700 N Tamarind Ave & 916-925 6th Street
22u | West Palm Beach | $3.41m | $155k per unit | $220psf | 6.52% Cap | 4.67% Loan Available
Marketing description
The Thomas Team of Marcus & Millichap are pleased to present the North Tamarind Avenue Portfolio, a multifamily property operating as 21-units plus (1) non-conforming unit and located at 700 North Tamarind Avenue, 919 6th Street, and 925 6th Street in West Palm Beach, Florida.
SUBJECT PROPERTY
The North Tamarind Avenue Portfolio was constructed between 1952–1964 and comprises (3) two-story concrete block buildings with painted stucco exteriors and flat and shingle roofs. The property currently consists of (3) studio apartments, (5) one-bedroom/one-bathroom apartments, (13) two-bedroom/one-bathroom apartments, and (1) three-bedroom/one-bathroom apartment, plus (1) non-conforming unit. The buildings total 15,477 square feet and encompass a 20,910-square-foot lot, according to the Palm Beach County Property Appraiser. Units feature wall air conditioning units and the property includes on-site laundry facilities and paved asphalt parking.
LOCATION
The North Tamarind Avenue Portfolio is located in West Palm Beach, Florida, offering residents convenient access to Federal Highway (US-1) and Palm Beach Lakes Boulevard and positioning the property near Downtown West Palm Beach employment centers, waterfront amenities, and major retail and entertainment destinations. In 2024, Experian reported an average household income of $91,761 within 3-miles and population growth of 17.13% since 2010.
Surrounding retailers and points of interest include Clematis Street (0.4 miles), Alice Mickens Park (0.4 miles), West Palm Amtrak/TriRail Station (0.9 miles), CVS (400 Clematis Street) (0.9 miles), Good Samaritan Medical Center (1.1 miles), City Place (1.1 miles), Palm Beach County Convention Center (1.1 miles), Providencia Park (1.2 miles) and Gains Park (1.2 miles). Additionally just a short drive from the property are the Raymond F. Kravis Center for the Performing Arts (1.2 miles), The Nora District (1.3 miles), The Padel Club (1.4 miles), The District at Northwood (1.6 miles), The Breakers (2.2 miles), Palm Beach International Airport (3.4 miles), and the Port of Palm Beach (4.0 miles).
Nearby educational facilities include UB Kinsey/Palmview Elementary School of the Arts (0.6 miles), Roosevelt Elementary School (0.9 miles), Roosevelt Middle School (1.2 miles), and Westward Elementary School (1.2 miles).
SUMMARY
The North Tamarind Avenue Portfolio is being offered for sale at $3,410,000 or $155,000 per unit.
Investment highlights
- 22 Operating Units (21-Legal) on 20,910sf lot blocks from Downtown West Palm Beach
- Attractively Priced at $155,000 per unit and $220 per square foot with 64% two beds+
- Mix of (3) Studios, (5) 1Bed-1Baths, (13) 2Bed-1Baths and (1) 3Bed-1Bath Apartments
- Optional Fannie Mae Loan Assumption at ~$1,700,000, 4.67% interest rate, due 2032
- Walking Distance to Clematis Street, Alice Mickens Park and the Amtrak/TriRail Station
- Proximate to Downtown West Palm Beach, City Place, Good Samaritan Medical Center,
- Palm Beach County Convention Center, Raymond F. Kravis Center for the Performing Arts
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