Multi-Family Space For Lease @ 5901 Broadway

The Broadway Garden Apartments is an exceptional multifamily acquisition opportunity that is located in the path of progress and is participating in the natural migration of capital to the surrounding neighborhoods of Downtown West Palm Beach. Well located and part of the historic neighborhood of the Northwood Harbor Historic District, market demand for well appointed multifamily units in the area is record breaking. As the rental market in the City Centre's of West Palm Beach continues to surge, rents for C class multifamily in the immediate area continue to rise in concert. The Apartments on Broadway is less than 4 miles from Downtown West Palm Beach and will enjoy very high occupancy rates with demand from many economic generators for this international city.

The property has seen a significant repositioning effort during the current ownership term. Current ownership states that the roof was +/- 5 years ago along with plumbing underground being replaced around the same time. Electrical updated with GE panels and new cans for all 10 meters, 9 plus house. Interior renovations from 2019 include granite counters and new kitchen cabinetry with appliances. The exterior of Broadway Garden Apartments has seen a new paint scheme and modernized to compete with the cleanest multifamily rental units in the area.

Rental growth via interior renovations has quickly proven a strong repositioning strategy creating unheard of demand for nice, clean, and updated apartment units. The new buyer will appreciate the opportunity to further continue the renovation efforts and value add approach in the asset. There are multiple paths in this opportunity one of which is the potential to run a short term rental market at significantly higher gross rental rates. The other is potential for redevelopment as early conversations could allow +/- 22 units to be built on the site but viability would require official research by the buyer.

The Broadway Garden Apartments will enjoy many years of rental growth as the City of West Palm Beach continues it's current path of corporate headquarter relocations and corporate expansion. Demand for rental units at the Broadway Garden Apartments will outpace other markets as the desire to be centrally located and only minutes to the best parts of West Palm Beach will continue to strengthen. This space offers accomodations for: lowrisegarden.