Martin Goldstein 561-310-0935
Russell Goldstein 561-503-3648
Boynton V illas
CONTENTS
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INTRODUCTION
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FINANCIAL ANALYSIS
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DEMOGRAPHICS AND MARKET INSIGHT
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LOCATION MAPS
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AERIALS
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SITE PHOTOGRAPHS
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COMPARABLE SALES
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LISTING BROKER CONTACT
Situated between Boynton Beach and Delray Beach along US-1, Boynton Villas comprise 72 units on a private Cul-de-Sac in one of South Florida’s highest demand rental markets. Ideally situated in a Class A area populated with upscale condominiums, Class A office space, single family homes, and new Class A multi-family, these units present a compelling investment proposition through strong fundamentals and excellent long term growth prospects.
Along Florida’s Southeast Coast, population growth has remained steady over the last decade. The area is historically popular for the excellent year round weather, beautiful world famous beaches, and plethora of employment opportunities across a variety of different industries. Palm Beach County, in many ways, is the centerpiece of the region and offers the best balance of metropolitan excitement and suburban accessibility. Coastal Boynton Beach is home several thousand brand new Class A units constructed in the last 5 years, in addition to stablished Class B/C assets up and down US HWY 1, on which The Villas are situated. Just a few miles south of these 72 units is Atlantic Avenue, an extremely popular upscale nightlife, fine dining, and several new apartment and townhome developments. To the north is East Boynton Beach with its coastal hi-rises and waterfront dining venues, as well as beach access and the popular Boynton Inlet for boating and recreation. The stretch of US Hwy 1 between these two municipalities has been the site of extensive cooperation by their respective Community Redevelopment Agencies to connect them, creating economic and cultural synergies to further support future growth. The Villas are in the heart of this zone, and in recent years as these initiatives make progress, this area continues to increase in popularity with Class B/C and Class A residents seeking a balance between quiet suburbia and a bustling social city-center.
Thousands of Class A rentals have come online in this particular market over the last 5-10 years. This is excellent for the area’s demographic, as it attracts Class A and B tenants to the area in droves. Despite this, rising land and construction costs are driving the rental rates of new construction ever higher. Because of this, qualified tenants and their families find themselves seeking out QUALITY, well-maintained, affordable Class B/C housing, creating a huge demand in this sector. Boynton Villas sits right in the heart of that sector, positioning it absolutely ideally to take advantage of the current and upcoming market conditions.
Boynton Villas
S n a p s h o t
• Address: 526 SE 20thAve, Boynton Beach FL
• Price: $12,700,000 • Current Cap Rate: 5.36%
• Over 10% Cash on Cash Return • Market Cap Rate: 6.10%
• With 13% cash on cash return! • 72 Units total:
• 43 1BR 1BA Units • 20 2BR 1BA Units • 9 Efficiencies • FULL CBS Construction
• 45 of 72 Units currently renovated
• Set slightly off of US-1, offering privacy for tenants and increased parking lot security.
• On-site laundry facilities!
• On-site leasing office, does not occupy a unit! • Full service gated pool with shower rooms and
lounge areas.
• Parking areas recently re-surfaced and re-striped. • Updated interiors with excellent upside available
through further updates and future area growth. • Landscaping and grounds regularly rejuvenated
and well-maintained.
• Surrounded by Class A developments in East Boynton Area (See map and inset)
• 3.9 miles to Atlantic Ave and Delray Beach, • Accessible upscale dining and nightlife • Class A rental housing
• Historic surrounding neighborhood – Swinton Ave.
• Delray Beach Public Recreation Center • Affordable rents and same locale as upscale units
throughout this area.
• Neighboring Boynton and Delray Beach CRAs area actively working to connect the locales via commerce, new apartment rentals, Partial List of Class A Apartment
Developments Within a 10mi Radius (see supplemental map):
• 500 Ocean - 341 Units completed April 2018
• Casa Costa – 407 condo units with full amenities and concierge service. Formerly operated as a Class A rental by Related Group before planned sellout.
