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$249,000

For Sale - Active
6400 NW 2nd Ave Apt 123, Boca Raton, FL 33487
2 Beds
2 Baths
1,316 Square Feet
0.00 Acres Lot
Built in 1979
For Sale - Active
Units n/a
Checked: 7 hours ago
Updated: May 22, 2025 at 08:27AM

Investment Summary


Monthly Cash Flow
-$1,225
Cap Rate
0.2%
Cash-on-Cash Return
-25.7%
Debt Coverage Ratio
0.04
Internal Rate of Return (5 years)
-20.7%

Property Description


0.00 Acres Lot
Built in 1979
For Sale - Active
Units n/a

Nestled in the heart of East Boca Raton, this beautifully renovated 2-bedroom, 2-bathroom condo offers the perfect blend of comfort, convenience, and coastal living. Located just a couple of miles from the sparkling shores of Boca Raton's beaches, this property is ideal for those seeking the Florida lifestyle without breaking the bank. Great schools, shopping and easy access to universities and highways

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Location


Property Details


Parking

  • Description: Assigned, Guest
  • Details: Assigned, Guest
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 5

Exterior Features

  • Roof Material: Other
  • Pool Community: Yes

HOA

  • Has HOA: Yes
  • HOA Fee: $1,103/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 06434705230031230
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Style: Mediterranean
  • Year Built: 1979

Tax Information

  • Annual Tax: $4,362

Utilities

  • Water & Sewer: Public
  • Heating: Central, Electric
  • Cooling: Central Air, Electric

Location

  • County: Palm Beach

Listing Details


Listed by:
George Pojoga
Providence Real Estate Group
(561) 756-0196

Source:
BeachesMLS
MLS#: R11064283
BeachesMLS

Investment Summary


Monthly Cash Flow
-$1,225
Cap Rate
0.2%
Cash-on-Cash Return
-25.7%
Debt Coverage Ratio
0.04
Internal Rate of Return (5 years)
-20.7%

Purchase Details

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Purchase price:
$249,000
Amount financed:
-$199,200
Down payment:
$49,800
Closing costs:
$7,470
Rehab costs:
$0
Initial cash invested:
$57,270
Square feet:
1,316
Cost per square foot:
$189
Monthly rent per square foot:
$1.67

Financing Details

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Loan amount:
$199,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$1,276
Property tax:
$364
Insurance:
$154
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,794

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,200 $26,400
Vacancy loss: (6%)
6% -$132 -$1,584
Operating income:
$2,068 $24,816

Operating Expenses


% Rent Monthly Yearly
Property taxes: (17%)
17%-$364-$4,362
Insurance: (7%)
7%-$154-$1,848
Property management: (8%)
8%-$176-$2,112
Repairs & maintenance: (5%)
5%-$110-$1,320
Capital expenditures: (5%)
5%-$110-$1,320
HOA fees: (50%)
50%-$1,103-$13,236
Total operating expenses: (92%)
92%-$2,017-$24,198

Cash Flow


Monthly Yearly
Net operating income:
$51 $612
Mortgage payments:
-$1,276 -$15,312
Cash flow:
$1,225 $14,700