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This aesthetically pleasing five unit (expandable) apartment property is ibn a lovely section of Lake park, FLorida, near the restored old downtown. It was purchased for $292,000 and will have a basis of about $315,00 when completed. Annual revenue should exceed $60,000 when completed. later expansion could add significant additional revenue.
This property was purchased (literally) in a fire sale and is being financed with excellent terms by the Seller. We have joined with a few business partners to complete this project. NewLeafe will contribute it's expertise in property management, construction management, and leasing strategy rather than capital. NewLeafe will own 80% of the property.
The property is located in Palm Beach County within close proximity to the Ocean, the intracoastal waterway and just a short drive to the Business District. Lake Park boasts historical architecture, a Marina, waterfront dining, an array of shopping and a newly renovated theatre district.
This property can be expanded by several units, has many value added opportunities and, we believe, is an excellent inflation hedge with multiple exit strategies.
The Villas at Cypress Drive
Lake Park, FL