37280 Okeechobee Ave #32 ,Apartments for Sale & Rent

37280 Okeechobee Ave #32 for Sale & Rent

Price $3,700,000.00

• Lot size 69354
• Year Build 1960
• Waterfront
• Zip 33438
• Style
• Parking Description
• Pool Yes
• Status Active

Description

Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside. The community features 32 units across eight well-built buildings, with 16 units already stabilized and generating steady income. The remaining 16 units require renovations to unlock premium rents and drive the ARV to $6.5M. Another single-family home is located near site and is slated for demolition, creating a prime redevelopment opportunity for a new 4-unit building?expanding the total to 36 units. With stabilized income today, value-add upside tomorrow, and a waiting list of renters ready to lease, this phased project offers exceptional long-term growth in a market with strong rental demand and limited supply.

NEMAHA LT 1 BLK 14 & NEMAHA UNREC

Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside. The community features 32 units across eight well-built buildings, with 16 units already stabilized and generating steady income. The remaining 16 units require renovations to unlock premium rents and drive the ARV to $6.5M. Another single-family home is located near site and is slated for demolition, creating a prime redevelopment opportunity for a new 4-unit building?expanding the total to 36 units. With stabilized income today, value-add upside tomorrow, and a waiting list of renters ready to lease, this phased project offers exceptional long-term growth in a market with strong rental demand and limited supply.

City:Canal Point,Zoning:RH,List A O R:A-Miami Association of REALTORS,Latitude:26.858036,Lease Term:1 To 3 Year Lease,List Price:3700000,Listing Id:A11863544,Longitude:-80.6346033,Mls Status:Active,Year Built:1960,Postal Code:33438,Street Name:Okeechobee Ave,Unit Number:32,Coordinates:1:26.858036,Photos Count:23,Days On Market:5,Listing Terms:1:Conventional/Refinance,2:Owner Will Carry,Lot Size Units:Square Feet,M I A M I R E_ Area:5002,On Market Date:2025-08-23,Parcel Number:00374133030140010,Property Type:Commercial Sale,Street Number:37280,Public Remarks:Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside. The community features 32 units across eight well-built buildings, with 16 units already stabilized and generating steady income. The remaining 16 units require renovations to unlock premium rents and drive the ARV to $6.5M. Another single-family home is located near site and is slated for demolition, creating a prime redevelopment opportunity for a new 4-unit building?expanding the total to 36 units. With stabilized income today, value-add upside tomorrow, and a waiting list of renters ready to lease, this phased project offers exceptional long-term growth in a market with strong rental demand and limited supply.,County Or Parish:Palm Beach County,List Office Name:Comlux Properties,Standard Status:Active,Living Area Units:Square Feet,Major Change Type:New,Postal Code Plus4:5019,Property Sub Type:Income/MultiFamily,State Or Province:FL,Tax Annual Amount:24515,Unparsed Address:37280 Okeechobee Ave # 32, Canal Point FL 33438,Listing Agreement:Exclusive Right To Sell,Building Area Total:20812,Building Area Units:Square Feet,Lease Considered Y N:1,Lot Size Square Feet:69354,Original List Price:3700000,I D X Participation Y N:1,Syndication Remarks:Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside. The community features 32 units across eight well-built buildings, with 16 units already stabilized and generating steady income. The remaining 16 units require renovations to unlock premium rents and drive the ARV to $6.5M. Another single-family home is located near site and is slated for demolition, creating a prime redevelopment opportunity for a new 4-unit building?expanding the total to 36 units. With stabilized income today, value-add upside tomorrow, and a waiting list of renters ready to lease, this phased project offers exceptional long-term growth in a market with strong rental demand and limited supply.,Listing Contract Date:2025-08-23,Originating System I D:miamire,Public Survey Section:33,Street Number Numeric:37280,Tax Legal Description:NEMAHA LT 1 BLK 14 & NEMAHA UNREC,Originating System Name:Miami Association of REALTORS?,M I A M I R E_ Internet Remarks:Canal Point Apartments presents a rare value-add investment with immediate cash flow and strong upside.,M I A M I R E_ Showing Time Flag:1,Contract Status Change Date:2025-08-23,Internet Address Display Y N:1,Number Of Units In Community:32,Internet Consumer Comment Y N:1,M I A M I R E_ Ok To Advertise List:No,Internet Entire Listing Display Y N:1,Internet Automated Valuation Display Y N:1,