The Flats at Boynton Beach – Coming Soon

Joseph Thomas and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at Boynton Beach, an 8-unit apartment building located in East of Federal Highway in Boynton Beach, Florida.

PROPERTY

The Flats at Boynton Beach is a two-story apartment building constructed in 1970 of concrete block and painted stucco.  The building is 4,208 square feet and the property encompasses a 0.3068 acre lot, according to the Palm Beach County Property Appraiser.  The Flats at Boynton Beach consist of (8) one-bedroom | one-bathroom apartments with an average in place rent of $1,616.  Units include ceramic tile floors, wall air-conditioning units and electric appliances. The property also has a laundry room with two washers and two dryers.  Trash is included in the rent, while tenants pay their own electricity and reimburse the owner for water.

LOCATION

The Flats at Boynton Beach is situated one block east of Federal Highway (US-1), just north of NE 6th Avenue, along NE 6th Court. The location allows for easy access to many local shops and restaurants and is just a short drive to Delray Beach, Boca Raton and Interstate 95.  Experian reported a population of 185,824 within a five-mile radius of the property, as-well-as an average household income of $92,377 within a five-mile radius.  The area has seen tremendous population growth of 11.96% since 2020.

The property allows for convenient access to a wide variety of local employment, shopping, dining and entertainment destinations. Local points of interest nearby include Veterans Memorial Park (0.2 miles), CVS (0.3 miles), Boynton Beach Library (0.7 miles), Two Georges Waterfront Grill (0.8 miles), Schoolhouse Children’s Museum (0.7 miles), Intracoastal Park (1.3 miles), and Riverwalk Plaza (Wallgreens, Wells Fargo, Starbucks, Chipotle 1.4 miles).  Just a short drive from the property is Sunshine Square Shopping Center (Publix Supermarket, Bank of America, Pet Supermarket, Truist, Crown, Tropical Smoothie Café and Crumbl Cookies 1.8 miles),  Other major retailers in the area include Boynton Town Center & Boynton Beach Mall comprised of Dicks Sporting Goods, Macy’s, Chase Bank, Texas Roadhouse, Best Buy, Target, Michaels, Dillards, and H&M (2.8 miles).

Nearby education centers include Poinciana Elementary School (0.9 miles), Galaxy E3 Elementary School (1.6 miles), Congress Middle School (2.8 miles) and Boynton Beach Community High School (3.3 miles).

SUMMARY

The Flats at Boynton Beach is being offered for sale at $1,600,000 or $200,000 per unit and a 5.81% capitalization rate.