Latona Avenue Apartments Martin Goldstein …...Latona Avenue Apartments Martin Goldstein Russell...
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Latona Avenue Apartments Martin Goldstein Russell Goldstein 561-310-0935 561-503-3648 Unique 9 Unit Multi-Family Opportunity In Lantana FL
Transcript of Latona Avenue Apartments Martin Goldstein …...Latona Avenue Apartments Martin Goldstein Russell...
Latona Avenue A par tments Martin Goldstein Russell Goldstein
561-310-0935 561-503-3648Unique 9 Unit Multi-Family Opportunity In Lantana FL
Nestled in a quiet residential corner of Lake Worth near the Lantana Town Limits, the Latona Ave apartments offer residents a central
location blocks from the Intracoastal waterway at affordable rental rates. Featuring clean, updated units throughout with fully vetted
tenants on long term 1 year leases, these 9 units offer space-efficient layouts in a primarily single-family neighborhood, making them
perfect for the savvy multi-family investor looking to move into a growing South Florida Market.
Lake Worth has historically attracted investors in the last decade due to its strong local economy and robust tenant base for Class B
and C properties. Strong employment figures and a large working class community mean a large pool of quality tenants to select
from. Partially due to these market conditions, the Latona Ave Apartments are consistently 100% occupied and cash flowing.
Demand for affordable rental housing is historically extremely strong in coastal Palm Beach County, and the Lake Worth market is of
course no exception. Convenient to Downtown Lake Worth, West Palm Beach, Lantana, Delray and Boynton Beach, Latona Ave is
well situated for tenants of all walks of life.
As new Class A developments continue to come online throughout the county, residents continue to seek out more affordable
options. Rising land costs mean that rents have been driven higher and higher on new construction. Residents are continuously
priced out of the Class A market, pushing them to more affordable options throughout the Class B market, and Class B tenants are
frequently finding affordable living options in well-managed and updated properties normally considered Class C. This directly benefits
owners of these properties through steady, near and long term rent growth and thus steadily growing returns.
Latona Ave can easily be improved through additional updates to the interior and exterior, but upside exists in the current rents as
the building sits, setting it up perfectly for an incoming investor!
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Latona Avenue A par tmentsO v e r v i e w
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Asset Overview:
o Current Cap Rate: 6.30%
o Price: $1,125,000
o Address: 714 Latona Avenue
o 9 Units – 4 1BRs and 5 2BRs
o 100% Occupied!
o Fully stable and operating!
o Plumbing has been updated to PVC and
modern updates.
o Excellent value-add opportunity via
improved exterior maintenance and
management.
o Excellent central location!!
o Tenants on 1 year leases with long term
occupancy.
o Excellent fundamentals.
o Low maintenance CBS
construction
o Desirable, central location
o Excellent long term growth
prospectso Bike-friendly, walkable area! Just a few short
blocks or a short drive from:
o Downtown Lake Worth
o Lantana Beaches
o Palm Beach Island
o Downtown West Palm Beach
o Delray Beach
o I-95 and the turnpike!
o US Hwy 1 corridor
o Fully occupied, stable, with below market
rents. All long term tenants.
o Convenient to all major local employment and
commerc centers!
o Central AC throughout!
o Well documented financials, easily finance-
able!
o Excellent capitalization rate with massive near
and long term rental rate upside.
714 Latona Ave
Atlantic Ocean
Latona Avenue A par tmentsS n a p s h o t
Downtown Lake WorthPalm Beach State College
JFK Medical Center
Intracoastal Waterway
Atlantis Golf and Country Club
Lantana
Lake Worth and Lantana Area is home to:1. Publix, Lake Worth2. Publix, Lantana3. New 7-Eleven Location4. The Eau Palm Beach – 5 Star Resort5. Downtown Lake Worth6. Manalapan, Palm Beach FL
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Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Offered at $1,125,000
Current Cash-on Cash Return: 10.81%
Current Cap Rate: 6.30%
Market Cap Rate: 6.65%
Market Cash-on Cash Return: 12.21%
Revenues Current Pro Forma
Monthly Rents 8,295.00$ 9,500.00$
Annualized 99,540.00 114,000.00
Expenses
Taxes (2nd col. Estimate after sale) 9,523.00 18,000.00
Insurance 3,083.00 5,850.00
Utilities 8,817.00 8,000.00
R&M 2,250.00 7,316.00
Management 4,977.00 5,700.00
Total Exp 28,650.00 39,166.00
NOI 70,890.00 74,834.00
List Price 1,125,000.00$ 1,125,000.00$
Capitalization Rate 6.30% 6.65%
Leveraged Return
Down Payment 281,250.00$ 281,250.00$
Total Leverage 843,750.00$ 843,750.00$
Debt Service Expense (4.8%) 40,500.00$ 40,500.00$
NOI After Debt Svc 30,390.00$ 34,334.00$
Leveraged Return 10.81% 12.21%
Latona Avenue A ptsF i n a n c e
Apt Unit Type Rent Amt Market Rent
1 1/1 $810 $1,000
2 2/1 $950 $1,100
3 1/1 $895 $1,000
4 2/1 $950 $1,100
5 2/1 $975 $1,100
6 1/1 $895 $1,000
7 1/1 $895 $1,000
8 2/1 $975 $1,100
9 2/1 $950 $1,100
Total $8,295 $9,500
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Latona Avenue A ptsAerial View
Intracoastal Waterway
Atlantic Coast
714 Latona Avenue
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Latona Avenue A ptsAerial View
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