• Seabourn Cove Apartments and Townhomes – 456 units, completed 2012
• ONE Boynton Apartments - 494 Apartments and 42,000 SF of commercial space
• CASPIAN Delray – 146 open plan and loft-style apartment homes.
500 Ocean Apartments
CASPIAN Delray (1 mi south)
ONE Boynton Apartments
Publix
Seabourn Cove
Income Statement - 12 Month
Account Name
Actual Total Market Rents, as is Market Rents With Add'l Renos Income Rental Income 967,157.16 1,131,600.00 1,225,000.00 Laundry Income 4,163.43 3,500.00 3,500.00 Section 8 Income 11,275.00 11,275.00 11,275.00 Fee Income 28,836.50 23,000.00 25,000.00
Total Operating Income 1,011,432.09 1,169,375.00 1,264,775.00
Expense
Cleaning and Maintenance 10,130.38 10,130.38 10,130.38
Insurance 43,849.80 43,849.80 43,849.80
Licenses, Permits, and Fees 503.94 503.94 503.94
Management Fees 30,342.96 30,342.96 30,342.96
Professional Fees 3,662.73 3,662.73 3,662.73
Repairs and Maintenance 28,559.22 28,559.22 28,559.22
Superintendent Expense 32,221.73 32,221.73 32,221.73
Taxes 116,960.94 180,000.00 180,000.00
Utilities 64,968.41 64,968.41 64,968.41
Total Operating Expense 331,200.11 394,239.17 394,239.17
NOI - Net Operating Income 680,231.98 775,135.83 870,535.83
Price 12,700,000.00 12,700,000.00 12,700,000.00
Cap Rate 5.36% 6.10% 6.85%
Account Name Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Actual Total Market
Rents, as is Mkt Rents, Add'l Renos Income Rental Income 79,431.30 79,452.00 79,395.00 79,628.17 80,215.00 80,215.00 80,775.25 80,326.24 81,228.94 81,984.51 81,850.00 82,655.75 967,157.16 1,131,600.00 1,225,000.00 Laundry Income 597.51 170.88 446.38 510.50 413.26 228.50 342.88 237.38 259.25 350.63 234.13 372.13 4,163.43 3,500.00 3,500.00 Section 8 Income 0.00 1,025.00 1,025.00 1,025.00 1,025.00 1,025.00 1,025.00 1,025.00 1,025.00 1,025.00 1,025.00 1,025.00 11,275.00 11,275.00 11,275.00 Fee Income 1,375.00 275.00 445.00 3,701.00 2,497.00 2,315.00 3,680.00 5,072.50 1,280.00 2,457.00 4,688.00 1,051.00 28,836.50 23,000.00 25,000.00
Total Operating Income 81,403.81 80,922.88 81,311.38 84,864.67 84,150.26 83,783.50 85,823.13 86,661.12 83,793.19 85,817.14 87,797.13 85,103.88 1,011,432.09 1,169,375.00 1,264,775.00
Expense
Cleaning and Maintenance 585.71 270.71 422.10 295.71 465.71 348.12 701.88 1,385.71 1,505.71 2,195.71 800.00 1,153.31 10,130.38 10,130.38 10,130.38
Insurance 2,303.44 2,303.44 2,303.44 2,303.44 0.00 13,876.52 3,459.92 3,459.92 3,459.92 3,459.92 3,459.92 3,459.92 43,849.80 43,849.80 43,849.80
Licenses, Permits, and Fees 247.82 0.00 0.00 256.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 503.94 503.94 503.94
Management Fees 2,442.11 2,427.69 2,439.34 2,545.94 2,524.51 2,513.51 2,574.69 2,599.83 2,513.80 2,574.51 2,633.91 2,553.12 30,342.96 30,342.96 30,342.96
Professional Fees 223.46 328.76 324.51 296.45 382.62 278.96 326.54 311.21 287.95 326.21 274.54 301.52 3,662.73 3,662.73 3,662.73
Repairs and Maintenance 2,468.64 2,342.56 2,456.23 1,529.11 1,392.24 2,478.95 2,365.21 2,311.98 2,689.92 2,847.63 2,978.52 2,698.23 28,559.22 28,559.22 28,559.22
