haverhill gardens villas martin goldstein 561-310-0935 12 ......haverhill gardens villas, located in...

Haverhill Gardens VillasMartin Goldstein 561-310-0935

Russell Goldstein561-503-3648

12 Multi-Family Units on 2.25 Acres - Greenacres, FL

Located in one of Palm Beach County’s most desirable residential areas known as Greenacres, Haverhill Gardens Villas possesses a quiet yet central location that carries enormous appeal for residents and investors alike. Comprising 12 large units, all 2 or 3 bedrooms, tenants enjoy square footages and layouts most often associated with single family rentals, as well as spacious grounds, fenced private backyards, and plenty of off-street parking. Current rents are also well below market, as most tenants have been in place more than 5 years. Units are in good condition inside, with room for future updates.

Greenacres is located just west of Lake Worth proper, stretching north-south roughly between Melaleuca and 10 Ave N. This area is very popular with middle-class renters and families for its convenience to local major employment centers, Palm Beach State College, John Prince Park, as well as the highest-density section of Lake Worth Road (major commerce corridor), and I-95. It continues to grow as rental rates to the east become less affordable. The rental market has tightened significantly over the years in South Florida, as population growth continues to outpace new units built. Even new apartments fail to meet demand in this particular sector, as they are often prohibitively expensive to a large portion of renters.

Haverhill Gardens Villas, located in a primarily single family neighborhood (see aerial), serves this tenant uniquely well with its spacious unit layouts and relative affordability. Properties such as this form the backbone of the South Florida Rental Market, and will continue to for many years to come.

As a physical asset, Haverhill Gardens Villas is robust even considering what is typical of the South Florida construction. The property comprises 6 concrete block buildings of 2 units each (One 2BR, one 3BR) on a wooded lot over 2.25 acres in size offering ideal seclusion from Haverhill Road. Additionally, average unit size exceeds 1000 SF! Other highlights include meticulous roof maintenance, updated central air, and a host of plumbing updates by the current owner.

Affordable rentals in Greenacres remain a sound investment at all levels, as this type of housing appeals to a very wide range of tenants and income ranges making it extremely resistant to fluctuations in the housing market. Currently extremely stable with substantial near and long-term upside, it is perfectly positioned.

Martin Goldstein Russell Goldstein

561-310-0935 561-503-3648 The-Goldstein-Group.com

Haverhill Gardens VillasOverview

Delray, Miami, FL Keys

Palm

Beach

Island

Haverhill Gardens VillasSnapshot

Asset Overview

o Current Cap Rate: 6.12%

o Market Rents Cap Rate: 7.00%o Cash on Cash Return: 9.78%!!!o Price: $2,175,000o Address: 4562 S Haverhill Rd, Lake Worth FLo 12 Total Units:

o 6 2BR, 1 BA Unitso 6 3BR 2 BA Units

o Total SF: 12,582 – Over 1000SF per unit!o 100% Occupied!

o Low maintenance CBS constructiono Prime location, central to all major

employment centerso Secluded and private for tenants, and an ideal

tranquil setting for families.o 2.25 Acre wooded lot offers ample

space and secluded community feelo Units feature 16 inch tile throughout as well as

updated appliances and many updated kitchens and baths.

o Central air conditioning with modern condensing units throughout.

o 3 Bedroom units feature stackable washer and dryers and large laundry rooms able to accommodate any style washer/dryer setup!

o ALL units feature private back patios, 6 with fenced in yards.

o Property has full septic system, meaning no sewer costs. Only common utilities are Water expense.

o Septic system has been fully updated and fastidiously maintained.

o Close and convenient to all local major commerce centers including:

o Downtown Lake Wortho Palm Beach Outletso Downtown West Palm Beach and

Lake Wortho New commercial centers along Lake

Worth Road (Major commercial corridor)

o Palm Beach Island

4562 S Haverhill Rd

Intracoastal Waterway

Palm Beach, Jupiter, Port St. Lucie



JFK Medical Center

Lake Worth Road

Lake Worth Road Corridor Features

Publix, Target, Wal-Mart Marketplace,

Jiffy Lube, The Home Depot, and others

Downtown Lake Worth

Lantana Airport

Haverhill Gardens VillasAerial



Haverhill Gardens VillasFinance



Income Current Rents Market

Rental Revenues 15,650.00$ 18,000.00$

$15,650.00 18,000.00$

Annualized $187,800.00 216,000.00$

Expenses

RE Taxes 25,403.00$ 33,000.00$

Insurance 7,800.00$ 7,800.00$

Trash 324.00$ 324.00$

Water 3,850.00$ 3,850.00$

Landscaping 5,000.00$ 5,000.00$

Repairs 3,000.00$ 3,000.00$

Management - 5% 9,390.00$ 10,800.00$

Total Exp 54,767.00$ 63,774.00$

NOI 133,033.00 152,226.00

List Price 2,175,000.00$ 2,175,000.00$

Cap Rate 6.12% 7.00%

Down Payment - 20% 435,000.00 435,000.00

Total leverage 1,740,000.00 1,740,000.00

Annual Prevailing Int Rate Exp 90,480.00 90,480.00

NOI After Int Exp 42,553.00 61,746.00

Cash on Cash Return 9.78% 14.19%

Contact Listing Agents

For more information or to schedule a property tour please do not hesitate to contact

us at the numbers and/or email addresses below:

Martin Goldstein, Lic. Real Estate Broker

[email protected]

561-310-0935

Russell Goldstein

[email protected]

561-503-3648

haverhill gardens villas martin goldstein 561-310-0935 12 ......haverhill gardens villas, located in...

Documents