Multifamily in Delray Beach, FL 33483

Downtown Delray, 139 & 143 SE 7th Ave

Unique investment opportunity in east Delray Beach, one block east of US-1 / Federal Highway, one block west of intracoastal and less than two blocks south of Atlantic Avenue. The Property is a combination of 2 parcels located at: 139 SE 7th Avenue, Delray Beach, FL 33483 (PCN 12-43-46-16-01-126-0180); and 143 SE 7th Avenue, Delray Beach, FL 33483 (PCN 12-43-46-16-01-126-0170), and contains of a total of 4 buildings with 7 total separate units, in a garden setting. There are 5 units which each have 2 bedrooms/1 bathroom with kitchen, great room, etc. There are 2 units which each have 1 bedroom/1 bathroom with kitchen, great room, etc. Each unit has a separate entrance, is separately metered with FPL and cable ready. Rental property and currently occupied. LOCATION LOCATION LOCATION. Property is in the historic district. Parcels on same block have been fully redeveloped into modern townhomes and houses; however, Seller and Seller's agent and broker make no representations regarding the ability to redevelopment or improve the Property. The Property is walking distance to the beach and the entertainment district on Atlantic Avenue. Property has been owned by same family for decades. This is a must see location. Cap Rate (approx) is currently 4.13%. Just a small increase in rental income could put this Cap Rate in the mid to high 4% range, or higher.