1309 N J St Apartments€¦ · 1309 North J Street is nestled in a quiet residential Alcove of East...
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1309 N J St Apartments Martin Goldstein Russell Goldstein 561-310-0935 561-503-3648 2 Units at 1309 North J St, Lake Worth FL, 33460
Transcript of 1309 N J St Apartments€¦ · 1309 North J Street is nestled in a quiet residential Alcove of East...
1309 N J St Apartments
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648
2 Units at 1309 North J St, Lake Worth FL, 33460
1309 North J Street is nestled in a quiet residential Alcove of East Lake Worth, near Florida’s intracoastal waterway. Residents enjoy seabreezes and an eminently walkable/bike-able area, as well as updated interiors, newly repaved local streets and a unique sense of culture and community afforded by the Lake Worth locale. Investors enjoy low-maintenance cash flow and stability in one of the country’s historically high demand rental markets.
In addition to a strong local economy offering a wide variety of employment opportunities, East Lake Worth is known for its down-to-earth and accessible cultural and artistic community, which is unique in Palm Beach and Broward County. It attracts a young, vibrant tenant base for whom character and convenience are huge factors in choosing a place to live. As Class A type rentals become unsustainably expensive to build and rent, tenants have moved to more affordable units such as these, expanding the renter pool and greatly increasing demand over the last several years.
Whether starting out in multifamily investment, or simply looking to add a fundamentally strong property to an existing portfolio, This duplex presents a host of attractive features:
• Readily accessibly upside through improved landscaping, marketing, and some changes to management• Area strong on fundamentals and historically downturn resistant• Renovated interiors to upscale spec. • Well maintained with little to no deferred maintenance
Rents are firmly within market ranges but still have room to be increased if need be, indicating a performing and generally well positioned deal, making it turnkey and low maintenance.
Consistent 100% occupancy is also easy to maintain via word-of-mouth advertising alone, meaning that competent management and marketing are a key to maximizing your investment and differentiating from other local landlords.
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.
1309 North J Street AptsOverview
Asset Overview:o Current Cap Rate: 6.25%o Market Rents Cap Rate: 7.59%o Price: $700,000o Address: 501 N J St, Lake Worth FLo 5 Units
o 3 1 BR 1 BAo 2 2 BR 2 BA
o 100% Occupied!o On-site, income producing laundry!o Excellent value-add opportunity via
improved exterior maintenance and management.
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 (4 blocks to Publix,
Walgreens, local businesses downtown)
o Fully occupied, stable, with below market rents. All long term tenants.
o Mix of window-unit and central air conditioning units – cost effective and energy efficient.
o Ideally located close to: o I-95o Downtown West Palm Beacho Palm Beach Island
o Well documented financials, easily finance-able!
o Excellent capitalization rate with massive near and long term rental rate upside.
US Hwy 1
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
1309 North J Street AptsHighlights and Location Map
Palm Beach, Jupiter, Port St. Lucie
Delray, Miami, FL Keys
Downtown Lake Worth
Intracoastal Waterway
Asset Overview:o Current Cap Rate: 6.48%o Market Rents Cap Rate: 7.75%o Price: $265,00o Address: 1309 North J St, Lake Worth FLo 2 Spacious Unitso Total SF: 1400
o 100% Occupied! o Tenants pay all utilities.o Professionally owned and managed. Books
and records are well maintained.o Significant value-add opportunity via
improved exterior maintenance and management. Interiors have been recently renovated!
o Units all feature balconies with floor-ceiling sliding glass doors!
o Excellent fundamentals. o Desirable, central locationo Excellent long term growth
prospectso Bike-friendly, walkable area! Just a few
short blocks from: o World famous South Florida
Beacheso Vibrant Downtown Lake Wortho Shopping (2 blocks to Publix, 5
blks to Walgreens, local businesses downtown)
o Stable asset, with slightly below market rents. All long term tenants.
o Central air-conditioning throughout. Units have been maintained well and replaced as needed.
o Ideally located close to: o I-95o Downtown West Palm Beacho Palm Beach Island
o Excellent operating history, easily finance-able!
o Excellent capitalization rate with massive near and long term rental rate upside.
1309 N J St
Lake Worth Intracoastal Golf Course
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
1309 North J Street AptsAerial View
1309 N J St
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Revenues Current Market
Front 1,400.00$ 1,610.00$
Back 800.00$ 920.00$
Total Rents 2,200.00$ 2,530.00$
Annualized 26,400.00 30,360.00
Expenses
Taxes 4,607.00 5,000.00
Insurance 1,800.00 1,800.00
R&M 1,500.00 1,500.00
Management (5%) 1,320.00 1,518.00
Total Exp 9,227.00 9,818.00
NOI (Estimate) 17,173.00 20,542.00
List Price 265,000.00 265,000.00
Capitalization Rate 6.48% 7.75%
Cash on Cash Return
List Price 265,000.00 265,000.00
25% Down 66,250.00 66,250.00
Total Leverage 198,750.00 198,750.00
Debt Svc (5.3%) 10,533.75 10,533.75
NOI After Debt Svc 6,639.25 10,008.25
Cash on Cash return 10.02% 15.11%
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
