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The Lucerne 101 Lucerne Ave

5 Unit Apartment Building $2,672,160 CAD ($534,432 CAD/Unit) 7.02% Cap Rate Lake Worth, FL 33460

Investment Highlights

  • A+ Location With Great Walkability
  • Four Studios & One 2-Bed Cottage
  • Updated Interiors
  • Fully Furnished
  • Five Stars on Airbnb
  • Lush and Private Grounds

Executive Summary

ONE Commercial Real Estate is pleased to present The Lucerne, five units currently operating as Extended stay/monthly rentals boasting Art Deco styling, located in the heart of downtown Lake Worth Beach, Florida. Four tastefully decorated studios are located in one two-story structure with a cozy lobby, and a spacious 2 bedroom 2 bath cottage that is located within a second detached structure with new roof. All units are complete with kitchen, bar area, and patio areas. A private courtyard with gazebo & garden between them provides a
comfortable amenity for guests to relax. Both the lobby and exterior features exude the vibrant, unmistakable Art Deco architecture renowned for bold ornamentation and elegance. Bathrooms and kitchens have been updated and include durable vanities, cabinets, granite counter tops, in addition to other stylish features. The backyard and common areas have been meticulously landscaped, providing a fresh and clean environment for visitors to enjoy. The downtown Lake Worth Beach neighborhood has seen tremendous
growth with its mix of cultural vibrance and favorable location. Guests are provided with bikes, beach chairs, towels and umbrellas to encourage accessing all the amenities offered by Lake Worth Beach Park. The short-term rental strategy positions itself to meet the
growing demand for boutique accommodations within the submarket. With its prime location and Art Deco stylings, The Lucerne delivers a competitive product to the market capable of outperforming comparable options within the segment.

Attachments

The Lucerne OM

Property Facts

Price $2,672,160 CAD
Price Per Unit $534,432 CAD
Sale Type Investment
Cap Rate 7.02%
No. Units 5
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Lot Size 0.15 AC
Building Size 3,277 SF
Average Occupancy 100%
No. Stories 2
Year Built 1945
Parking Ratio 1.22/1,000 SF

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 4 - 325 - 2,107
2+2 1 - 826 - 1,170
Walk Score ®
Very Walkable (77)
Bike Score ®
Very Bikeable (82)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
38-43-44-21-15-513-0050
Land Assessment
$272,566 CAD
Improvements Assessment
$266,873 CAD
Total Assessment
$539,439 CAD

zoning

Zoning Code DT (Downtown is intended to provide the establishment and expansion of a broad range of office and commercial uses, including higher density residential.)
DT (Downtown is intended to provide the establishment and expansion of a broad range of office and commercial uses, including higher density residential.)
  • Listing ID: 31219084

  • Date on Market: 2024-03-14

  • Last Updated:

  • Address: 101 Lucerne Ave, Lake Worth, FL 33460

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