938 Northern Dr, Lake Park, FL 33403

Marcus & Millichap is pleased to exclusively present Magnolia Square Apartments, a well-maintained, 28-unit boutique multifamily community located in the heart of Lake Park, one of northern Palm Beach County’s coastal submarkets. Positioned just north of Park Avenue, the town’s vibrant downtown corridor, and minutes from the Intracoastal Waterway, the property offers immediate access to popular recreational amenities including Lake Shore Park, Kelsey Park, and Lake Park Harbor Marina. This walkable and highly livable location places residents near the Park Avenue Arts & Entertainment District, home to dining, boutiques, cultural festivals, and weekly community events that attract residents from surrounding waterfront neighborhoods.

Magnolia Square Apartments was constructed in 1963 of concrete block with painted stucco exterior with a wood second floor consisting of two, two-story residential buildings. The property is on approximately 0.79 acres and is zoned C-1. The roofs are approximately 18 years old. The community features a desirable mix of sixteen (16) two-bedroom/one-bath units and twelve (12) three-bedroom/two-bath units, each offering central air conditioning with approximately 34 on-site parking spaces, assigned one per tenant and two trash dumpsters.

The current owners have held the property for over ten years and have implemented significant capital improvements within the last three to five years, including impact windows (2021), majority Carrier front-return air conditioning units, metal doors, ceramic tile flooring in most units, updated kitchens cabinets and countertops, shower tiling, exterior landscaping improvements including the common areas and the exterior of the buildings were painted. Additional property features include two on-site laundry facilities including four washers and four dryers (owned), on-site storage closets, security cameras coving parking lots and courtyard areas, and a tranquil open courtyard with seating.

Residents are responsible for electricity, while the owner pays for water and sewer. With its excellent unit mix, recent renovations, and proximity to major thoroughfares, employment centers, and retail, including a newly opened coffee shop adjacent to the property, Magnolia Square represents a compelling opportunity to acquire a stabilized, well-improved asset in a high-demand Palm Beach County submarket.