FOREST HILL CLUB CONDOMINIUM PORTFOLIO

 Description

Joseph Thomas, Adam Duncan and AJ Stanford of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Forest Hill Club Condominium Portfolio, a portfolio consisting of 34 out of 36 condominiums located in Lake Clarke Shores near West Palm Beach, Florida.  

SUBJECT PROPERTIES

This portfolio is comprised of 34 out of 36 condominiums within the Forest Hill community located at 1755 Forest Hill Boulevard, Lake Clarke Shores, FL 33406.  The Forest Hill community is comprised of 13 single-story buildings, which were built in 1968 of CBS.  The portfolio consists of (17) one-bedroom | one-bathroom units measuring approximately 603 square feet with an average in-place rent of $1,209 and (17) two-bedroom | one-bathroom units measuring approximately 775 square feet with an average in-place rent of $1,397.  Total living square footage for the 34 units included in this offering is 23,426 square feet (Palm Beach Property Appraiser).  Units feature a mix of formica countertops with granite in select units; white or black electric appliances with stainless-steel in select units; carpeted, vinyl or ceramic tile flooring and central air conditioning.  The community also offers a swimming pool and large laundry room. 

This portfolio offers an exceptional value-add opportunity, as the advertised 2023 HUD fair market rents for one-bedroom and two-bedroom apartments in zip code 33406 are $1,410 and $1,730, increases of $263 and $429 respectively above the current portfolio average.  

LOCATION

The Forest Hill Club Condominium Portfolio is located just west of Interstate 95 along Forest Hill Boulevard.  The location offers convenient access to Interstate 95, Military Trail and Federal Highway (US-1).  The surrounding area consists primarily of single-family homes, as well as condominiums and multifamily properties.  The average household income within 1-mile is $97,384 (Experian).

Surrounding area retailers and points of interest include Flagler Bank (350 feet), Dunkin (0.1 miles), Truist Bank (0.3 miles), the West Palm Beach Golf Course (1.5 miles), Dreher Park (2.3 miles) and the Shoppes at Palm Coast Plaza, which includes a Winn Dixie, Dollar Tree, Bealls Outlet and Pollo Tropical (2.4 miles).  The Palm Beach Zoo & Conservation Society (2.1 miles), Publix Super Market at Southdale Shopping Center (2.7 miles), Palm Beach International Airport (4.8 miles) and Downtown West Palm Beach (5.5 miles) are also just a short drive from the property.

Nearby educational facilities include Forest Hill Community High School (1.0 miles), Palmetto Elementary School (1.4 miles), South Olive Elementary School (1.8 miles), Palm Springs Middle School (2.0 miles) and Palm Beach State College (3.2 miles).

SUMMARY

The Forest Hill Club Condominium Portfolio is being offered for sale free and clear of debt at $5,000,000 or $147,059 per unit and $213 per square foo­t.