Gary Scott & Stephen Marcuccio Acquire Delray Beach Multifamily For $2.15M

The multifamily property located at 242-248 NE 12th Street in Delray Beach has been sold for a price of $2,150,000. This property consists of 8 units, with each unit costing approximately $268,750. The total square footage of the property is 7,160, equating to a price per square foot of $300. The transaction took place on June 30, 2022.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $2,150,000
• Units: 8
• Price Per Unit: $268,750
• Square Footage: 7,160
• Price Per Square Foot: $300
• Address: 242-248 NE 12th Street, Delray Beach
• Market: Delray Beach

The buyer of the property is Gary Scott and Stephen Marcuccio, while the seller is Jay Bailyn. The broker representing the deal is Alexis Shapiro from ONE Commercial Real Estate.

Dell Park Apartments, the property in question, presented a lucrative opportunity for the new owners. It had the potential to generate significant rental income without requiring any renovations to reach market rate rents. The property's sale price of $2,150,000 ($268,750 per unit) reflects the appreciation in Delray Beach's real estate market, which has experienced growth due to new large-scale developments in downtown Atlantic Avenue and Pineapple Grove. The demand for smaller, high-quality assets in the surrounding neighborhoods has increased, as Class-A multifamily properties near the Avenue have become less affordable.

For other multifamily investment opportunities and to explore the value of your current multifamily holdings, you can contact Alexis Shapiro at [email protected] or 954.573.4449.