Very nice Spanish style triplex on huge corner lot in desirable Flamingo Park neighborhood. For sale for $295,000. Close to downtown West Palm Beach and I-95. This is a great property for an investor looking to transition from the stock market into real estate. There are varies paths to making money on this deal. It would be a perfect investment for a first time real estate investor interested in getting into the multi family housing market.
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One benefit to owning a triplex property is that it is a comparative small investment to owning a multi family building lets say 10 units and up. Due to the size of the property an investor would still qualify for single family home type financing. In essence an investor can purchase this spanish style fourplex with the same mortgage as purchasing a second home. That is a huge upside to this deal. Instead of investing in single family homes and renting them out for a return an investor can centrralize their income in one property.
Another benefit to purchasing this property would be the location. The rents are fairly high in this area. The reason is the location. It is central to I-95 and the Beaches. It is located near downtown West Palm Beach. For an investor, this is an advantage because it would be easy to maintain and find new tenants. The current rent on the units is:
2/2 $1,100
2/1 $900
0/1 $750
The numbers make sense. $1100 +$900+$750=$3,850/month
$3,850*12=$46,200 / year
Minus 20% expenses = $36,960 net operating income = a return on investment of 9%.
Please bring all offers. Owner ready and willing to negotiate. Easy close.
Contact Me Today:
Stephen B. Sokolow
Greystoen Real Estate Group
305-600-6858
www.SokolowRealEstate.com
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