• listing
  • 9-Unit Multifamily Building
Sold: 401 NE 2nd Avenue Delray Beach, FL 33444
  • 9-Unit Multifamily Building
  • $2,690,000 (298,889/Unit)
  • 5.25% Cap Rate

9-Unit Multifamily Building

Tower Apartments boast an incredible opportunity to purchase nine (9) multi-family units located one block from Downtown Delray, beaches, and Pineapple Grove Arts District. The property presents a true value-add opportunity with tenants currently on month-to-month leases, providing flexibility to the new owner to either raise rents to market or convert to a vacation rental. The property is zoned RO (Residential Office). Additionally, there are eight (8) storage units that can either be rented out and/or converted to additional rent-producing units.

Tower Apartments is located in the Lake Ida Historic District and is a historically contributing property benefiting from the Historic Property Ad Valorem Tax Exemption (see page 18), a city program offering incentives for renovating historic properties. This is a property that rarely finds itself on the market and is an opportunistic investment in the barrier to entry market of downtown Delray Beach.

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Multifamily Advisor


401 NE 2nd Avenue,
Delray Beach, FL 33444


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

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