422 SW 9th St, Boca Raton, FL 33432

THE OFFERING

CBRE, as exclusive advisor, is pleased to present Gateway Manor, an exceptional 8-unit multifamily investment opportunity located in the heart of East Boca Raton, one of the most desirable and resilient coastal markets in the United States. Family owned and meticulously maintained for more than 40 years, Gateway Manor represents a rare chance to acquire a boutique asset with meaningful value add upside in a submarket defined by high barriers to entry, premium renter demographics, and historically strong rent growth.

Constructed in 1975 with durable concrete block construction, the property sits on 0.35 acres and features a highly functional and diverse mix of units:
• 2 one bedroom / two bath units
• 4 one bedroom + den / two bath units
• 2 two bedroom / two bath units

At grade, the building also includes two garages, an office, storage areas, and laundry facilities—flexible spaces currently used by ownership but ideal for future revenue generation or amenity enhancement.

Gateway Manor is fully occupied, producing an average in‑place rent of $2,063 per unit. With rents well below comparable renovated properties, the asset offers a straightforward value‑add opportunity. A targeted interior upgrade program—modern kitchens and baths, in‑unit washer/dryers, new flooring, impact windows, and refreshed ceilings—positions a new owner to achieve projected post‑renovation rents of approximately $2,750 per unit, capturing an estimated $700 premium and meaningfully enhancing NOI. Current rents sit roughly 15%–30% below market, with CoStar reporting average submarket rents of $2,331 for one‑bedrooms and $2,998 for two‑bedrooms.

Located within one of Boca Raton’s most vibrant residential corridors, Gateway Manor benefits from immediate access to Mizner Park, Downtown Boca, Royal Palm Place, and the city’s top beaches—key demand drivers for renters prioritizing a walkable, coastal lifestyle. The surrounding one‑mile radius features average household incomes above $115,000 and median home values over $600,000, supporting strong renter quality, low vacancy, and enduring demand for renovated boutique multifamily product.

INVESTMENT HIGHLIGHTS

• Significant Value‑Add Upside in an Irreplaceable East Boca Location

  Family‑owned and exceptionally well‑maintained for over 40 years, Gateway Manor presents a rare opportunity to unlock ~$700 per‑unit rent premiums through a proven value‑add program. With large floorplans, concrete construction, and classic interiors, the asset is ideally suited for a comprehensive repositioning strategy that materially increases NOI and long‑term asset value.

• Potential Condo Conversion Exit Strategy

  Gateway Manor’s oversized units, two‑bathroom layouts, and prime East Boca address make it a compelling candidate for a future condo conversion. Following renovations, a converter could capture substantial premiums by selling individually to end‑users seeking boutique, walkable living proximate to downtown Boca and the beach.

• Trophy East Boca Raton Location

  Perfectly positioned in the core of East Boca, Gateway Manor offers immediate connectivity to high end shopping, top tier schools, high income households, and Boca Raton’s premier lifestyle offerings. This corridor remains one of South Florida’s most supply constrained and in demand rental neighborhoods.

• Premier Grocery & Daily Conveniences

  • Trader Joe’s – 855 S Federal Hwy (approx. 0.5 miles away)

  • The Fresh Market – 100 W Camino Real (approx. 0.3 mile away)

  • Publix – multiple nearby Boca locations, including Publix at Garden Shops at Boca and Publix at Mercado Real.

• Proximity to Boca’s Premier Lifestyle Destinations

  • Mizner Park – Boca’s iconic shopping, dining, and cultural district featuring restaurants, boutiques, and the Mizner Park Amphitheater.

  • Royal Palm Place – A vibrant, upscale retail and dining center located just minutes away, offering cafés, fitness studios, and boutique shopping.

  • Downtown Boca Raton – The rapidly evolving urban core centered around Palmetto Park Rd and Federal Hwy, offering increasing density, walkability, and a growing food & beverage scene.

• Nearby Schools

  This property is located within one of East Boca Raton’s most desirable public school zones, serving three highly regarded Palm Beach County schools. These schools offer strong academic performance, contributing meaningfully to long term renter demand and value retention. Assigned Public Schools: Boca Raton Elementary School (PK–5) – 0.6 miles away; Boca Raton Community Middle School (6–8) – 1.7 miles away; Boca Raton Community High School (9–12) – 2.1 miles away.

• Strong Demographics

  Within a one-mile radius, the average household income exceeds $115,000 with a median home value in excess of $600,000.

• Lifestyle & Connectivity

  • Beaches – Just minutes to South Beach Park, Red Reef Park, and Boca’s premier shoreline.

  • US 1 / Federal Highway Corridor - Offering dense retail, dining, banks, and service amenities in all directions.

  • I 95 - Less than 10 minutes away, connecting residents to West Boca, Delray Beach, Fort Lauderdale, and Palm Beach.