114 W Canal St S
Belle Glade, FL 33430
Belle Apartments · Multifamily Property For Sale
·
35 Units
INVESTMENT HIGHLIGHTS
- Recently Developed, 2018 Construction Apartment Building
- Concrete Block Construction and Central Air Conditioning Throughout
- Close Proximity to Area Retail and Schools
- Nearly All Units are Large Two- and Three-Bedroom Floor Plans
- All Units are Market Rate with no Rent Restrictions
EXECUTIVE SUMMARY
Marcus & Millichap, as exclusive listing agent, is proud to present to market the Belle Apartments which is located at 114 W Canal Street & 33 W Avenue A, Belle Glade, which is in Palm Beach County, Florida. The offering consists of a 30-unit multi-family building recently constructed in 2018 that is made up of 12 three-bedroom / two-bathroom units and 18 two-bedroom / two-bathroom units. Also included in the opportunity is a mixed-use building built in 1939 and completely renovated in 2018, which consists of a one one-bedroom / one-bathroom unit, four two-bedroom / two-bathroom units and a 5,295 square foot commercial space currently built out with three retail bays.
Belle Apartments is comprised of two existing buildings and two additional parcels of land. In total, there are four parcels (04-37-43- 31-08-000-0070, 04-37-43-31-08-000-0120, 04-37-43-31-08-000-0030, 04-37-43-31-08-000-0050) totaling 1.11 acres. Each building is built with concrete block construction and has central air conditioning throughout. There are no rental restrictions on the property and all units can be rented as market rate.
Located at the intersection of West Canal Street and South Main Street, the asset sits just east of North Main Street which is the major thoroughfare stretching through the entire city. The property benefits from it's close proximity to area retail and schools.
Belle Apartments provides an investor an excellent opportunity to purchase a new construction, stable, cash flowing multifamily asset that is one of the only of its kind in the area.
Belle Apartments is comprised of two existing buildings and two additional parcels of land. In total, there are four parcels (04-37-43- 31-08-000-0070, 04-37-43-31-08-000-0120, 04-37-43-31-08-000-0030, 04-37-43-31-08-000-0050) totaling 1.11 acres. Each building is built with concrete block construction and has central air conditioning throughout. There are no rental restrictions on the property and all units can be rented as market rate.
Located at the intersection of West Canal Street and South Main Street, the asset sits just east of North Main Street which is the major thoroughfare stretching through the entire city. The property benefits from it's close proximity to area retail and schools.
Belle Apartments provides an investor an excellent opportunity to purchase a new construction, stable, cash flowing multifamily asset that is one of the only of its kind in the area.
PROPERTY FACTS
| Price Per Unit | $121,429 |
| Sale Type | Investment |
| Cap Rate | 8.92% |
| Sale Condition | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 6.96 |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Lot Size | 0.89 AC |
| Building Size | 43,753 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2018 |
| Opportunity Zone |
Yes |
| Zoning | MF - Multifamily |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 927 |
| 2+2 | 21 | - | 1,019 |
| 3+2 | 12 | - | 1,344 |
PROPERTY TAXES
| Parcel Number | 04-37-43-31-08-000-0070 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,507,163 |
