513 47th Street

West Palm Beach, FL 33407

$499,000
Last Sold Price
Beds
2,625 Sq. Ft.
$190 / Sq. Ft.
2,625
Sq. Ft.
$190
per Sq. Ft.

Description

Presenting a unique opportunity for an investor to acquire a strong cash flow asset with major value add opportunity. 513 47th Street is located in the Northwood neighborhood of West Palm Beach where there is a strong rental market and ever growing demand. This multifamily consists of 3 buildings, 5 possible units (currently 4) in total which have been gutted and preliminary plans drawn to show highest and best use. The proposed units are listed below along with their renovated rent projections....Presenting a unique opportunity for an investor to acquire a strong cash flow asset with major value add opportunity. 513 47th Street is located in the Northwood neighborhood of West Palm Beach where there is a strong rental market and ever growing demand. This multifamily consists of 3 buildings, 5 possible units (currently 4) in total which have been gutted and preliminary plans drawn to show highest and best use. The proposed units are listed below along with their renovated rent projections. Full rehab is needed. The renovated property can generate $7,700 a month. That's a 10% CAP rate! Unit #1 650 SF 2/1 $1,700 Unit #2 650 SF 2/1 $1,700 Unit #3 650 SF 2/1 $1,700 Unit #4 275 SF Studio $1,200 Unit #5 400 SF 1/1 $1,400
  1. Listed by Jennifer B Kilpatrick • The Corcoran Group
  2. Listed by Lilia Torchio • The Corcoran Group

Property Details for 513 47th Street

Subdivision
NORTH PALM BCH 1
Waterfront
No
Waterfront Details
None
Style
No Pool/No Water
Add your commute
LISTING UPDATED: 12/21/2023 01:55 PM

Property Details for 513 47th Street

StatusClosed
MLS #RX-10929358
Days on Market8
Taxes$7,238 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Quad Plex
Year Built1942
Lot Size0.12 AC / 5,256 SF
CountyPalm Beach County
Add your commute

Building Information for 513 47th Street

Stories2Residences5Year Built1942Building Size-Lot Size0.12 AC / 5,256 SF

Payment Calculator

$3,326 per month

30 year fixed, 7.25% Interest

Principal and Interest

$2,723

Property Taxes

$603

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 513 47th Street

Summary
Location and General Information
  • Property Condition: Resale
  • Directions: I-95 East to Broadway, go north to 47th Street, right turn onto 47th Street first block
  • Geo Area: Palm Beach 5420; 5430; 5440
  • Street Number: 513
  • Subdivision Complex Bldg: NORTH PALM BCH 1
  • Municipal Code: West Palm Beach
  • State: FL
  • City Postal ID: 33407
  • MLS Area: 5420
  • MLS Sub Area: PB20
Parking
  • Carport Spaces: 0
Taxes and HOA Information
  • Comm/Trans Brk: 2.25%
  • HOPA: No Hopa
  • Tax Year: 2022
  • HOA Dues: $0
Property
Lot Information
  • Area: 5420
  • HOA Amenities: None
  • Lot Description: < 1/4 Acre
  • Parcel ID: 74434304040200310
  • Property Group ID: 19990816212116581394000000
  • REO: No
  • Sq Ft Total: 2,625
  • Square Ft Source: Tax Rolls
  • Zoning: SF7(ci
Property and Assessments
  • Legal Desc: NORTH PALM BEACH PLAT NO 1 LT 31 & 32 BLK 20
  • Sq Ft Liv Area: 2625.0
  • Legal Description: NORTH PALM BEACH PLAT NO 1 LT 31 & 32 BLK 20
Utilities
  • Utilities: Electric, Public Sewer, Public Water
Interior and Exterior Features
Exterior Features
  • Construction: Frame Construction
  • Exterior Features: Fence
  • Private Pool: No
  • Storm Protection: None
  • Subdiv Amenities: None
  • Gated Community YN: No
Interior Features
  • Roof: Flat Tile
  • Separate Elec Meters: Yes
  • Separate Wtr Meters: Yes
  • Cooling: None
  • Flooring: Other
  • Heating: No Heat
  • Guest Accommodations: No
Multi Family
Multi-Family Information
  • Income & Expenses: Annual Net Oper Inc: $74,700.00
  • Income & Expenses: Annual Total Expense: $10,000.00
  • Income & Expenses: Gross Operating Inc: $84,700.00
  • Tenant Pays: Electric, Water
Unit 1
  • Unit 1 Desc: Kitchen
  • Unit 1 Info: Bedrooms: 2
  • Unit 1 Info: Full Bath: 1
  • Unit 1 Info: Furnished: No
  • Unit 1 Info: Monthly Income: 1,700
  • Unit 1 Info: SqFt: 650.0
  • Unit 1 Parking: Open Parking
Unit 2
  • Unit 2 Desc: Kitchen
  • Unit 2 Info: Bedrooms: 2
  • Unit 2 Info: Full Bath: 1
  • Unit 2 Info: Furnished: No
  • Unit 2 Info: Monthly Income: $1,700
  • Unit 2 Info: SqFt: 650.0
  • Unit 2 Parking: Open Parking
Unit 3
  • Unit 3 Info: Bedrooms: 2
  • Unit 3 Info: Full Bath: 1
  • Unit 3 Info: Monthly Income: $1,700.00
  • Unit 3 Info: SqFt: 650.0
Unit 4
  • Unit 4 Info: Bedrooms: 1
  • Unit 4 Info: Full Bath: 1
  • Unit 4 Info: Furnished: No
  • Unit 4 Info: Monthly Income: $1,400.00
  • Unit 4 Info: SqFt: 400.0
Agent
Agent Only
  • Selling Agent Full Name: NON MEMBER
  • Selling Office Branch ID: MRT999
Rental
Rental Information
  • Pets on Premises: No

Property History for 513 47th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 513 47th Street

Taxable ValueLand$147,168Additions$229,191Total$376,359
Tax Record2023$8,017 ($668 / month)
Home Facts
Baths4Total Finished SqFt1,270 SqFtAbove Grade Finished SqFt1,270 SqFtStories2Lot Size5,258 SqFtStyleDuplexYear Built1942Year Renovated1962ZoningSF7-C4CountyPALM BEACHAPN74-43-43-04-04-020-0310

Schools near 513 47th Street

This home is within Palm Beach.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - PK to 5
Rating
School
Distance
Northmore Elementary School
PublicPK to 5

John F. Kennedy Middle School
Public6 to 8

Palm Beach Lakes High School
Public9 to 12

Northboro Elementary School
PublicPK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of The Corcoran Group

Based on information from one of the following Multiple Listing Services: Beaches Multiple Listing Service, Inc., Martin County REALTORS® of the Treasure Coast, Inc., Miami Association of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Beaches Multiple Listing Service, Inc., Martin County REALTORS® of the Treasure Coast, Inc., Miami Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.