BEDS0
BATHS
SQUARE FEET16,281
MLS#B26089883
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONCovenant Villas
Property Description
Bring your vision to unincorporated Lake Worth! A compelling opportunity for investors, builders, and developers to acquire 1.83 acres in the heart of Lake Worth, Florida, with the potential for a 20-unit multifamily development. This property offers a head start for future development, with several key approvals previously secured, significantly advancing the preliminary planning process. Zoning, water utility, right-of-way, drainage, and Health Department permits have already been previously approved, providing a valuable foundation for the next phase of development. Completed building plans are also available and attached to the MLS, offering additional value and a head start for prospective developers. The proposed unit mix consists of 17 two-bedroom, two-bathroom units and 3 one-bedroom, one-bathroom units. Based on comparable rental rates, the projected rental income could reach approximately $44,500 per month, or $534,000 annually, assuming all 20 units are rented at the estimated market rates of $2,300 per month for the two-bedroom units and $1,800 per month for the one-bedroom units. These figures represent potential gross rental income before expenses, vacancy, and other operating costs. Ideal for investors seeking their next project, builders looking to expand their portfolio, or developers pursuing multifamily opportunities in a central Lake Worth location. With substantial preliminary work already completed, this property presents an opportunity to build on the progress made and explore its full development potential. Buyer to independently verify zoning, approvals, development feasibility, and all intended uses with the appropriate authorities. Seller is open to seller financing.
Property Features
Property Type: Multi Unit - Multiple
Cooling: Central Air, Electric, Central Individual
Fenced: Yes
Heating: Central, Electric, Central Individual
Lot Size: 1.83 Acres
Roof Type: Composition, Shingle
Stories: 1.0
Taxes: $9,362
Year Built: 1948
Amenities
None
Feature Descriptions
Exterior: See Remarks
Fencing: Fenced, Gate
Flooring: Other
Lot: Oversized Lot
Lot: Oversized Lot
Parcel#: 00434430280010000
Pets Allowed: Yes, No Restrictions
Restrictions: No Restrictions
Sewer: Public Sewer
SQFT Living: 16281
Structure Type: Multi Family
Units: 2
Utilities: Electricity Available, Sewer Available, Water Available
Utilities: Electricity Available, Sewer Available, Water Available
Water: Public
Local Schools
High School: Lake Worth
Middle School: Tradewinds
Elementary School: Starlight Cove
Listed By / Shown By
Listed By
Agency Name: RE/MAX Direct
Agency Phone: 561-784-3000
Shown By
Agency Title: RealtyMark
Agency Phone: 888-260-0040
Estimate Your Payment
Estimated Payment
$ 3,926.71 per month $2,781.96 Principal & Interest $780.17 Property Tax $364.58 Homeowner's InsuranceChange Payment Information
4614 Gulfstream Road | MLS# B26089883
This multi-family property located at 4614 Gulfstream Road, Lake Worth, FL 33461 is currently listed for sale with an asking price of $1,250,000. Search Lake Worth real estate on www.realtymark.net today.