The Palms Residences
Fully Renovated | Attractive Unit Mix | Strong Cash Flow
Marketing description
This well-maintained multifamily asset comprises a 28,500 SF, 30-unit lowrise/garden-style building offering scale, stability, and modernized appeal. Originally constructed in 1975, the property has been thoughtfully renovated in 2024, positioning it as a turnkey investment with refreshed systems and finishes designed to meet today’s renter expectations while preserving durable construction fundamentals.
The recent renovations enhance both operational efficiency and tenant appeal, allowing an investor to step into an asset that requires minimal near-term capital expenditure. The unit mix and building layout support efficient management and consistent leasing demand, while the property’s fully stabilized status underscores its proven performance as an income-producing asset.
Currently operating at 100% occupancy, this property delivers immediate cash flow with no lease-up risk. Its size and configuration make it particularly attractive to Multifamily / Low-Rise/Garden investors seeking a stabilized hold with upside potential through continued professional management and long-term rent growth.
Investment highlights
- Opportunity To Acquire Turnkey Multifamily Community With Partially Upgraded Roofs, Hurricane Impact Windows & Doors, New 28 Camera Video System With Fiber - All Approved And Completed With Permits
- Attractive Loan Program Available For This Property - 5.125% Interest Rate, Interest-Only For 24 Months, 1.2 DSCR, Up To 75% LTV - Resulting In Almost 6.5% Cash-On-Cash Return
- Freshly Paved With 2 Inch Overlay Asphalt With New Irrigation System And Fire Chief-Approved PVC Fence, Complete With External Gate For Fire Extinguisher Access
- Newly Installed Sign Compliant With Local Regulations And Enhanced Visibility With Upgraded Exterior Lights And Each Unit Equipped With Internet And Cable Services
- All New Fully Renovated Kitchens And Bathrooms With Modern Appliances And High-Quality Fixtures
- Upgraded Electric Meters And Panels With GFI Outlets With Complete Replacement Of Plumbing Fixtures With All PVC Plumbing Impact Resistant Sliding Doors And New Air Conditioning Units
- Newly Constructed Playground With Handicap Accessibility Features Accompanied By Picnic Benches And BBQ Areas
- All Work Completed with Proper Permitting - Over 100 Permits Pulled On This Property In 2022-2024
- New Site Plan Approved For 10 Additional Units Plus An Office, Allowing For Future Growth Opportunities
- Extremely Consistent Rent Roll With Little Turnover Due To Large Security Deposits And Consistency Of Section 8 Tenants
- Opportunity To Increase Revenue Through Water Reimbursements
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