Downtown J Street Apartments...o Mix of window-unit and central air conditioning units –cost effective and energy efficient. o Ideally located close to: o I-95 o Downtown West Palm

Downtown J Street Apartments

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648

5 Units at 501 N J Street, Lake Worth FL, 33460

Comprising 5 units mere blocks from Lake Worth’s culture-rich downtown district, 501 N J Street’s quiet location and excellent curb appeal make it an attractive investment prospect for the savvy Real Estate investor. Featuring 3 1 Bedroom units and 2 large 2 bedrooms in an adjacent/attached 2 story walkup style building, the unit mix is extremely marketable, making it easy to maintain 100% occupancy consistently in this locale.

Featuring full CBS construction, renovated interiors, heavily designed “zero-maintenance” landscaping, on-site laundry, impact glass on 2 story building, and a host of other updates throughout, the property presents an excellent, low-maintenance investment prospect for any multifamily owner looking for growth and stability over the near and long terms. Significant rental rate upside is there to be had as well, as rents are currently just below market. Lake Worth’s multifamily sector has demonstrated continued, steady growth over the preceding 10 years. During and following the 2009 housing crisis, owners of affordable Class B and C housing enjoyed relative stability in rents and occupancy levels, as economic crises frequently drive normal Class A renters to affordable housing where a wealth of sustainable demand already exists.

Known by many as a cultural and artistic haven in Palm Beach County and indeed all of South Florida, Lake Worth offers rich culture and vibrance spanning all areas of the arts from theater to food. This has attracted a sophisticated, diverse, quality tenant base to the area on a consistent basis. The area is also rich in commerce and employment centers, and experiences steady population growth year over year. Data suggests a genuine housing shortage in the area vs population, ensuring no shortage of demand.

With significant updates already complete, leaving little to no deferred maintenance, 501 N J Street also offers excellent upside and growth potential through management and small improvements in the near term. Durable construction and relatively easily updated interiors ensure marketability and flexibility as well, no matter what marketplace trends may be in the future.

Never before has quality, affordable rental housing been in higher demand in the U.S., and South Florida is perhaps the highest velocity affordable housing market in the country, offering unbeatable value to tenants and landlords alike.

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

“Economic and job growth in Florida are forecasted to continue to outperform the U.S. labor market and more Baby Boomers continue to reach the end of their working lives. This bodes well for continued population growth via the in-migration of retirees and job seekers to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates. In addition to these sources of domestic population growth, international immigration will also feed into the state’s population growth.”

According to a widely-quoted, well-respected quarterly report last published in June 2017 by the University of Central Florida’s Institute for Economic Competitiveness:

With population growth comes increased demand for affordable, quality rental housing. Robust CBS construction ensures long-term reliability and relative ease of maintenance over the long term.

Downtown J Street AptsOverview

Asset Overview:o Current Cap Rate: 6.25%o Market Rents Cap Rate: 7.59%o Price: $700,000o Address: 501 N J St, Lake Worth FLo 5 Units

o 3 1 BR 1 BAo 2 2 BR 2 BA

o 100% Occupied!o On-site, income producing laundry!o Excellent value-add opportunity via

improved exterior maintenance and management.

o Excellent fundamentals. o Low maintenance CBS

constructiono Desirable, central locationo Excellent long term growth

prospectso Bike-friendly, walkable area! Just a few

short blocks from: o World famous South Florida

Beacheso Vibrant Downtown Lake Wortho Shopping (4 blocks to Publix,

Walgreens, local businesses downtown)

o Fully occupied, stable, with below market rents. All long term tenants.

o Mix of window-unit and central air conditioning units – cost effective and energy efficient.

o Ideally located close to: o I-95o Downtown West Palm Beacho Palm Beach Island

o Well documented financials, easily finance-able!

o Excellent capitalization rate with massive near and long term rental rate upside.

