Lake Worth Shores Apartments...Delray, Miami, FL Keys Intracoastal Waterway Palm Beach Island...
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Lake Worth Shores Apartments Martin Goldstein Russell Goldstein 561-310-0935 561-503-3648 12 Multi-Family Units 809 S K St, Lake Worth, FL
Transcript of Lake Worth Shores Apartments...Delray, Miami, FL Keys Intracoastal Waterway Palm Beach Island...
Lake Worth Shores Apartments
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648
12 Multi-Family Units809 S K St, Lake Worth, FL
Comprising 12 spacious units in the heart of Lake Worth’s culture-rich downtown district, 809 S K Street’s quiet location solid fundamentals, renovated interiors, and significant upside make it an excellent investment prospect for the savvy Real Estate investor. With substantial, private off-street parking, full concrete construction, and an excellent, working-class tenant base, Lake Worth Shores Apartments presents an extremely attractive
Featuring full CBS construction, beautifully renovated interiors, zero-maintenance landscaping, on-site laundry, and a host of other updates throughout, the property presents an excellent, low-maintenance investment proposition for any type of investor. Significant rental rate upside remains as rents are below market. Lake Worth’s multifamily sector has demonstrated continued, steadygrowth over the preceding 10 years. Following the 2009 housing crisis, owners of affordable housing enjoyed relative unchanged rents andoccupancy levels, as economic crises frequently drive additional demand for affordable housing where a wealth of sustainable demand alreadyexists.
Known by many as a cultural and artistic haven in Palm Beach County and indeed all of South Florida, Lake Worth offers deep-rooted culture andvibrance spanning all areas of the arts, attracting a sophisticated, diverse, quality tenant base to the area on a consistent basis. The area is rich incommerce and employment centers, and experiences steady population growth year over year.
With significant updates already complete, leaving little to no deferred maintenance, 809 S K Street offers excellent upside potential throughmanagement and small improvements alone.
Never before has quality, affordable rental housing been in higher demand in the U.S., and South Florida is perhaps the highest velocity affordablehousing market in the country.
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
“Economic and job growth in Florida are forecasted to continue to outperform the U.S. labor market and more Baby Boomers continue to reach the end of their working lives. This bodes well for continued population growth via the in-migration of retirees and job seekers to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates. In addition to these sources of domestic population growth, international immigration will also feed into the state’s population growth.”
According to a widely-quoted, well-respected quarterly report last published in June 2017 by the University of Central Florida’s Institute for Economic Competitiveness:
With population growth comes increased demand for affordable, quality rental housing. Robust CBS construction ensures long-term reliability and relative ease of maintenance over the long term.
Lake Worth Shores AptsOverview
809 S K St
Palm Beach, Jupiter, Port St. Lucie
Delray, Miami, FL Keys
Intracoastal Waterway
Palm Beach Island
Downtown Lake Worth
Intracoastal Waterway
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Lake Worth Shores AptsHighlights and Location Map
Asset Overview:o Current Cap Rate: 6.60%o Market Rents Cap Rate: 8.20%o Price: $1,395,000o Address: 809 S K St, Lake Worth FLo 12 Spacious Units
o 11 1BR 1BAo 1 3 BR 2 BA
o Total SF: 8,671
o 100% Occupied!o Professionally owned and managed. Books
and records are well maintained.o On-site, income producing laundry!o Significant value-add opportunity via
improved exterior maintenance and management. Interiors have been recently renovated!
o Units all feature balconies with floor-ceiling sliding glass doors!
o Excellent fundamentals. o Low maintenance CBS
constructiono Desirable, central locationo Excellent long term growth
prospectso Bike-friendly, walkable area! Just a few short
blocks from: o World famous South Florida
Beacheso Vibrant Downtown Lake Wortho Shopping (8 blocks to Publix,
Walgreens, local businesses downtown)
o Stable asset, with slightly below market rents. All long term tenants.
o Central air-conditioning throughout. Units have been maintained well and replaced as needed.
o Ideally located close to: o I-95o Downtown West Palm Beacho Palm Beach Island
o Excellent operating history, easily finance-able!
o Excellent capitalization rate with massive near and long term rental rate upside.
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Lake Worth Shores AptsLocal Aerial
809 S K St
Intracoastal Waterway
South Palm Park
Downtown LW (Approx 1 mi)
Palm Beach Island
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Lake Worth Shores AptsFinance
Address Current Rental Rate Estimated Market Lease Exp.
809 K St #1 950.00$ 1,100.00$ 9/30/2018
809 K St #2 925.00$ 1,100.00$ 5/31/2019
809 K St #3 800.00$ 1,100.00$ 8/31/2018
809 K St #4 950.00$ 1,100.00$ 4/30/2019
809 K St #5 975.00$ 1,100.00$ 7/31/2019
809 K St #6 750.00$ 975.00$ 4/30/2019
809 K St #7 825.00$ 975.00$ 4/30/2018
809 K St #8 800.00$ 975.00$ 6/30/2018
809 K St #9 950.00$ 1,100.00$ 3/31/2019
809 K St #10 750.00$ 1,100.00$ 2/28/2019
809 K St #11 925.00$ 1,100.00$ 1/31/2019
809 K St #12 1,350.00$ 1,700.00$ 7/31/2001
Totals 10,950.00$ 13,425.00$
Revenues Current Market Rents
Monthly Rents 10,950.00$ 13,425.00$
Laundry Income (avg) 200.00$ 200.00$
Annualized 133,800.00 163,500.00
Estimated Expenses
Taxes (after sale) 16,476.00 22,500.00
Insurance 7,200.00 7,200.00
Water and Garbage 8,800.00 8,800.00
R&M 2,500.00 2,500.00
Management 6,690.00 8,175.00
Total Exp 41,666.00 49,175.00
NOI 92,134.00 114,325.00
List Price 1,395,000.00$ 1,395,000.00$
Capitalization Rate 6.60% 8.20%
Leveraged Return
Down Payment 348,750.00$ 348,750.00$
Total Leverage 1,046,250.00$ 1,046,250.00$
Debt Service Expense (4.8%) 50,220.00$ 50,220.00$
NOI After Debt Svc 41,914.00$ 64,105.00$
Leveraged Return 12.02% 18.38%
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Contact Listing Agents
For more information or to schedule a property tour please do not hesitate to contact
us at the numbers and/or email addresses below:
Martin Goldstein, Lic. Real Estate Broker
561-310-0935
Russell Goldstein
561-503-3648
