Updated over 7 years ago on . Most recent reply
New Fourplex in Lake Worth, East of Rt 1, 11% Cap Potential
Price: $340,000 CASH or Hard Money ONLY
Est. Rehab: $5k-$15k
Cap Rate Potential: 11%+
Est. MKT. Rent $4000/month
Current Cap: 7%
Current Rent $2700/month
Layout: (2626 sqft, 6750 sqft lot )
Off Market CBS 4-Plex in the South Palm Park neighborhood of Lake Worth, just blocks away from the itnercoastal, close to beaches.
Each 2/1 unit is currently rented under market at $675/m ($2700/m total). With some light updating, this property will be bringing in $1,000 per unit and $4000/m total, equaling a cap rate of 11.3%!
This property is easy to maintain and has separately metered utilities.
We are asking only $85K per door, well below comparable properties.. Closed sales are all $92K-$110K per door.
Amazing deal!
Property Occupied - 3 tenants month-to-month, 1 on a lease
Sold Comps:
105 S M Street - Triplex -sold $329K 2/1+ 2(1/1) $109K per door
1325 S L Street - Duplex Sold $270K 2(1/1) $97.5K per door
104 S J Street # 1 - Triplex Sold $300K 3(1/1) $100K per door
315 S J Street S - Triplex sold $279K 3(1/1) $92K per door