Old Lucerne Rentals
Multifamily | 4 Units | $337,500/unit
Marketing description
Renovated quadplex featuring four spacious 2-bedroom, 2-bath units — each approximately 1,200 square feet. The property consists of two concrete block duplex buildings on nearly third of acre with newer roofs, impact windows and doors, and updated interiors. Each unit includes washer/dryer or possibility of hook up and separate electric/water meters.
Located just minutes from downtown Lake Worth Beach, Bryant Park, and the oceanfront, this property offers exceptional rental upside in a high-demand neighborhood.
Features:
~4,800 Total Sq Ft
Concrete block construction
New roofs (2022)
Impact windows & doors throughout
Ample off-street parking
Separately metered electric/water
Potential market rent: $2,300+/month per unit offered at 5.75% cap rate. Ideal for long-term tenants, short-term rental conversion, or 1031 exchange buyers looking for a stabilized, turnkey asset with upside potential.
Possible owner financing with 40% down.
Investment highlights
1. High Rental Demand: Each unit features two bedrooms and two baths, ideal for families or professionals in search of modern living spaces.
2. Current Market Rent: Units rent for $2,300/month, ensuring a solid revenue stream.
3. Turnkey Opportunity: All units are in good condition, ready for tenants with no immediate renovations required.
4. Prime Location: Situated in the desirable Lake Worth area, close to shops, restaurants, and easy access to highways and beaches.
5. Ample Parking: Off-street parking available for tenants, a highly sought-after feature in this location.
6. Minimal Vacancy Risk: The area’s strong rental market means low vacancy rates and high tenant demand.
7. Income Growth Potential: Room for rent increases over time in a growing market.
8. Long-Term Appreciation: Positioned for strong property value growth as Lake Worth continues to expand and attract new residents.
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