Lake Worth (December 2, 2020) – Franklin Street has arranged the sale of a six-unit multifamily property at 417 North E Street in the Palm Beach County city of Lake Worth. The value-add asset received significant interest and multiple competitive offers, ultimately selling for $115,000 per unit.
All units within the property are one-bedroom, one-bathroom apartments averaging 550 square feet. The seller made several capital improvements before the disposition, including updates to kitchens and bathrooms, which contributed to a 124% appreciation in property value since 2018.
“At 100% occupancy, this property provides the buyer with strong cash flow from day one,” said Jones. “The opportunity for some additional light value-add improvements coupled with an insatiable rental demand in South Florida will allow the buyer to quickly capitalize on the strong rental rates already in-place.”
In addition to arranging this transaction, Franklin Street’s Insurance Services Group brokered the buyer’s insurance policy.
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