The Palms | 640 SE 2nd Ave
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The Palms 640 SE 2nd Ave
24 Unit Block of Flats £4,655,578 (£193,982/Unit) 6.16% Net Initial Yield Boynton Beach, FL 33435
Investment Highlights
- Great Walkability to Restaurants and Beach
- New Roof 2024
- Ample Parking just resurfaced and stripped
- Additional Garage Structure, Potential unit or ancilary income
- Hurricane Impact Doors
- Quality CBS Garden Style Structure
Executive Summary
ONE Commercial Real Estate is pleased to present The Palms, A prime opportunity to purchase a 24 unit garden-style community located in prime Boynton Beach, Florida just steps from the beach! The Palms is comprised of an ideal unit mix of Twenty one bed units, four spacious two bed units, a separate cbs structure ideal to be converted/rented for ancillary income and/or additional unit(s). The property benefits from excellent proximity to the S. Federal Hwy corridor where the annual average daily traffic count exceeds 22,500 vehicles per day. In addition, proximity to the Ocean Avenue thoroughfare connects the property to beach access, including exceptional public amenities like Ocean Front Park and Boynton Harbor Marina and south Florida staple restaurants such as Two Georges and The Banana Boat. The Boynton Beach neighborhood has seen tremendous growth with its mix of cultural vibrance and favorable location and close proximity to Downtown Delray Beach and West Palm beach. Both visitors and residents enjoy accessing all the amenities offered by Boynton Beach. With its prime location and solid structure, The Palms delivers a competitive product to the market, capable of outperforming comparable options within the growing segment and positioning itself as a generational asset
Property Facts
| Price | £4,655,578 | Building Class | B |
| Price Per Unit | £193,982 | Lot Size | 0.80 AC |
| Sale Type | Investment | Building Size | 17,726 SF |
| Net Initial Yield | 6.16% | Average Occupancy | 100% |
| No. Units | 24 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 2.03/1,000 SF |
| Apartment Style | Garden |
| Price | £4,655,578 |
| Price Per Unit | £193,982 |
| Sale Type | Investment |
| Net Initial Yield | 6.16% |
| No. Units | 24 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.80 AC |
| Building Size | 17,726 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1967 |
| Parking Ratio | 2.03/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Walk-In Closets
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 572 - 750 |
| 2+2 | 4 | - | 925 |
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Walk Score ®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 08-43-45-27-04-000-0260 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £2,255,361 |
PROPERTY TAXES
Parcel Number
08-43-45-27-04-000-0260
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£2,255,361
zoning
| Zoning Code | R3 (ZONING R3 – Residential Multifamily) |
| R3 (ZONING R3 – Residential Multifamily) |
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The Palms | 640 SE 2nd Ave
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