112 Milton Street, Lantana Florida United States
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The property includes a 1200 s.f. home with an attached 728 s.f. Mother-In-Law apartment, zoned as a multi-family residential duplex. It has separate addresses and meters for electric, water and sewer, etc. Remodeled in 2011 with a new Metal Roof, 300 amp underground electric service, new kitchen cabinets with Granite Counters and new appliances throughout.
Each apartment has 2 BR and 1 Bath, with a complete kitchen, bathroom and laundry facility. The kitchens both enjoy a 48" Subzero fridge, dishwasher and range; the main house has a gas range with exhaust.
The entire building is pre-wired for CCTV security, alarm, cable and entertainment. The lot is wired with GFCI protected outdoor lighting on the Flagpole out front, and the pergola out back.
There is a wood privacy fence around most of the property, with a rolling 8´ wide side gate that allows you to pull a boat or trailer in from the Alleyway on West side.
There is a 12´ x 24´ metal shed, fully wired insulated and air conditioned in the back yard. This was permitted and installed with approved hurricane tie downs. Most of the windows are either impact resistant glass or covered with a clamshell awning.
Other Multi-Residential Properties in Palm Beach County are selling for between $185/s.f to $285/s.f. or more. We feel this home is priced right. It simply cannot be compared to other homes, that haven´t been updated or boast the finishes this one does. Plus it is 1.5 blocks away from the intra-coastal waterway. Can you say fun-in-the-sun? Don´t wait for this one, as it won´t be on the market for long.
P.S. you can pick your color of new tile floors throughout, or take a credit, if you want to redo them yourself. Either way the home is being sold with a new floor, and fresh coat of paint.
How to get a good RETURN ON INVESTMENT from this property
The Rental Market is hot right now, and there is a lot of competition for available apartments. The location of this property is ideal for anyone who wants to live near the Island of Palm Beach, and surrounding communities like Manalapan, Lantana, Ocean Ridge, Boynton Beach and South Palm Beach, whether it be for work or recreation.
Rents in the area average $15/ s.f. so the 1,200 s.f home should easily rent for at least $1,500 / month in the current market. The 728 s.f. apartment should rent for $1000. You can charge someone to park a boat or small RV in the back for an additional income, not to mention what you plan to do with the 12´ x 24´ Air conditioned shed in the back yard with it´s own private alleyway access. The income combinations on this property are too numerous to list...
Taxes, insurance and upkeep on this modern home are minimal. We are not experts, and so you must seek the advice of real estate legal professionals, accountants, bankers and a bunch of other services for inspections and title work, etc. in order to get proper information upon which you can base your decisions. That is YOUR Responsibility. That said, here is how you could make a little money on this property.
Cost of the Duplex with space to park a fishing boat or lawn maintenance trailer behind; zoned Multi-Family Residential in Zip Code 33462, just a little over a mile from the public beach access and the island of Palm Beach, or 3/4 mile to public boat launch. This is the ideal property for someone who owns a small service business and wants to be close to the Island of Palm Beach
Rent House $1,500 x 12 = $18,000
Rent Mother-In-Law Apt $1,000 x 12 = $12,000
Rent Trailer Parking & Shed $ 500 x 12 = $6,000
Total Rents will bring in an Annual income of $36,000
Taxes cost an estimated $4,000
Insurance will cost you an estimated $5,000
Fees, licenses and Misc. should cost $1,500
Maintenance of the property will cost around $3,500
Total expenses should be around $14,000 per year.
Net Income over expenses should come in at $22,000 per year or about a 3.8% CAP Rate.
Size: 2300 sq. ft.
# of Tenants: 3
Net Income: 22000
Milton Street :: Property Owner