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One Park Place

Posted: 8/29/2022
20 Units
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About One Park Place

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire One Park Place (the “Property”) – a 20-unit condominium community with an additional 10,664 square feet of ground floor retail space located in Lake Park, Florida. The property was built in 2018 and features 20 condo-quality oversized units that feature high ceilings, hard flooring, modern kitchens, in-unit washer/dryer and large patios/balconies. The property was built with the intent to sell units as individual condos. No units were ever sold and ownership controls 100% interest in the property. The property also features 10,664 square feet of unfinished ground floor retail area that allows the new owner to generate more than $260,000 in additional rental revenue. The property is currently 100% occupied and has maintained a 95%+ occupancy over the past few years. With in-place rents averaging only $1,655 per unit or $1.51 per square foot, there is at least $480 per unit upside potential by simply eliminating the loss-to-lease, and moving rents to market. The property is located along Park Avenue in Downtown Lake Park.