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.
Franklin Street’s South Florida Multifamily Investment Sales Team of Travis Jones, Dan Dratch and Ryan Wold represented the seller, Larry Brodman in the transaction.
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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