Delray Gulfstream Apartments
Closed268 NE 14th Street, Delray Beach, FL 33444
Property type
Multifamily
Unit / Space count
12
Price
$1,950,000
Building size
8,252 sf
Rentable area
8,252 SF
Year built
1971
Year renovated
Occupancy
Stories
2
APN
12-43-46-09-19-000-0120
Zoning code
R-1-A
Lot size
0.49 Acres
Bedroom count
Price per Unit
$162,500
Price per SF
$236.31
Property description
Delray Gulfstream Is A 18-Unit Portfolio, Multifamily Investment Opportunity In Delray Beach, (Palm Beach County), Florida. The Buildings Were Built In 1971 Using Reinforced Concrete Block Construction With Painted Stucco Exterior. The Building Currently Operates As Rehab Master Lease. The Investment Opportunity Is Located At 268 NE 14St, North of Atlantic Ave, & East Federal Hwy. The Neighborhood Consists Of A Mix Of Multifamily & Single-Family Homes In Similar Age And Construction As The Subject Property. The Investment Consists Of (4) Buildings, One Building Is (10) One-Bedroom, One Bath Apartments, (2) Two-Bedroom, Two Bath Apartments. The Other Three Buildings Are Duplex’s Totaling (6) Two-Bedroom, Two Bath Apartments. All Four Buildings Total Approximately 36,450 RSF. All Units Offer Central Air Conditioning, Hurricane Windows, & Surveillance Cameras. Delray Gulfstream Offers An Investor The Opportunity To Purchase A Well Located, Asset Where The Current Owner Has Made Capital Improvements That Offer A New Investor An Opportunity to Lease Units At Current Market Rents. Apogee at Delray Beach Is Within Proximity To Major Retailers, Restaurants, And Job Opportunities.
Property highlights
- Seller Realized 134% Appreciation In Value Since Acquisition In 2016
- Closed Within 9% Of List Price During Covid-19 Pandemic
- Competitive Deal - 6 Competitive Offers Submitted
- Master Lease Offered New Buyer Guaranteed Income With Minimal Responsibilities
- Franklin Street Represented Both Buyer And Seller In Transaction
- Highly Desirable North Delray Beach Location With Direct Access To US-1 & A1A