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514 Lake Ave Lake Worth, FL...

Updated Sep 5, 2024

Marcus & Millichap Sells Lucerne Apartments In Lake Worth For $2.85M
SOLDMultiFamily

Marcus & Millichap Sells Lucerne Apartments In Lake Worth For $2.85M

514 Lake Ave Lake Worth, FL 33460, USA

$2,850,000

Units

14

Asset Type

MultiFamily

Closing

Aug 30, 2023

About this deal

AI

The Lucerne Apartments, a 14-unit multifamily property located at 514 Lake Avenue in Lake Worth, Florida, has been sold for $2.85 million. The property's downtown location and strong demand for well-located assets contributed to the high buyer interest. This transaction also involved $1.98 million acquisition financing arranged by Marcus & Millichap Capital Corporation.

Summary of transaction details

The sale of the Lucerne Apartments was facilitated by Marcus & Millichap, who represented the seller in the deal. The transaction showcases the expertise and reputation of both the brokers, Daniel Cunningham, Evan Richardson, River Rhoads, and Dillon Majeski, as well as the mortgage brokers, Steve Goldwyn and David Purisch, from Marcus & Millichap Capital Corporation.

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$2,850,000

MultiFamily

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Players

Daniel J. Cunningham

Marcus & Millichap

Broker

$227.3M

vol

34 deals

Broker
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Lake Worth Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $203.6K per unit across 14 units on a published $2.9M (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.57%

Cash-on-Cash

-1.59%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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