115 S Oak St - Apartments FOR SALE


Lantana, FL 33462
$7,955,000 USD
954-501-5020
115 S Oak St, Lantana, FL for Sale
$7,955,000 USD
Apartments - FOR SALE
1/27
null | 7.58% Cap Rate

115 S Oak St
Lantana, FL 33462


HIGHLIGHTS

  • Fully Remodeled Motel Portfolio Consisting of 3 Properties Totaling 37 Units
  • Located Just West of the Intracoastal Waterway in the Heart of City of Lantana
  • Walking Distance to Local Retail and Restaurants, Including the Historic Old Key Lime House
  • Appealing Unit Mix Consisting of Efficiencies, Studios and 1- and 2- Bedroom Units
  • Each Unit Has Either Central Air Conditioning or Mini-Split Systems
  • Less Than a Mile Walk to Lantana Municipal Beach

OVERVIEW

Marcus & Millichap, as the exclusive listing agent, is pleased to present to market the Barefoot Mailman Motel Portfolio, which consists of three properties located at 138 S Dixie Highway, 115 S Oak Street, and 209 S Lake Drive in Lantana, Florida. All three properties are currently operated as motels and short-term rental properties. The Barefoot Mailman Motel Portfolio is comprised of (18) Efficiencies, (8) Studios, (10) one-bedroom / one-bathroom units, and (1) two-bedroom / two-bathroom unit. The offering includes 8 separate buildings across 3 parcels, totaling 1.07 acres. Below is a breakdown of each building. 138 S Dixie Highway is a 22-room, one-story motel built in 1952 with concrete block construction, a flat roof, and mini-split AC units throughout. Each unit is equipped with either a full kitchen or a kitchenette and has hurricane impact windows. The motel rooms have had an average nightly rate of $115. The unit mix consists of (18) Efficiencies, (2) Studios, and (2) one-bedroom / one-bathroom units. 115 S Oak Street is a 10-unit, two-story, garden-style apartment building built in 1966 with concrete block construction. Each unit features a full kitchen or kitchenette and mini-split AC units. The property has 10 parking spaces, including one covered spot. The unit mix consists of (5) Studios and (5) one-bedroom / one-bathroom units. 209 S Lake Drive is a 5-unit, two-story apartment building built in 1925 with brick construction. Each unit is equipped with either central air conditioning or mini-split units, and all units feature a full kitchen. The unit mix consists of (1) Studio, (3) one-bedroom / one-bathroom units, and (1) two-bedroom / two-bathroom unit. This portfolio offers investors a rare opportunity to acquire 3 fully operational motels, all within 400 feet of one another, situated in a market with an extremely high barrier to entry for competition.

FOR SALE DETAILS

PRICE

$7,955,000 USD

PRICE/SF

$570 USD /SF

# OF UNITS

37

PRICE/UNIT

$215,000

CAP RATE

7.58%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Barefoot Mailman Motel Portfolio

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1952

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.07 AC

LAND SF

46,609 SF

ZONING

-

APN/PARCEL ID

40-43-45-03-14-003-0030

ASK ABOUT THIS PROPERTY

Daniel CunninghamMarcus & MillichapMore Info
954-501-5020

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Daniel CunninghamMarcus & MillichapMore Info
954-501-5020

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.