Superintendent Expense 2,640.60 2,640.60 2,640.60 2,640.60 2,640.60 2,665.96 2,837.35 2,837.35 2,837.35 3,246.87 3,246.87 1,346.98 32,221.73 32,221.73 32,221.73
Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 116,960.94 0.00 0.00 0.00 116,960.94 180,000.00 180,000.00
Utilities 5,238.24 5,674.57 5,683.75 5,800.04 4,904.45 5,810.68 5,523.10 5,528.21 4,565.38 4,853.02 5,417.97 5,969.00 64,968.41 64,968.41 64,968.41
Total Opg Expense 16,150.02 15,988.33 16,269.97 15,667.41 12,310.13 27,972.70 17,788.69 18,434.21 134,820.97 19,503.87 18,811.73 17,482.08 331,200.11 394,239.17 394,239.17
NOI - Net Operating Income 65,253.79 64,934.55 65,041.41 69,197.26 71,840.13 55,810.81 68,034.44 68,226.91 -51,027.78 66,313.27 68,985.40 67,621.80 680,231.98 775,135.83 870,535.83
5.36% 6.10% 6.85%
Offered at $12.7 Million
5.36% Cap Rate
Income Statement - 12 Month
Account Name Actual Total Rents, as is Add'l Renos
Income
Rental Income 967,157.16 1,131,600.00 1,225,000.00
Laundry Income 4,163.43 3,500.00 3,500.00
Section 8 Income 11,275.00 11,275.00 11,275.00
Fee Income 28,836.50 23,000.00 25,000.00
Total Operating Income 1,011,432.09 1,169,375.00 1,264,775.00
Expense
Cleaning and Maintenance 10,130.38 10,130.38 10,130.38
Insurance 43,849.80 43,849.80 43,849.80
Licenses, Permits, and Fees 503.94 503.94 503.94
Management Fees 30,342.96 30,342.96 30,342.96
Professional Fees 3,662.73 3,662.73 3,662.73
Repairs and Maintenance 28,559.22 28,559.22 28,559.22
Superintendent Expense 32,221.73 32,221.73 32,221.73
Taxes 116,960.94 180,000.00 180,000.00
Utilities 64,968.41 64,968.41 64,968.41
Total Operating Expense 331,200.11 394,239.17 394,239.17
NOI - Net Operating Income 680,231.98 775,135.83 870,535.83
Price 12,700,000.00 12,700,000.00 12,700,000.00
Cap Rate 5.36% 6.10% 6.85%
Cash on Cash Return
Purchase Price 12,700,000.00 12,700,000.00 12,700,000.00 Down Payment 25% 3,175,000.00 3,175,000.00 3,175,000.00 Total Leverage 9,525,000.00 9,525,000.00 9,525,000.00 Debt Service Expense (3.8% int) 361,950.00 361,950.00 361,950.00 NOI With Debt Service 318,281.98 413,185.83 508,585.83
Cash on Cash Return 10.02% 13.01% 16.02%
Income Statement - 12 Month
Account Name Actual Total Rents, as is Add'l Renos
Income
Rental Income 967,157.16 1,131,600.00 1,225,000.00
Laundry Income 4,163.43 3,500.00 3,500.00
Section 8 Income 11,275.00 11,275.00 11,275.00
Fee Income 28,836.50 23,000.00 25,000.00
Total Operating Income 1,011,432.09 1,169,375.00 1,264,775.00
Expense
Cleaning and Maintenance 10,130.38 10,130.38 10,130.38
Insurance 43,849.80 43,849.80 43,849.80
Licenses, Permits, and Fees 503.94 503.94 503.94
Management Fees 30,342.96 30,342.96 30,342.96
Professional Fees 3,662.73 3,662.73 3,662.73
Repairs and Maintenance 28,559.22 28,559.22 28,559.22
Superintendent Expense 32,221.73 32,221.73 32,221.73
Taxes 116,960.94 180,000.00 180,000.00
Utilities 64,968.41 64,968.41 64,968.41
Total Operating Expense 331,200.11 394,239.17 394,239.17
NOI - Net Operating Income 680,231.98 775,135.83 870,535.83
