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3063 Floweva ST #A West Palm Beach, FL 33406

2,460 SqFt

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Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 2,460 sqft

Price per Sqft $467

MLS Listing ID B26022317

HOA Y/N No

Year Built 1956

Annual Tax Amount $13,183

Tax Year 2025

Lot Size 0.460 Acres

Acres 0.46

Property Sub-Type Multi Family

Property Description

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. Total monthly rent = $8,900/month Annualized = $8,900 × 12 = $106,800/year

Location

State FL

County Palm Beach

Area 5490

Interior

Heating Central, Wall Furnace

Cooling Central Air, Wall/Window Unit(s)

Flooring Ceramic Tile

Exterior

Utilities Available Cable Available

Roof Type Tar/Gravel

Total Parking Spaces 10

Private Pool Yes

Building

Lot Description <1 Acre, 1/4 to 1/2 Acre Lot

Story 1

Sewer Public Sewer

Water Public

Level or Stories One

Structure Type Block

Others

Senior Community No

Tax ID 70434407010020121

Security Features Fire Alarm,Smoke Detector(s)

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Virtual Tour https://www.propertypanorama.com/3063-Floweva-Street-A-West-Palm-Beach-FL-33406/unbranded

Miami Association of Realtors (SEFMIAMI MLS)

Listed by The Keyes Company

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