Off-Market Quadplex for sale

[Aaron Inman]

Good Afternoon!

Check out your next value add investment property below, this property is already in rent ready

condition and currently fully occupied on month to month leases, however there is a major opportunity to make a light renovation and increase rent accordingly.

This property is located 5 minutes away from downtown West Palm Beach and 5 minutes away from Palm Beach International Airport. The home values in this neighborhood have skyrocketed over the past few years, please see comps below.

For more information, reply to this post or shoot me a call at my direct line listed at the bottom of this email.

Property Information: (Quadplex) 1709 Mercer Avenue West Palm Beach, Florida 33401

ARV: 622k

Asking Price: 475k

Monthly Rent:

Apt #1 - $950.00

Apt #2- $825.00

Apt #3- $800.00

Apt #4- $800.00

Total monthly income :$3.375.00

Monthly Expenses: $20 meter fee

Live in property manager, property runs like a mom and pop small apartment building, placing new management and making small cosmetic changes could easily get you to market rent in just a few months while collecting rent on month to month leases.

All Comparable Home sales are within 2 miles of property (7 minute drive)

Comps:

1122 Florida Avenue West Palm Beach, Florida 33401- 575k Sales Price (6/24/2020) (Duplex) (3418 sqft)

1713 Florida Avenue West Palm Beach, FL 33401- 815k Sales Price (7/29/2019) (Duplex)

1408 Florida Avenue West Palm Beach, FL 33401- 585k Sales Price (08/07/2020) (Triplex) (6 beds, 3 baths)

710 10th street West Palm Beach, FL 33401- 640k Sales Price (09/05/2019)

Rent Comps:

1408 Florida Avenue West Palm Beach, FL 33401

Unit 1- $1525

(2 bed, 1 bath)

800 sqft

Unit 2- $1550

(2 bed, 1 bath)

800 sqft

Unit 3- $1450

(2 bed, 1 bath)

800 sqft