Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: ZAA0240177)

The Charmer aparTmenTs & Villas | 345 30th Street & 3112 Poinsettia Avenue West Palm Beach, FL | 39 Units

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale The Charmer Apartments and Villas (the Property), a thirty-nine unit, boutique rental community located just north of Downtown West Palm Beach, Florida in the exclusive and highly sought after submarket of Northwood. The Charmer is one of only a handful of apartment buildings in Northwood and is being offered for sale by a 20+ year owner who has meticulously maintained the Property. Over the past few years there have been very substantial renovations and upgrades including new hurricane impact windows and fire escapes, exterior painting, electrical and plumbing, unit interiors and other areas of the Property.

The Charmer is comprised of a one-story, eight-unit building known as the Villas, and a three-story, thirty-one unit building known as the Apartments. Connecting both buildings is a large brick paver, private courtyard with a swimming pool. The unit mix offers various studio, one and two-bedroom floor plans ranging between 434 and 1,336 square feet. Apartments feature hardwood and ceramic tile flooring, high ceilings, separate dining areas, lots of closet space,

separate kitchens with all white appliances including dishwasher, and select apartments have French doors opening up to a small balcony. All Apartments have been renovated with new cabinetry and granite countertops. All Villas have private ground floor entrances and a door leading to the courtyard and pool area.

The Charmer has many unique features that are not typically seen in other properties, such as a large basement, wide interior hallways with hardwood flooring, private entryway courtyard with telephone entry system, oversized onsite laundry room, dog waste station, and a gated parking lot with 18 parking spaces.

With continued development in the submarket and increasing rental rates, The Charmer offers an excellent value add opportunity by bringing current rents up to market levels, further unit upgrades, charging for onsite parking and the introduction of utility efficiencies such as low flow devices. These improvements and adjustments should generate an immediate increase in annual revenue of approximately $60,000.

siTe DesCripTiOn

OFFerinG sUmmarY

Assessor’s Parcel Number 74-43-43-10-14-002-0010, 0630

Price $6,900,000

Price per Unit $176,923

Price per Rentable Square Foot $243.62

Current Cap Rate 4.46%

siTe DesCripTiOnNumber of Units 39

Number of Buildings 2

Number of Stories 1 and 3

Year Built 1939/1957

Rentable Square Foot 28,323

Lot Size 0.76 Acres

Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: ZAA0240177)

RYAN NEE Broker of Record

Ryan.Nee@marcusmillichap.comLICENSE: FL BK 315466

The Charmer aparTmenTs & Villas | 345 30th Street & 3112 Poinsettia Avenue West Palm Beach, FL | 39 Units

inVesTmenT hiGhliGhTs• Rare Northwood Submarket with Minimal Ownership Turnover

• Twenty+ Year Owner and Meticulously Maintained Asset

• Significant Renovations Including Hurricane Impact Windows

• Excellent Unit Mix of Over Ninety Percent One- and Two-Bedrooms

• Situated Just North of Downtown West Palm Beach

• Large Development Pipeline in Immediate Submarket

• Gated Courtyard with Entry System and Gated Parking Lot

• All Apartments Renovated with New Cabinets and Granite Countertops

• Hardwood and Ceramic Tile Flooring

• Upside in Rents and Potential for Future Condominium Conversion

• Located in a Designated Opportunity Zone