3063 Floweva ST #A, West Palm Beach, FL 33406
3063 Floweva ST #A, West Palm Beach, FL 33406
3063 Floweva ST #A, West Palm Beach, FL 33406
3063 Floweva ST #A, West Palm Beach, FL 33406
3063 Floweva ST #A, West Palm Beach, FL 33406
3063 Floweva ST #A, West Palm Beach, FL 33406
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Mario Taormina

Mario Taormina

+1(561) 235-9144
$ 1,150,000
Est. payment | /mo

2,460 SqFt

Save Virtual Tour
$ 1,150,000
Est. payment | /mo
Save Virtual Tour

2,460 SqFt

Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 2,460 sqft

Price per Sqft $467

MLS Listing ID B26022317

Construction Status Resale

HOA Y/N No

Year Built 1956

Annual Tax Amount $13,183

Tax Year 2025

Lot Size 0.460 Acres

Acres 0.46

Property Sub-Type Multi Family

Property Description

Excellent opportunity to acquire a well-maintained 6-unit multifamily property in South Florida. The property consists of three separate buildings on one parcel: a front triplex with two 1 bed/1 bath units and one 3 bed/1 bath unit, a rear duplex with two 2 bed/1 bath units, and a standalone 1 bed/1 bath cottage. Several units feature private fenced backyards, enhancing tenant appeal and retention. One of the 1 bed/1 bath units will be delivered vacant in June, allowing for immediate rental upside. Each unit has it's own electric meter. Current gross rents total $8,900 /month or $106,800/year. Rents are significantly below market, providing a strong value-add opportunity. Market rent estimates: 1 bed units $1,600-$1,750, 2 bed units $1,900-$2,000, and 3 bed units $2,500+. Pro forma gross income is approximately $133,200 annually. Lease terms and current rents: Unit A (1 bed/1 bath): $1,300/month - Month to Month at Will Unit B (1 bed/1 bath cottage): $1,300/month - Month to Month at Will Unit C (3 bed/1 bath): $1,500/month - Month to Month at Will Unit D (1 bed/1 bath): $1,350/month - Month to Month at Will Unit 3075 (2 bed/1 bath): $1,650/month - lease through 10/31/2026 Unit 3077 (2 bed/1 bath): $1,800/month - lease through 3/31/2027 All leases transitioning to month-to-month at expiration for added flexibility. Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systems—no coin collection required. Property is in overall good condition with no major deferred maintenance. At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%+. This is an excellent opportunity to acquire a stabilized income-producing asset with immediate upside potential in a highly desirable rental market. Offered at $1,125,000 ($187,500 per unit). Rent role attached in MLS. Total monthly rent = $8,900/month Annualized = $8,900 × 12 = $106,800/year

Location

State FL

County Palm Beach

Area 5490

Zoning RM (city)

Interior

Interior Features InteriorFeatures

Heating Central, Wall Furnace

Cooling Central Air, Wall/Window Unit(s)

Flooring Ceramic Tile

Fireplace No

Exterior

Parking Features Common

Utilities Available Cable Available

Water Access Desc Public

Roof Type Tar/Gravel

Total Parking Spaces 10

Building

Lot Description 1/4 to 1/2 Acre Lot, Subdivision

Story 1

Entry Level One

Sewer Public Sewer

Water Public

Level or Stories One

Structure Type Block

New Construction No

Construction Status Resale

Others

Tax ID 70434407010020121

Security Features Fire Alarm

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/3063-Floweva-Street-A-West-Palm-Beach-FL-33406/unbranded

BeachesMLS, Inc. (FLR) IDX
Listed by Michael J Johnston The Keyes Company
Mario Taormina

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(561) 235-9144

mario@mariotaormina.com

122 W Pine St, Orlando, FL, 32801-2647, USA

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3063 Floweva ST #A