Chip Davis Acquires Lake Worth Beach Multifamily From Jay Bailyn For $3.6M

A 25-unit multifamily property located at 35 S J St in Lake Worth Beach has been sold for a total of $3,624,000. The property, known as Lake Lofts, is situated in the Lake Worth Beach market and encompasses approximately 12,750 square feet of space. The sale price equates to a per unit price of $144,960 and a price per square foot of $284.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $3,624,000
• Units: 25
• Price Per Unit: $144,960
• Square Footage: 12,750
• Price Per Square Foot: $284
• Market: Lake Worth Beach

Chip Davis has acquired the property from Jay Bailyn. The transaction was facilitated by Alexis Shapiro from ONE Commercial Real Estate, who acted as the broker for the deal.

According to Alexis Shapiro, the Lake Lofts multifamily asset experienced a significant increase in value, gaining 33.6% over a 16-month hold period. Lake Worth Beach is currently experiencing a remarkable seller's market. For a broker's opinion of value (BOV) on your multifamily asset or to take advantage of the market conditions, you can contact Alexis Shapiro, Multifamily Advisor at ONE Commercial Real Estate via phone at 954.573.4449 or email at [email protected].