Price 12,700,000.00 12,700,000.00 12,700,000.00
Cap Rate 5.36% 6.10% 6.85%
Cash on Cash Return
Purchase Price 12,700,000.00 12,700,000.00 12,700,000.00 Down Payment 25% 3,175,000.00 3,175,000.00 3,175,000.00 Total Leverage 9,525,000.00 9,525,000.00 9,525,000.00 Debt Service Expense (3.8% int) 361,950.00 361,950.00 361,950.00 NOI With Debt Service 318,281.98 413,185.83 508,585.83
Cash on Cash Return 10.02% 13.01% 16.02%
Income Statement - 12 Month
Account Name Actual Total Rents, as is Add'l Renos
Income
Rental Income 967,157.16 1,131,600.00 1,225,000.00
Laundry Income 4,163.43 3,500.00 3,500.00
Section 8 Income 11,275.00 11,275.00 11,275.00
Fee Income 28,836.50 23,000.00 25,000.00
Total Operating Income 1,011,432.09 1,169,375.00 1,264,775.00
Expense
Cleaning and Maintenance 10,130.38 10,130.38 10,130.38
Insurance 43,849.80 43,849.80 43,849.80
Licenses, Permits, and Fees 503.94 503.94 503.94
Management Fees 30,342.96 30,342.96 30,342.96
Professional Fees 3,662.73 3,662.73 3,662.73
Repairs and Maintenance 28,559.22 28,559.22 28,559.22 Superintendent Expense 32,221.73 32,221.73 32,221.73
Taxes 116,960.94 180,000.00 180,000.00
Utilities 64,968.41 64,968.41 64,968.41
Total Operating Expense 331,200.11 394,239.17 394,239.17 NOI - Net Operating Income 680,231.98 775,135.83 870,535.83
Price 12,700,000.00 12,700,000.00 12,700,000.00
Cap Rate 5.36% 6.10% 6.85%
Cash on Cash Return
Purchase Price 12,700,000.00 12,700,000.00 12,700,000.00 Down Payment 25% 3,175,000.00 3,175,000.00 3,175,000.00 Total Leverage 9,525,000.00 9,525,000.00 9,525,000.00
Martin Goldstein Russell Goldstein
561-310-0935 561-503-3648
Boynton Villas
F i n a n c i a l A n a l y s i s
6
Benefitting from an excellent Class “A” coastal location, Boynton Villas is
surrounded by premium commercial centers, Class A Multifamily, and
high-value single-family homes and condos.
Gulfstream, Ocean Ridge, and Coastal Boynton offer posh, luxurious,
world-renowned beauty within walking or biking distance of Boynton Villas.
B o y n t o n B e a c h
& S u r r o u n d i n g A r e a
0.3Mi from Subject Property
B o y n t o n B e a c h
& S u r r o u n d i n g A r e a
Woolbright Road Bridge to Coast Commercial Center With: -Starbucks -Chipotle -Walgreens -JoAnn Fabrics -Wendy’sIntracoastal Waterway Atlantic Coast
Boynton Villas
Publix, ONE Boynton,• South Florida is historically an incredibly popular destination for individuals from all over the U.S. and the World. Those seeking temperate weather year-round, nominal cost of living, and the joy of a coastal lifestyle find that there are few other places in the country that fulfill all three.
• Delray Beach, Boynton Beach, and Boca Raton – the three cities most convenient to Boynton Villas – embody this unique and attractive live/work/play dynamic. These 72 units are located mere blocks from the Intracoastal waterway. World famous Palm Beach Island is easily reached via the nearby Ocean Ave Bridge, with a short drive to local Atlantic Coast Beaches up and down the Island.
