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3063 Floweva Street #a, Palm Springs, FL – $1,300,000

  • $1.3M Price
  • 3,940 Sqft
  • .46 Acres
  • $1.3M Price
  • 3,940 Sqft
  • .46 Acres

3063 Floweva Street #a

Excellent opportunity to acquire a well-maintained 6-unit multifamily property in South Florida. The property consists of three separate buildings on one parcel: Front triplex with two 1 bed/1 bath units and one 3 bed/1 bath unit. Rear duplex with two 2 bed/1 bath units, and standalone 1 bed/1 bath cottage. Some units feature private fenced backyards, enhancing tenant appeal and retention. One of the 1 bed/1 bath units will be delivered vacant in June, allowing for immediate rental upside. Each unit has electric meter. Current gross rents $9,000/month or $108,000/year. Rents significantly below market, providing a strong value-add. Market rent estimates: 1 bed units $1,600-$1,750, 2 bed units $1,900-$2,000, and 3 bed units $2,400+. Pro forma gross income is approximately $133,200 annualLease terms and current rents: Unit A (1 bed/1 bath): $1,300/month - lease through 6/30/2025 (vacant in June) Unit B (1 bed/1 bath cottage): $1,300/month - lease through 9/30/2025 Unit D (1 bed/1 bath): $1,350/month - lease through 6/30/2025 Unit 3075 (2 bed/1 bath): $1,750/month - lease through 6/30/2025 Unit 3077 (2 bed/1 bath): $1,800/month - lease through 2/28/2026 Unit C (3 bed/1 bath): $1,500/month - lease through 6/30/2025 All leases transitioning to month-to-month at expiration for added flexibility. Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systemsno coin collection required. Property is in overall good condition with no major deferred maintenance. At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%+. This is an excellent opportunity to acquire a stabilized income-producing asset with immediate upside potential in a highly desirable rental market. Offered at $1,300,000 ($216,667 per unit). Income statement and rent role attached in MLS.

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Essential Information

  • MLS® #RX-11093866
  • Price$1,300,000
  • Square Footage3,940
  • Acres0.46
  • Year Built1956
  • TypeCommercial
  • Sub-TypeIncome
  • StatusActive

Style

Commercial, Resident. Multi-Fam.

Community Information

  • Address3063 Floweva Street #a
  • Area5490
  • SubdivisionBRYANT PARK
  • CityPalm Springs
  • CountyPalm Beach
  • StateFL
  • Zip Code33406

Amenities

Utilities

Separate Meter, Public Sewer, Public Water

Interior

  • AppliancesNone
  • HeatingCentral, Window/Wall
  • CoolingWall-Win A/C, Central
  • # of Stories1

Exterior

  • Lot DescriptionMULTI-UNIT (SIX)
  • RoofTar/Gravel
  • ConstructionCBS

Additional Information

  • Listing Courtesy ofThe Keyes Company
  • Date ListedMay 26th, 2025
  • ZoningRM(cit
  • Contact Info561-577-0398
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