Description

Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside. The community features 32 units across eight well-built buildings, with 16 units already stabilized and generating steady income. The remaining 16 units require renovations to unlock premium rents and drive the ARV to $6.5M. Another single-family home is located near site and is slated for demolition, creating a prime redevelopment opportunity for a new 4-unit building—expanding the total to 36 units. With stabilized income today, value-add upside tomorrow, and a waiting list of renters ready to lease, this phased project offers exceptional long-term growth in a market with strong rental demand and limited supply.

Address

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Address: Okeechobee Ave
City: Canal Point
State/county: Palm Beach County
Zip/Postal Code: 33438

Details

Updated on November 29, 2025 at 7:07 pm

Property ID A11863544
Price $3,200,000
Year Built 1960
Type Income/MultiFamily
Property Status Commercial Sale

Additional details

BuildingAreaTotal 20812
BuildingAreaUnits Square Feet
BusinessType Apartments
ContractStatusChangeDate 2025-08-23
DaysOnMarket 26
ExpirationDate 2025-12-31
InternetAddressDisplayYN 1
InternetAutomatedValuationDisplayYN 1
InternetConsumerCommentYN 1
InternetEntireListingDisplayYN 1
LeaseConsideredYN 1
LeaseTerm 1 To 3 Year Lease
ListAOR A-Miami Association of REALTORS
ListAgentDirectPhone 786-222-5082
ListingTerms All Cash, Conventional/Refinance, Owner Will Carry
LotSizeSquareFeet 69354
MajorChangeTimestamp September 5, 2025 at 06:31pm
MajorChangeType Price Decrease
MlsStatus Active
ModificationTimestamp September 18, 2025 at 08:39pm
NumberOfUnitsInCommunity 32
OnMarketDate 2025-08-23
OriginalEntryTimestamp August 23, 2025 at 08:36pm
OriginalListPrice 3700000
OriginatingSystemID miamire
OriginatingSystemKey miamire
OriginatingSystemName Miami Association of REALTORS®
OtherExpense 0
ParcelNumber 00374133030140010
PhotosChangeTimestamp August 28, 2025 at 02:17pm
PhotosCount 23
PostalCodePlus4 5019
PreviousListPrice 3700000
PriceChangeTimestamp September 5, 2025 at 06:31pm
PublicSurveySection 33
SourceSystemKey 419596079
SpecialListingConditions Sale
StateOrProvince FL
StatusChangeTimestamp August 23, 2025 at 08:36pm
StreetName Okeechobee Ave
StreetNumber 37280
StreetNumberNumeric 37280
SyndicationRemarks Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside. The community features 32 units across eight well-built buildings, with 16 units already stabilized and generating steady income. The remaining 16 units require renovations to unlock premium rents and drive the ARV to $6.5M. Another single-family home is located near site and is slated for demolition, creating a prime redevelopment opportunity for a new 4-unit building—expanding the total to 36 units. With stabilized income today, value-add upside tomorrow, and a waiting list of renters ready to lease, this phased project offers exceptional long-term growth in a market with strong rental demand and limited supply.
TaxAnnualAmount 24515
TaxLegalDescription NEMAHA LT 1 BLK 14 & NEMAHA UNREC
UnitNumber 32
Zoning RH