Listed By CBRE, Inc.
The Commercial Property for Sale located at Lake Worth, Florida 33460 is currently for sale. Lake Worth, Florida 33460 is listed for $3,500,000.
$3,500,000 USD
Commercial for Sale, Lake Worth, Florida 33460
- MLS#A11857160
Property features
Lot/Land
- Land/Lot size:
816 m² (8,778 ft²)
Construction
- Year built: 1923
Description
Lake Lofts is a 3-story concrete block boutique apartment building with 25 units only footsteps from Lake & Lucerne Avenues in Lake Worth Beach. The property features an attractive unit mix including one studio, 21 1BR/1BA, two 2BR/1BA and an attached house 3BR/1.5BA with a den.
Lake Lofts is offered with a very attractive assumable loan featuring a 2.87% interest rate locked until June 2027. The current outstanding balance is approximately $1,850,000 and the loan has a maturity date of May 2042.
The property has been historically operating near 100% occupancies with effective rents of $1,626/unit. Rents include electric, water and gas. Current market rents average $1,682/month allowing to raise rents by ~$17k/yr. A new owner can implement a value-add program for an additional $90k/yr.
Location
Lake Worth, Florida 33460