• listing
  • Value-Add 8+ Unit Multifamily
223-231 S Palmway Lake Worth Beach, FL 33460
  • Value-Add 8+ Unit Multifamily
  • $2,500,000 (277,778/Unit)
  • 6.00% Cap Rate

Value-Add 8+ Unit Multifamily

The Wedgewood poses an incredible opportunity to purchase a unique oasis in the heart of downtown Lake Worth Beach, Florida. Comprised of eight private villas and a bonus income-producing studio unit, The Wedgewood is a half-acre corner lot, located just two blocks from Lake Avenue and a short mile from the beautiful beaches.

Once you walk through the gates, you are engulfed by lush landscaping and a spacious courtyard where you will find a charming pavilion for tenants to enjoy and opportunity to enhance amenities/common area.

Unlike standard apartment units, these feel like villas; units boast large private yards and dual entrances. The interiors blend contemporary features with old Florida charm and original Miami-Dade pine flooring. The property offers a true stabilized value-add opportunity to increase rents to market without any immediate capex required. Additionally, the footprint and location are ideal for vacation rentals. The Wedgewood is a truly one-of-a-kind asset boasting generational appeal to discerning investors.

The Wedgewood is just a few blocks from the Historic Gulfstream Hotel, currently under renovation. Lake Worth Beach has experienced a surge of new development, including new shopping centers, luxury condominiums, new roads and sidewalks, and an expansion of downtown mixed-use, urban zoning. As a result of the increase in living costs in neighboring Delray, Boynton and Palm Beach, Lake Worth Beach is the epitome of waterfront urban living and positions The Wedgewood as a prime investment opportunity and rental property.

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Multifamily Advisor

Property Info

  • Address
    223-231 S Palmway, Lake Worth Beach, FL 33460
  • Lot Size
    0.46 Acres
  • # of Units
    8 Units + Bonus Studio
  • Built
    1947 Vintage, CBS Construction
  • Proforma Cap Rate (Annual Leases)
  • Proforma Cap Rate (Short Term Rental)


223-231 S Palmway,
Lake Worth Beach, FL 33460


contact Alexis
3250 Mary Street, Suite 520
Coconut Grove, FL 33133

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