive assumable loan featuring a 2.87% interest rate locked until June 2027. The current outstanding balance is approximately $1,850,000 and the loan has a maturity date of May 2042. The property has been historically operating near 100% occupancies with effective rents of $1,626 / unit. Rents include electric, water and gas. Current market rents average $1,682 / month allowing to raise rents by ~ $17k / yr. A new owner can implement a value-add program for an additional $90k / yr.
Parking DescriptionOn Street
Property parameters
Living Area8778
Lot Size8778
Total Acreage0.000
Zoning InformationDT (CITY
Maximum Leasable Size8778
Year Built1923
Type of PropertyIncome / MultiFamily
Type of BusinessApartments, Residential-Multi-Family
Stories Number3
Listed withCBRE, Inc.