513 47th Street, West Palm Beach, FL 33407
- $499,000
- 8
- BD
- 5
- BA
- 2,625
- SqFt
- Sold Price
- $499,000
- List Price
- $499,000
- Status
- CLOSED
- Days on Market
- 9
- Closing Date
- Dec 08, 2023
- MLS#
- R10929351
- Subtype
- Residential
- Style
- Other
- Year Built
- 1942
- Bedrooms
- 8
- Bathrooms
- 5
- Full Baths
- 5
- Living Area
- 2,625
- Acres
- 0.12
- Subdivision
- North Palm Bch 1
- MLS Area Major
- 5420
Property Description
Presenting a unique opportunity for an investor to acquire a strong cash flow asset with major value add opportunity. 513 47th Street is located in the Northwood neighborhood of West Palm Beach where there is a strong rental market and ever growing demand. This multifamily consists of 3 buildings, 5 possible units in total (currently 4) which have been gutted and preliminary plans drawn to show highest and best use. The planned units are listed below along with their renovated rent projections. Property needs full rehab. The renovated property can generate $7,700 a month. That's a 10% CAP rate! Unit #1 650 SF 2/1 $1,700 Unit #2 650 SF 2/1 $1,700 Unit #3 650 SF 2/1 $1,700 Unit #4 275 SF Studio $1,200 Unit #5 400 SF 1/1 $1,400 Property currently classified as 4 units on PAPA. Buyer responsible for working with the city to convert to 5 units.
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Additional Information
- Amenities
- None
- Interior Features
- Main Level Primary
- Taxes
- $7,238
- Property Description
- Other
- Flooring
- Other
- Heating
- None
- Air Conditioning
- None
- Exterior Construction
- Frame
- Stories
- 2
- Levels
- Two
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Listing courtesy of The Corcoran Group. Contact:
Selling Office: Beaches MLS.
All listings featuring the BMLS logo are provided by Beaches MLS Inc. Copyright 2026 Beaches MLS. This information is not verified for authenticity or accuracy and is not guaranteed. © 2026 Beaches Multiple Listing Service, Inc. All rights reserved.
Agent: Jennifer B Kilpatrick | Email: jennifer.kilpatrick@corcoran.com