US Hwy 1

Atlantic Ocean501 N J Street


Downtown J Street AptsHighlights and Location Map

Palm Beach, Jupiter, Port St. Lucie

Delray, Miami, FL Keys

Intracoastal Waterway

SR A1A

Downtown Lake Worth

Intracoastal Waterway

Asset Overview:o Current Cap Rate: 6.39%o Market Rents Cap Rate: 7.76%o Price: $685,000o Address: 501 N J St, Lake Worth FLo 5 Spacious Units

o 3 1BR 1BAo 2 BR 2 BA

o Total SF: 3,576

o 100% Occupied!o Professionally owned and managed. Books

and records are well maintained.o On-site, income producing laundry!o Significant value-add opportunity via

improved exterior maintenance and management. Interiors have been recently renovated!

o Units all feature balconies with floor-ceiling sliding glass doors!

o Excellent fundamentals. o Low maintenance CBS

constructiono Desirable, central locationo Excellent long term growth

prospectso Bike-friendly, walkable area! Just a few short

blocks from: o World famous South Florida

Beacheso Vibrant Downtown Lake Wortho Shopping (2 blocks to Publix, 5 blks

to Walgreens, local businesses downtown)

o Stable asset, with slightly below market rents. All long term tenants.

o Central air-conditioning throughout. Units have been maintained well and replaced as needed.

o Ideally located close to: o I-95o Downtown West Palm Beacho Palm Beach Island

o Excellent operating history, easily finance-able!

o Excellent capitalization rate with massive near and long term rental rate upside.


Downtown J Street AptsAerial View

501 N J Street


Downtown J Street AptsFinance

Offered at $685,000

Market Cash-on Cash Return: 11.16%

Current Cap Rate: 6.39% Market Cap Rate: 7.76%

Current Cash-on Cash Return: 16.63%

Revenues Current Pro Forma

Monthly Rents 5,485.00$ 6,307.75$

Laundry Income 75.00$ 75.00$

Annualized 66,720.00 76,593.00

Expenses

Taxes (after sale) 10,000.00 10,000.00

Insurance 4,320.00 4,320.00

Water Expense 3,300.00 3,300.00

R&M 2,000.00 2,000.00

Management (5%) 3,336.00$ 3,829.65$

Total Exp 22,956.00 23,449.65

NOI 43,764.00 53,143.35

List Price 685,000.00$ 685,000.00$

Capitalization Rate 6.39% 7.76%

Leveraged Return

Down Payment 171,250.00$ 171,250.00$

Total Leverage 513,750.00$ 513,750.00$

Debt Service Expense (4.8%) 24,660.00$ 24,660.00$

NOI After Debt Svc 19,104.00$ 28,483.35$

Leveraged Return 11.16% 16.63%

Revenues Current Pro Forma

Monthly Rents 5,485.00$ 6,307.75$

Laundry Income 75.00$ 75.00$

Annualized 66,720.00 76,593.00

Expenses

Taxes (after sale) 10,000.00 10,000.00

Insurance 4,320.00 4,320.00

Water Expense 3,300.00 3,300.00

R&M 2,000.00 2,000.00

Management (5%) 3,336.00$ 3,829.65$

Total Exp 22,956.00 23,449.65

NOI 43,764.00 53,143.35

List Price 685,000.00$ 685,000.00$

Capitalization Rate 6.39% 7.76%

Leveraged Return

Down Payment 171,250.00$ 171,250.00$

Total Leverage 513,750.00$ 513,750.00$

Debt Service Expense (4.8%) 24,660.00$ 24,660.00$

NOI After Debt Svc 19,104.00$ 28,483.35$

Leveraged Return 11.16% 16.63%





Contact Listing Agents

For more information or to schedule a property tour please do not hesitate to contact

us at the numbers and/or email addresses below:

Martin Goldstein, Lic. Real Estate Broker

[email protected]

561-310-0935

Russell Goldstein

[email protected]

561-503-3648

Documents

Downtown J Street Apartments...o Mix of window-unit and central air conditioning units –cost effective and energy efficient. o Ideally located close to: o I-95 o Downtown West Palm