Commercial Property For Sale in Boca Raton, FL

Redevelopment Opportunity of 84-Unit Apartment Building

*** PLEASE NOTE THAT THE BID/BID DEPOSIT DEADLINE IS NOVEMBER 28TH AT 5:00 PM EST BUT THE ACTUAL AUCTION WILL BE CONDUCTED IN AND BY THE U.S. BANKRUPTCY COURT ON DECEMBER 1ST AT 9:30 AM EST. IMPORTANT DOCUMENTATION PERTAINING TO THE AUCTION, THE BIDDING PROCESS AND THE PROPERTY CAN BE FOUND IN THE DOWNLOADABLE DOCUMENTS SECTION .***

LFC & DeFalco Real Estate are proud to present the rare investment opportunity to acquire a fully-occupied 84-Unit apartment building on 6.652 acres. Located in one of the top performing multi-family markets in the country, the property is postured as a redevelopment opportunity with a high & stabilized cash flow.

  • The property has a current NOI of $400,000; 2017 pro-forma has the NOI at a total of $550,000.

  • In 2011, the zoning was approved from R-3-B to R-5-A, allowing an additional 48 units to be constructed.

  • Property is comprised of seven (7) two-story apartment buildings and a centralized management office.

  • Six (6) different floorplans consisting of (14) one bedroom/one bath units, (2) two bedroom/one bath units, (8) two bedroom/two bath units, (10) two bedroom/one bath with den units, (36) two bedroom/two bath with den units, and (14) three bedroom/two bath units.

  • 85% of the units have been updated from orginal kitchen cabinetry, appliances, counters and lighting, about 37% of the total (136) bathrooms have new tile, toilets, sinks, faucets, tub/showers and vanities.

  • Tenants responsible for electric, phone and internet; water and cable is included in the rent.

  • Laundry machines are all new and equipped with an electronic payment card system, owned, managed and maintained by Commercial Laundries with 50% of the gross income to the landlord.

  • More than $850,000 spent on leasehold improvements.

  • Management office was completely renovated in 2007 with (6) new offices, new kitchen/dining area, (2) new bathrooms, maintenance office, (2) new bathrooms and (2) large storage rooms.



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Commercial Property For Sale in Boca Raton, FL
Redevelopment Opportunity of 84-Unit Apartment Building
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Auction # 237-1

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*** PLEASE NOTE THAT THE BID/BID DEPOSIT DEADLINE IS NOVEMBER 28TH AT 5:00 PM EST BUT THE ACTUAL AUCTION WILL BE CONDUCTED IN AND BY THE U.S. BANKRUPTCY COURT ON DECEMBER 1ST AT 9:30 AM EST. IMPORTANT DOCUMENTATION PERTAINING TO THE AUCTION, THE BIDDING PROCESS AND THE PROPERTY CAN BE FOUND IN THE DOWNLOADABLE DOCUMENTS SECTION .***

LFC & DeFalco Real Estate are proud to present the rare investment opportunity to acquire a fully-occupied 84-Unit apartment building on 6.652 acres. Located in one of the top performing multi-family markets in the country, the property is postured as a redevelopment opportunity with a high & stabilized cash flow.

  • The property has a current NOI of $400,000; 2017 pro-forma has the NOI at a total of $550,000.

  • In 2011, the zoning was approved from R-3-B to R-5-A, allowing an additional 48 units to be constructed.

  • Property is comprised of seven (7) two-story apartment buildings and a centralized management office.

  • Six (6) different floorplans consisting of (14) one bedroom/one bath units, (2) two bedroom/one bath units, (8) two bedroom/two bath units, (10) two bedroom/one bath with den units, (36) two bedroom/two bath with den units, and (14) three bedroom/two bath units.

  • 85% of the units have been updated from orginal kitchen cabinetry, appliances, counters and lighting, about 37% of the total (136) bathrooms have new tile, toilets, sinks, faucets, tub/showers and vanities.

  • Tenants responsible for electric, phone and internet; water and cable is included in the rent.

  • Laundry machines are all new and equipped with an electronic payment card system, owned, managed and maintained by Commercial Laundries with 50% of the gross income to the landlord.

  • More than $850,000 spent on leasehold improvements.

  • Management office was completely renovated in 2007 with (6) new offices, new kitchen/dining area, (2) new bathrooms, maintenance office, (2) new bathrooms and (2) large storage rooms.