Lake Worth, FL 33460

Property Description

Lake Lofts is a 3-story concrete block boutique apartment building with 25 units only footsteps from Lake & Lucerne Avenues in Lake Worth Beach. The property features an attractive unit mix including one studio, 21 1BR/1BA, two 2BR/1BA and an attached house 3BR/1.5BA with a den. Lake Lofts is offered with a very attractive assumable loan featuring a 2.87% interest rate locked until June 2027. The current outstanding balance is approximately $1,850,000 and the loan has a maturity date of May 2042. The property has been historically operating near 100% occupancies with effective rents of $1,626/unit. Rents include electric, water and gas. Current market rents average $1,682/month allowing to raise rents by ~$17k/yr. A new owner can implement a value-add program for an additional $90k/yr.