3063 Floweva Street

Experience the unparalleled lifestyle surrounding the area in West Palm Beach, FL. Situated in the heart of the city, the location offers a diverse array of cultural and recreational attractions. Explore the vibrant Clematis Street or visit the upscale shops and restaurants at CityPlace, both just a short distance away. For art enthusiasts, the Norton Museum of Art and Ann Norton Sculpture Gardens provide enriching experiences. Indulge in outdoor recreation at the picturesque waterfront of Palm Beach, or immerse yourself in the energetic atmosphere at the Kravis Center for the Performing Arts. With its prime location and access to renowned amenities, the area is an ideal choice for investors seeking a multifamily/high-rise property in a dynamic urban setting.Excellent opportunity to acquire a well-maintained 6-unit multifamily property in South Florida. The property consists of three separate buildings on one parcel: a front triplex with two 1 bed/1 bath units and one 3 bed/1 bath unit, a rear duplex with two 2 bed/1 bath units, and a standalone 1 bed/1 bath cottage. Several units feature private fenced backyards, enhancing tenant appeal and retention. One of the 1 bed/1 bath units will be delivered vacant in June, allowing for immediate rental upside. Each unit has it’s own electric meter. Current gross rents total $8,900 /month or $106,800/year. Rents are significantly below market, providing a strong value-add opportunity. Market rent estimates: 1 bed units $1,600–$1,750, 2 bed units $1,900–$2,000, and 3 bed units $2,500+. Pro forma gross income is approximately $133,200 annually. Lease terms and current rents: Unit A (1 bed/1 bath): $1,300/month – Month to Month at Will Unit B (1 bed/1 bath cottage): $1,300/month – Month to Month at Will Unit C (3 bed/1 bath): $1,500/month – Month to Month at Will Unit D (1 bed/1 bath): $1,350/month – Month to Month at Will Unit 3075 (2 bed/1 bath): $1,650/month – lease through 10/31/2026 Unit 3077 (2 bed/1 bath): $1,800/month – lease through 3/31/2027 All leases transitioning to month-to-month at expiration for added flexibility. Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systems—no coin collection required. Property is in overall good condition with no major deferred maintenance. At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%+. This is an excellent opportunity to acquire a stabilized income-producing asset with immediate upside potential in a highly desirable rental market. Offered at $1,125,000 ($187,500 per unit). Rent role attached in MLS.