$7,000,000
Palm City, FL 34990
MLS# RX-10927120
Status: Closed
2 baths | 41730 sqft
1 / 33
Property Description
Rare investment opportunity in Old Palm City historic district. This 48-unit multi-family property consisting of 36 one-bedroom and 12 two-bedroom units has been meticulously cared for and updated. With renovations completed from 2021-2023, this property boasts new standing seam metal roofs on all buildings, impact windows and doors throughout, and state-of-the-art water conditioning systems for three of the five buildings. Over 50% of the units have been recently updated with new tile floors and wood cabinets. Within walking distance from the St. Lucie River, Palm City Apartments is close to schools, the Cleveland Clinic, Interstate 95, and the Florida Turnpike. Its apartments have maintained 100% occupancy for the past five years and continue to be in high demand. This turnkey, low-mai
Details
Contract Information
Status: Closed
Original List Price: 7000000
Auction: No
Sold Price: $7,000,000
Current Price: $7,000,000
List Price/Bldg SqFt: 167.74
Listing Date: 2023-10-12
General Property Description
Type: MultiFamily (5+ Units)
For Sale: Yes
For Lease: No
Property Desc: Multi-Family
Subdivision: PALM CITY AMENDED PLAT OF & MAP OF
Year Built: 1985
SqFt - Living: 41730
SqFt Source: Tax Rolls
# of Stories: 2
Total Units: 48
Baths - Total: 2
Acres: 3.62
% Air Conditioned: 100
Waterfront: No
Location Tax Legal
Area: 9 - Palm City
County: Martin
Parcel ID: 173841001030000601
Street #: 604
Street Dir: SW
Street Name: 35th
Street Suffix: Street
Zip Code: 34990
Legal Desc: PALM CITY LOTS 6 7 8 9 & 10 BLK 30
Geo Lat: 27.161833
Geo Lon: -80.261384
Status Change Info
Under Contract Date: 2023-11-10
Sold Date: 2024-01-26
Sold Price: $7,000,000
Terms of Sale: Cash
Sold Price/Bldg SqFt: 167.74
Unit 1
Unit Desc: 1 Bedroom
# of Units: 36
Full Baths: 1
Unit 2
Unit Desc: 2 Bedroom
# of Units: 12
Full Baths: 1
Half Baths: 1
Property Features
Use: Income
Type of Building: Resident. Multi-Fam.
Construction: Concrete
Sale Includes: Building and Land; Equipment; Fixtures; Machinery; Signs; Tools; Trade Name
Avail Docs: None
Flooring: Carpet; Tile
Cooling: Central Individual
Heating: Central Individual
Fire Protect: Smoke Detector
Tenant Pays: Cable; Electric
Utilities: Well Water
Roof: Metal
Terms Considered: Cash; Conventional
Lease: None
Possession: Funding
Contingencies: None
Supplements
Rare investment opportunity in Old Palm City historic district. This 48-unit multi-family property consisting of 36 one-bedroom and 12 two-bedroom units has been meticulously cared for and updated. With renovations completed from 2021-2023, this property boasts new standing seam metal roofs on all buildings, impact windows and doors throughout, and state-of-the-art water conditioning systems for three of the five buildings. Over 50% of the units have been recently updated with new tile floors and wood cabinets. Within walking distance from the St. Lucie River, Palm City Apartments is close to schools, the Cleveland Clinic, Interstate 95, and the Florida Turnpike. Its apartments have maintained 100% occupancy for the past five years and continue to be in high demand. This turnkey, low-maintenance property is a must for investors who are looking for a consistent return on their investment.
Listing Office: Keyes Co
Last Updated: January - 29 - 2024
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