Art Colony Apartments

10-29-2019
11-19-2021

2032-2036 N Dixie Hwy, WEST PALM BEACH, FL 33407

Property Description

The Art Building is an 18 unit property with 12 residential units (currently occupied) and 6 commercial spaces. 3 of the commercial spaces are occupied by a Barber Shop and a Church. 3 additional commercial spaces are currently occupied by the owner: 1 as a workshop for his employees and 2 as storage for all of his supplies. The owner plans on continuing to lease the units with the sale of the property. The Barber Shop and Church have been long term tenants on the property and occupy the majority of the 1st floor. The in place residential units are made up of 4 - 1 Bedroom 1 Bathroom units and 8 - Studios. The Art Building has had major capital improvements performed in the recent months which include tiling of the interior corridor and a complete roof replacement.The Art building is positioned directly in the line of progress in West Palm Beach with frontage on US1, just west of the intercostal and minutes from downtown. Related is currently planning to move forward with new class a rentals a minutes to the north and Jeff Greene is looking to build a 36 units condominium tower 1 block from the subject property. The progress being seen in Northwood Village evidenced by Class A rentals just to north of The Art Building is sandwiching the property in between 2 desirable locations for young professionals in West Palm Beach. With downtown West Palm Beach minutes away and Good Samaritan Medical Center a couple blocks to the south The Art Building will provide housing near 2 of the largest employment centers in Palm Beach county. All of these factors bode well for the long term capital appreciation of this asset.

Key Property Information

Listing Status
Under Contract
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 1,850,000
No. of Units
18
Cap Rate
6.22%
Average Occupancy
0%
Year Built
1924
Building Size
10,630 Sq ft
Lot Size
6,098.4 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 102,778
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