3063 Floweva Street A, Palm Springs, FL 33406

• 4 baths |
• 3,940 sqft

Property Description

****6-unit multifamily property in South Florida.**** CITY WATER** NO SEPTIC!!!!The property consists of three separate buildings on one parcel: Front triplex with two 1 bed/1 bath units and one 3 bed/1 bath unit. Rear duplex with two 2 bed/1 bath units, and standalone 1 bed/1 bath cottage. Some units feature private fenced backyards, enhancing tenant appeal and retention. One of the 1 bed/1 bath units will be delivered vacant in June, allowing for immediate rental upside. Each unit has electric meter. Current gross rents $9,000/month or $108,000/year. Rents significantly below market, providing a strong value-add. Market rent estimates: 1 bed units $1,600-$1,750, 2 bed units $1,900-$2,000, and 3 bed units $2,400+. Pro forma gross income is approximately $133,200 annua Lease terms and current rents: Unit A (1 bed/1 bath): $1,300/month - lease through 6/30/2025 (vacant in June) Unit B (1 bed/1 bath cottage): $1,300/month - lease through 9/30/2025 Unit D (1 bed/1 bath): $1,350/month - lease through 6/30/2025 Unit 3075 (2 bed/1 bath): $1,750/month - lease through 6/30/2025 Unit 3077 (2 bed/1 bath): $1,800/month - lease through 2/28/2026 Unit C (3 bed/1 bath): $1,500/month - lease through 6/30/2025 All leases transitioning to month-to-month at expiration for added flexibility. Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systemsno coin collection required. Property is in overall good condition with no major deferred maintenance. At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%+. This is an excellent opportunity to acquire a stabilized income-producing asset with immediate upside potential in a highly desirable rental market. Offered at $1,300,000 ($216,667 per unit). Income statement and rent role attached in MLS.

Listing Status:

Active

Date Added:

August 13, 2025

Data Last Updated:

February 9, 2026 at 3:22PM

Listing Office:

The Keyes Company : 561-220-0550

Listing Agent:

Michael J Johnston : 561-577-0398

MLS ID:

R11115439

Interior

• Flooring: Laminate
• A/C: Central Air
• Heating: CentralIndividual

Exterior

• General: None

Construction

• Roofing: Composition
• General: Other1

Location

• HOA Amenities: None
• Originating MLS: BEACH_BEACH
• County: Palm Beach

Lot

• Zoning: RM(citBRYANT PARK E 100 FT OF LTS 12 & 13 BLK B70434407010020121

Utilities

• Utilities: None

Financial

• Source: BEACH_BEACH