THE COURTYARD TOWNHOMES AT PALM TRAIL

Joseph Thomas, AJ Stanford, Brian Rosen and the Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Courtyard Townhomes at Palm Trail, a 12-unit townhome community located at 1000 Palm Trail in Delray Beach, Florida.

SUBJECT PROPERTY

The Courtyard Townhomes at Palm Trail is comprised of (12) two-and-three-bedroom townhomes located in one of the most sought after neighborhoods in Downtown Delray Beach.  The property was originally constructed in 1972 of concrete block and stucco.  Current ownership acquired the property out of foreclosure in 2009 and completely reconstructed the building from 2009 – 2010 (leaving only the structural walls).  That reconstruction included a new façade with the addition of balconies and patios, new interiors, a new flat roof, new windows and doors, new plumbing and electricity, as well as a new courtyard with swimming pool and sundeck.  The Courtyard Townhomes at Palm Trail contains 14,644 adjusted square-feet (1,220sf average) and encompasses a 23,575 square-foot lot, according to the Palm Beach County Property Appraiser.  The unit mix consists of (1) two-bedroom | one-and-a-half-bathroom unit with an in-place rent of $2,625 per month, (10) two-bedroom | two-and-a-half-bathroom units with an average in-place rent of $3,074 and (1) three-bedroom | two-and-a-half-bathroom unit with an in-place rent of $3,100 per month.  Each unit has its own washer and dryer, as well as a private gated patio.  Common area amenities include a large pool area with grill, ample parking and bicycle storage.

LOCATION

The Courtyard Townhomes at Palm Trail is located east of Federal Highway (US-1) on the corner of Palm Trail, Bond Way and Kenmont Lane.  The location is extremely affluent with a reported average household income (1-mile) of $159,729 and 23.8% of that population earning $200,000 or more (Experian).  The Courtyard Townhomes at Palm Trail provides easy access to Federal Highway (US-1), Dixie Highway, and Interstate 95.  Nearby retailers and points of interest include CVS Pharmacy (0.7 miles), Publix Supermarket at Delray Commons (0.8 miles), Walgreens Pharmacy (0.9 miles), PopStroke Mini Golf (1.0 miles), Bedner’s Farmers Market (1.0 miles), Atlantic Crossing (1.2 miles) and Veterans Park (1.3 miles).  Additionally, the property is just a short drive from A1A and the beach (0.7 miles) and the heart of Downtown Delray Beach along East Atlantic Avenue (1.2 miles), where tenants can enjoy a variety of restaurants, cafes, bars, retail shops, local art galleries and hotels.

Delray Beach has seen a resurgence in activity in the Pineapple Grove Arts District near downtown.  The art district plays host to Gallery Walks every Friday from October to April with live music and intimate studio tours. “On the Ave”, a community event, is held five times a year and includes music, food and an outdoor art gallery. Other outdoor activities in Delray Beach include The Green Market, an open-air marketplace, world renowned Delray Beach Tennis Center, Miller Park, Atlantic Dunes Park and The Seagate Beach Club. Construction of Atlantic Crossing is well underway and upon completion will cover two city blocks. Atlantic Crossing will be a natural extension of Downtown Delray’s authentic and eclectic charm.  At a glance, Atlantic Crossing will be home to 261 apartments, 82 luxury condos, 83,000sf of Class A office space, 76,000sf of shops and restaurants and will be comprised of six buildings primarily three and four stories.

Nearby educational facilities include Old Plumosa Elementary School (1.0 miles), Village Academy High School (3.4 miles), Atlantic Community High School (3.8 miles), and Carver Middle School (4.7 miles). Nearby universities include Florida Atlantic University main campus (8.8 miles) and Lynn University (10.1 miles).

SUMMARY

The Courtyard Townhomes at Palm Trail are being offered for sale free and clear of debt at $6,000,000 or $500,000 per unit.