• Atlantic Avenue – known throughout the area for its down-to-earth yet sophisticated nightlife, acts as a major commercial and employment center for the area as well, and is a mere 10 minutes drive south on US Hwy 1 from these units.
• New Class A units throughout the area combined with historically high housing demand have driven a huge number of excellent, middle-class tenants to Class B+ and C+ rental housing - like Boynton Villas. • As population growth continues and demand for quality, long-term rentals increases, the backbone of
the housing market – units like this – will continue to see steady rent increases over the near and long terms.
• Boynton and Delray enjoy active CRAs that are always actively looking for ways to cooperate and bring the cities closer together. See the following pages for some info on current projects.
Palm Beach County Historical Population Figures
Year Population % growth/year
2000 1,131,191 2010 1,320,134 1.67% 2020 1,466,494 1.11% 2025 (Proj) 1,547,210 1.10% 2030 (Proj) 1,625,000 1.00%
P O P U L A T I O N S :
Palm Beach County: 1.45 Million
Boynton and Delray Beach: 200,000+
Boynton Beac h
CRA Projects
The Boynton Beach Community Redevelopment Agency (CRA) serves the community by guiding redevelopment activities, such as affordable housing, free special events and small business funding programs, that create a vibrant downtown core and revitalized neighborhoods within the Agency’s District comprised of 1,650 acres along the eastern edge of the City of Boynton Beach.
Gentrification is attracting new, national level Tenants to
new Areas of Boynton Beach Boynton Beach and Delray Beach municipalities are continuously working together to
Boynton Beach
A t l a n t i c
A v e n u e
“Downtown Delray is to Palm Beach County what Ocean Drive is to South Beach: It's where all the action happens.
Head to the downtown district of this aptly named "Village By The Sea" and you'll understand why this Florida beach town — located midway between Palm Beach and Fort Lauderdale — has become a worthy nightlife destination.
Staying social at all hours is easy in downtown Delray. You can start your evening at a tropical-themed tiki hut by the beach, have dinner at a swanky steakhouse, sip drinks on a rooftop lounge, and dance to a live band until the early morning hours.”
-Broward Palm Beach NEW TIMES
Renowned throughout FL for its upscale nightlife and wide selection of restaurants and bars.
Atlantic Ave is dense with Class A apartments as well, primarily built within the last 10 years and all 100% occupied.
Caspian Delray S of Atlantic Apartments
Windsor Delray
Class A Rents range from 1800 for a Studio unit to 3500 for a 2BR
Demographic Data
Click Here to Visit the U.S. Census Bureau Palm Beach County Dashboard
Over half of single people are long term renters
Incomes Median Mean Households $ 57,563.00 $ 73,083.00 Families $ 65,939.00 $ 80,490.00 Married Families $ 76,662.00 $ 92,852.00 Non Families $ 44,242.00 $ 61,137.00
Boynton Beach Population by Year
Boynton Villas
Delray Beach
Gulf Stream
Boynton Beach
Fort Lauderdale, Miami West Palm Beach, Palm Beach Gardens
Boynton Villas
B r o a d L o c a t i o n M a p
Boca Raton
Boynton Villas
Delray Beach
Gulf Stream Briny Breezes
Boynton Beach
Boca Raton, Fort
Lake Worth, West Palm Beach, Palm Beach Gardens
Boynton Villas
Boynton Villas
S a l e s C o m p s
3501 S Federal Hwy - Seabourne Cove
Class B -
456 UnitsSold January 2021 - $143M $313,596/unit
Boynton Place Apartments – 10492 Boynton Dr
193 Units – Class B Sold Juny 2019- $34M $177,083/unit
7132 Colony Club Dr – Savona Grand
Class B -
214 UnitsBoynton Villas
S a l e s C o m p s
1 2 0 1 N E 2
n dA v e
4 Units Sold July 24, 2020 - $945,750.00 $236,438.00/unit2 6 8 N E 1 4
T HS T
12 Units Sold July 24, 2020 - $1,195,000.00 Smaller units, inferior privacy and locale $162,500.00/unit1 0 2 S E 7
t hA v e
4 Units
