$3,700,000
Est. payment /mo
20,812 SqFt
New
37280 Okeechobee Ave #32 Canal Point, FL 33438
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 20,812 sqft
Price per Sqft $177
MLS Listing ID A11863544
HOA Y/N No
Year Built 1960
Annual Tax Amount $24,515
Lot Size 1.592 Acres
Property Sub-Type Multi Family
Property Description
Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside. The community features 32 units across eight well-built buildings, with 16 units already stabilized and generating steady income. The remaining 16 units require renovations to unlock premium rents and drive the ARV to $6.5M. A single-family home on site is slated for demolition, creating a prime redevelopment opportunity for a new 4-unit building—expanding the total to 36 units. With stabilized income today, value-add upside tomorrow, and a waiting list of renters ready to lease, this phased project offers exceptional long-term growth in a market with strong rental demand and limited supply.
Location
State FL
County Palm Beach
Area 5002
Exterior
Private Pool Yes
Others
Tax ID 00374133030140010
Acceptable Financing Cash, Conventional, Owner May Carry, Other
Listing Terms Cash, Conventional, Owner May Carry, Other
Listed by Comlux Properties