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Piper Village West 3901 36 TH Court, West Palm Beach FL Presented Exclusively by

Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

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Page 1: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

P i p e r Vi l l a ge We s t3901 36TH Court, West Palm Beach FL

Presented Exclusively by

Page 2: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Overview

Possessed of prime location in the heart of West Palm Beach, central to everything the area has to offer, these condominiums represent a multi-faceted and incredibly well-positioned opportunity for the savvy multi-family investor. Piper Village West most notably features extensive improvements to the interiors and exteriors, an on-site management office, spacious, cul-de-sac location, multi-story floorplans, and substantial remaining upside.

The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit complex. Units in portfolio are occupied on leases with competitive rents, however there is still remaining market upside. The property is currently under professional management with a partial live-on-site staff, as well as full Homeowner’s Association infrastructure providing for maintenance and general community concerns and services.

These units feature an ideal and incredibly marketable unit mix (all are VERY SPACIOUS 3BR 2 BA units, rare in this market) featuring very large floorplans (over 1100 sf) and a number of multi-story townhome style units (all second story units feature this floorplan), this complex is ideally positioned in the market with huge upside potential and a great many options for future growth and development. The surrounding area has been experiencing substantial population driven growth in the rental housing sector, making multifamily a prime investment in the post-housing crisis economy.

Ownership currently controls the Homeowners’ Association and is aggressively pursuing acquisition of additional units as part of a future plan. Please see the attached notes for full treatment of possible scenarios and pro formas, which are all positioned to take huge advantage of near-term and long-term market conditions.

Page 3: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

• List Price: $4,180,000• 44 of 69 total units• Capitalization Rate: 8.15%!(NEARLY 21% Cash on Cash Return)

• 11.03% 6 Month Projected Cap (32.14% CoC Return!)• 13.56% 12 Month Projected Cap (Nearly 43% CoC return!)

• Address: 3911 36th Ct, West Palm Beach, FL• Huge 3BR/2BA units (Several are second level2 story townhome style units)• Property features extensive updates throughout:

• Interiors have been updated with new kitchens, flooring, bathrooms, appliances and more.

• Exterior updates include new balconies,, new iron railings, recently resurfaced and restriped parking area, major plumbing updates, exterior paint, landscaping, and and signage.

• Excellent cash flow and returns available as-is with significant upside still availalewith effective management.

• Prime location east of I-95. Close to:• Palm Beach Outlets (10,000 jobs 10 mins drive)• Famous Beaches • Palm Beach Island• Downtown West Palm Beach• Beautiful Northwood Art District

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Asset HighlightsPiper Village West

Page 4: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Location Map

Palm Beach Outlet Mall

Piper Village West

The President Country Club

Northwood Art District

Palm Beach Country Club

Downtown West Palm Beach

Port of Palm Beach

Palm Beach Island

I-95

Good Samaritan Medical Center

Boca Raton, Delray Beach, Fort Lauderdale

Palm Beach Gardens (Home of PGA National Country Club)

Atlantic O

cean

Piper Village West

Page 5: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Property AerialPiper Village West

Page 6: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Property AerialPiper Village West

Page 7: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Financial and Pro Forma AnalysisPiper Village West

Page 8: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Forecast Growth

Seller currently owns 44 of 69 total units and has full control of the HOA. Ownership has utilized control of the association to implement the following plan:

• Acquire additional units as theybecome available to expand control of the community

• Instituted the following changes to the HOA regulations and rules:• Addition of a $15,000 fee assessed to any new buyer. As the majority owner

of the property and the controlling party of the HOA, this creates an obvious advantage for the owner in purchasing the balance of the available units. Also it protects current owner/occupants.

• Majority Owners originated loan of $1,400,000 dollars to Association for common area improvements, balconies, etc. • Interest payments currently totally approx. $85,000 annually. • Loan may be partially assumed or paid off at purchase - terms

negotiable based on circumstances• When 90% ownership (62 units) is reached, management may compel

remaining owners to sell to HOA>• Gradual removal of water, sewer, and exterior maintenance from the

Associations’ responsibilities, thus making it the responsibility of the unit owners themselves.

• Interior and exterior renovations.• Restore/renovate on-site clubhouse, which can then be used as a residence

and office space for on-site management staff.Other improvements include:

• Replacement of major plumbing and HVAC infrastructure. • Full repositioning of rental units to take advantage of fast growing South Florida

rental market.

Piper Village West

Page 9: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 10: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 11: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 12: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 13: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 14: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 15: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 16: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

Martin J. Goldstein - (561) 310-0935

Russell L. Goldstein - (561) 503-3648

http://www.the-goldstein-group.com

Photographs

Page 17: Piper Village West - LoopNet · The portfolio of units offered for sale is composed of 44 individually deeded condominiums in a 69 unit ... • Address: 3911 36th Ct, West Palm Beach,

Piper Village West

http://www.the-goldstein-group.com

Contact Listing Agents

Martin J. Goldstein, Lic. Real Estate Broker

[email protected](561) 310-0935

Russell L. [email protected]

(561) 503-3648

For more information or to schedule a property tour please do not hesitate to contact us at the numbers and/or email addresses below: