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5901 Broadway

9 Unit Block of Flats £1,482,743 (£164,749/Unit) West Palm Beach, FL 33407

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Investment Highlights

Opportunity to Develop Up To 27 Units in the Vastly Growing City of West Palm Beach
Being Situated on Broadway, the Property Offers Close Proximity to Local Amenities, Schools, Retail, and Transportation Routes
The Port Of Palm Beach, Located Just North of the Property, is Responsible For Supporting Over 3,000 Jobs Locally

Located Within an Opportunity Zone and West Palm Beach's CRA Zone Along the Broadway Corridor
9 Renovated, Cash Flowing Apartment Units Currently on Property With Coin Operated Laundry On-Site

Executive Summary

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale the Broadway Apartments Development Opportunity, located at 5901 Broadway in West Palm Beach, Florida. Currently, the property has nine renovated, occupied units which consist of: 1 two-bedroom / two-bathroom unit, 4 one-bedroom / one-bathroom units, and 4 studios. To achieve the highest and best use, an owner or developer can redevelop the property and the build up to 27 multifamily units by utilizing the advantageous Broadway Mixed-Use District (BMUD) zoning the property is located in. The development would consist of entirely Studio units and a retail shop.
Located just south of major transportation routes and near the bustling Port of Palm Beach, the property benefits from its proximity to major employment hubs, commercial centers, and recreational amenities. Constructed with modern designs and situated on a spacious lot, Broadway Apartments offers approximately 0.75 acres of land with ample potential for residential or mixed-use development, making it an attractive investment for growth.
West Palm Beach is planning updates to the Broadway Mixed-Use District (BMUD) zoning regulations to stimulate economic development and improve the urban corridor along Broadway Boulevard. The BMUD is located along a two-mile stretch from 25th to 59th Street and aims to create a more walkable, transit-friendly, mixed-use area that complements the nearby Northwood Business District. The updated zoning focuses on form-based regulations, meaning that instead of just controlling land use, the new code will emphasize the design and interaction of buildings, streets, and public spaces to foster a more vibrant, pedestrian-friendly environment. This initiative encourages higher-density development where appropriate and seeks to preserve the character of adjacent residential neighborhoods while promoting transit-oriented growth. The city also aims to promote historic preservation in this redevelopment effort. The full plan is set to be completed by December 2024, with ongoing community engagement throughout the process to ensure that the zoning changes align with local residents' desires for the area.

Property Facts

Price	£1,482,743	Building Class	B
Price Per Unit	£164,749	Lot Size	0.34 AC
Sale Type	Investment	Building Size	2,950 SF
No. Units	9	Average Occupancy	100%
Property Type	Residential	Number of Floors	1
Property Subtype	Apartment	Year Built	1930
Apartment Style	Low Rise	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	£1,482,743
Price Per Unit	£164,749
Sale Type	Investment
No. Units	9
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	B
Lot Size	0.34 AC
Building Size	2,950 SF
Average Occupancy	100%
Number of Floors	1
Year Built	1930
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.