Lantana Coast Villas - LoopNet · 2019. 5. 13. · 209-211 N. Lake, 210-212 N Oak Martin Goldstein...
Transcript of Lantana Coast Villas - LoopNet · 2019. 5. 13. · 209-211 N. Lake, 210-212 N Oak Martin Goldstein...
209-211 N. Lake, 210-212 N Oak
Martin Goldstein 561-310-0935
Russell Goldstein561-503-3648
4 Multi-Family Units in beautiful Lantana, FL
Lantana Coast Villas
Overview
Comprising 4 spacious, fully updated units in the heart of one of Palm Beach County’s most desirable residential rental
markets, these adjacent duplexes are part of a class of properties comprising the backbone of the Palm Beach County
Rental market. Featuring excellent waterside locations, renovated interiors, durable, full CBS construction, and plentiful
off-street parking, these adjacent buildings form an ideal prospect for those seeking long term reliable cash flow in the
South Florida Multifamily Market.
Interiors feature renovated kitchens, bathrooms, floors, appliances, as well as electrical and plumbing updates. Coupled
with an excellent tenant pool owed to the quiet residential surrounding area, the buildings present as a stable asset
setup with substantial rental upside over the long term. Units offer spacious layouts, with off-street parking available for
all units. All apartments have cost effective wall or window-unit air-conditioning throughout.
In the past decade, Lake Worth has been undergoing a significant period of revitalization, with Lantana benefitting
greatly from these improvements. The last 2 years and coming 5 years showing the most progress and potential
respectively. Several huge infrastructure projects are underway that include widening and resurfacing of dozens of Lake
Worth’s streets, completion of Lake Worth ONE Luxury Condominiums in downtown, recent completion of new Art
Studio Loft Apartments along Lake Ave, new modern commercial space at the west end of Downtown Lake Worth
containing Starbucks and Publix, and the expansion of pedestrian and bike lane infrastructure throughout the city.
All of these projects are either directly in the subject property’s area or mere blocks away, demonstrating this
neighborhood’s continued viability over the near and long term. Rents have been steadily increasing in the Palm Beach
County, specifically the Lake Worth Market, for several years. As the population grows and the supply of housing
remains relatively constant, demand has been historically shown to healthily sustain and grow over the near and long
term.
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Excellent desirable location, renovated interiors, CBS construction, waterside location, excellent investor value!
Lantana Coast Villas
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Asset Overview:o Current Cap Rate: 5.07%
o Market Rents bring cap to 5.78%
o Price: $875,000
o Address: 209-211 N. Lake & 210-212 N Oak
o Properties are on 2 contiguous lots and share a
backyard, essentially the same complex.
o 4 Units total
o 3 Spacious 1BR, 1 BA Units
o 1 Large 2BR unit!
o Incredible intracoastal location, just steps from
the water and minutes from Palm Beach Island!
o Direct intracoastal access, just steps away from
Lyman Park!!
o Lantana is one of the most desirable locales in
the area.
o Excellent growth prospects for this area through
myriad infrastructure improvements and new
high end apartments and condos.
o Completed and Occupied local projects include:
o Lake Worth ONE Luxury Condos
o Downtown Art Lofts
o Newly occupied modern commercial
space at Lake Ave and US1.
o Excellent fundamentals.
o Low maintenance CBS and frame
construction
o Desirable, central location
o Excellent long term growth
prospects!
o Centrally located to all the area’s most popular
employment centers including:
o West Palm Beach
o Boynton/Delray
o Palm Beach Island
o Also located close to:
o US HWY 1
o I-95
o Florida’s Turnpike
o Excellent capitalization rate for this market with
massive near and long term rental rate upside.
Subject
Properties
Intracoastal Bridge
Asset Snapshot
Intracoastal WaterwayManalapan, Atlantic Coast
Old Key Lime
House RestaurantPalm Beach and
Hypoluxo Island
Downtown Lake Worth
Lantana, FL
Lantana Coast Villas
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Aerial
Intracoastal Waterway
Palm Beach Island
Atlantic Coast
Subject
Properties
Downtown Lake Worth
Water Tower Commons
Lantana Coast Villas
1 Mile
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Town of Lantana, Florida – Locale Overview
• Located along the intracoastal water in Coastal Palm Beach County,
Lantana FL successfully maintains a unique small town feel while
simultaneously being located in the middle of all that waterside living
in South Florida has to offer.
• These four units are located less than a half block from Lyman Park,
and a short walk to Florida’s oldest and most popular waterfront
restaurant – The Old Key Lime House (open since the late 1800s).
• These two duplexes are surrounded on nearly all sides by new, Class
A developments and high end condominiums.
• Just a mile west of these properties can be found a new development
project known as Water Tower Commons. Plans call for a 360-unit
market-rate rental development with a completion date of 2020,
according to a press release. The site was also approved for more
than 340,000 square feet of commercial space, and was purchased
by the Related Group in late 2018.
• National brands with significant presence in the town include:
• 7-Eleven
• Publix
• AutoZone
• Subway
• Sunoco
• T-Mobile and other mobile carriers
• Massive future development potential throughout this area!
Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com
Finance
Revenues Current Rents Pro Forma
Monthly Rents 4,450.00 5,562.50
Annualized Income 53,400.00 66,750.00
Expenses (Annual)
Real Estate Taxes 5,370.00 12,500.00
Insurance 1,260.00 1,260.00
Water 1,440.00 1,440.00
Lawn 960.00 960.00
Total Annual 9,030.00 16,160.00
Net Operating Income 44,370.00 50,590.00
List Price 875,000.00 875,000.00
Capital ization Rate 5.07% 5.78%
Cash on Cash Return
Purchase Price 875,000.00 875,000.00
Down Payment 175,000.00 175,000.00
Total Leverage 700,000.00 700,000.00
Debt Service Expense (4.6% int) 32,200.00 32,200.00
NOI With Debt Service 12,170.00 18,390.00
Cash on Cash Return 6.95% 10.51%
Lantana Coast Villas
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