Saint Belle Apartments
Closed241 NW 11th St, Belle Glade, FL 33430
Property type
Multifamily
Unit / Space count
16
Price
$1,155,000
Building size
13,220 sf
Rentable area
13,220 SF
Year built
1979
Year renovated
Occupancy
Zoning code
Lot size
0.47 Acres
Sold/status
Sold · Date unknown
Sale price
$1155000
Bedroom count
CAP
8.22%
Property description
Saint Belle Apartments is a 16-Unit Multifamily Investment Opportunity located at Belle Glade (Palm Beach County), Florida. The subject property was built in 1979 and totals 13,220 Sf on 0.47 acres of land. The buildings were built with reinforced concrete block construction with painted stucco exterior. The Investment Opportunity is located at 241 NW 11th St, Just South Of W Canal St, and East Of NW 16th St. The neighborhood consists of a mix of multifamily & single-family homes In similar age and construction as the subject property. The Investment consists Of (15) Two Bedroom, One Bathroom And (1) Three Bedroom, One & Half Bathroom Units totaling approximately 12,150 Sf. Unit amenities include large central living rooms, tile floors, updated cabinets in the kitchens, & full-size washer & dryer connections. Saint Belle Apartments offers an Investor the opportunity to purchase a stabilized asset with upside. Based on comps in the area, a new owner can achieve rental increases of 12.50% on the Two-Bedroom, One Bath Apartments & 17.37% Three Bedroom, One & Half Bathroom Units. Furthermore, with rental increase an investor will be able to achieve a 15% cash on cash return at list price.
Property highlights
- New Investor Can Implement A Light Value Add To Capitalize On The Strong Rents Already Being Achieved
- Attractive Unit Mix Featuring Two Bedroom and Three Bedroom Units
- Open Concept Interior Layouts With Large Bedroom(s)
- Upgraded Kitchens With Full Size Washer & Dryer Connections
- Tenants Currently Pay for Water, Sewer, & Trash
- Double Digit Day One Cash on Cash Return At List Price