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David Cohen

davidcohenrealty@gmail.com +1(305) 733-2218

$1,250,000

Est. payment - /mo

1.83 Acres Lot

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Key Details

Property Type Vacant Land

Sub Type Unimproved Land

Listing Status Active

Purchase Type For Sale

Subdivision Covenant Villas

MLS Listing ID B26089882

HOA Y/N No

Annual Tax Amount $9,362

Tax Year 2025

Lot Size 1.830 Acres

Acres 1.83

Property Sub-Type Unimproved Land

Property Description

Bring your vision to unincorporated Lake Worth! A compelling opportunity for investors, builders, and developers to acquire 1.83 acres in the heart of Lake Worth, Florida, with the potential for a 20-unit multifamily development. This property offers a head start for future development, with several key approvals previously secured, significantly advancing the preliminary planning process. Zoning, water utility, right-of-way, drainage, and Health Department permits have already been previously approved, providing a valuable foundation for the next phase of development. Completed building plans are also available and attached to the MLS, offering additional value and a head start for prospective developers. The proposed unit mix consists of 17 two-bedroom, two-bathroom units and 3 one-bedroom, one-bathroom units. Based on comparable rental rates, the projected rental income could reach approximately $44,500 per month, or $534,000 annually, assuming all 20 units are rented at the estimated market rates of $2,300 per month for the two-bedroom units and $1,800 per month for the one-bedroom units. These figures represent potential gross rental income before expenses, vacancy, and other operating costs. Ideal for investors seeking their next project, builders looking to expand their portfolio, or developers pursuing multifamily opportunities in a central Lake Worth location. With substantial preliminary work already completed, this property presents an opportunity to build on the progress made and explore its full development potential. Buyer to independently verify zoning, approvals, development feasibility, and all intended uses with the appropriate authorities. Seller is open to seller financing.

Location

State FL

County Palm Beach

Area 5700

Zoning RM

Direction West

Rooms

Other Rooms Other

Interior

Interior Features InteriorFeatures

Fireplace No

Exterior

Fence Fenced, Gate

Utilities Available Electricity Available, Natural Gas Available, Water Available

Water Access Desc Public

Present Use Multi-Family,Residential,Single Family

Street Surface Paved

Road Frontage City Street

Building

Lot Description 1-2 Acres, Cleared, City Lot, Drainage, Oversized Lot, Other, Residential Lot

Faces West

Sewer Public Sewer

Water Public

Additional Building Other

Schools

Elementary Schools Starlight Cove

Middle Schools Tradewinds

High Schools Lake Worth

Others

Tax ID 00434430280010000

Acceptable Financing Cash, Conventional, Owner May Carry

Membership Fee Required false

Listing Terms Cash, Conventional, Owner May Carry

Special Listing Condition Standard, Listed As-Is

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Listed by Brett A Colby RE/MAX Direct

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David Cohen

REALTOR® Associate License ID: SL3237271

+1(305) 733-2218 | davidcohenrealty@gmail.com

4614 Gulfstream RD Lake Worth, FL 33461

David Cohen

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

4614 Gulfstream RD

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