Real Estate Investment Services

EXCLUSIVE OFFERING

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0240520)

Maine Street apartMentS | 4110 Maine Street | Lake Worth | 16 Units

OFFerinG SUMMarY

Site DeSCriptiOn

Assessor’s Parcel Number 00-42-44-25-00-000-5530

Price $1,950,000

Price per Unit $121,875

Price per Gross Square Foot $163.87

Current Cap Rate 5.73%

Number of Units 16

Number of Buildings 4

Number of Stories 1 & 2

Year Built / Renovated 1987 / 2010

Gross Square Foot 11,906

Lot Size 1.93 Acres

prOpertY SUMMarYMaine Street Apartments is a 16-unit apartment community located in the unincorporated section of Lake Worth, Florida, which is in Palm Beach County. The property was constructed in 1987 of concrete block, painted stucco exterior and wood on the second floor of the two-bedroom units. Situated on a 1.92-acre site in the middle of a residential neighborhood, due to the large size of the property, there may be an opportunity to build additional units. All units have central heating and air-conditioning and each kitchen is equipped with a full electric appliance package, as well as a washer and dryer in each unit. Maine Street Apartments consists of four buildings with two buildings located on both the east and west sides of the property which are separated by a large grassy area. Both buildings on either side are adjoined by a landscaped walkway. The unit mix is comprised of 12 one-bedroom units of approximately 700 rentable square feet and four two-bedroom and one and a half-bathroom townhouse style units of approximately 875 rentable square feet. All units have a front and back porch and the townhomes have large balconies. Tenants are responsible for electricity, cable and telephone, while water, waste disposal and trash collection are included in the rent. The property is on a septic tank system which accounts for lower utility costs.Maine Street Apartments is located on Maine Street and one block east of South Military Trail. Maine Street is a lightly traveled residential street that travels east-to-west through the City of Lake Worth.

The immediate neighborhood consists primarily of single-family homes and small rental properties. The subject property also lies about three blocks from Melaleuca Lane/6th Avenue South, which is a heavily traveled east-to-west thoroughfare that provides immediate access to downtown Lake Worth and provides direct access to Interstate 95. Maine Street Apartments offers an investor the opportunity to acquire an apartment community in an excellent submarket within Palm Beach County, with the ability to increase rents to market levels as units become available.

Lake Worth Road, which is less than two miles north of Maine Street, provides access to the Florida Turnpike to the west and beaches over the Robert Harris Bridge to the east. The property is also less than one mile away from a Publix Super Market and a Walgreens Pharmacy. Lake Osborne and Jack Prince Memorial Park is less than two miles to the east and Lake Worth West Park is located directly across the street. The Lake Worth Tri-Rail station is approximately four miles to the northeast and Palm Beach State College-Lake Worth, which is the college’s main campus, is three miles northeast on South Congress Avenue. Additionally, the Palm Beach International Airport, downtown West Palm Beach, the Wellington Green Regional Mall, the Kravis Center for Performing Arts, Palm Beach County Convention Center, CityPlace and the boutique shops on Clematis Street can all be accessed within a short drive.

Real Estate Investment Services

EXCLUSIVE OFFERING

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0240520)

inVeStMent HiGHLiGHtS

• 1987 Construction on a 1.92-Acre Site

• Great Mix of One-Bedroom and Two-Bedroom Townhome Style Units

• Central Heating and Air-Conditioning

• All Units Have Dishwashers and Washers and Dryers

• Convenient to Shopping, Dining, Schools and Recreation

• Lake Worth West Park Directly Across the Street

RYAN NEE Broker of Record

Ryan.Nee@marcusmillichap.comLicense: FL BK 315466

Maine Street apartMentS | 4110 Maine Street | Lake Worth | 16 Units