513 47th Street, West Palm Beach, FL 33407

$499,000
8
BD
5
BA
2,625
SqFt
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Sold Price
$499,000
List Price
$499,000
Days on Market
9
Closing Date
Dec 08, 2023
MLS#
R10929351
Bedrooms
8
Full Bathrooms
5
Sq. Ft
2,625
Subtype
Single Family Residence
County
Palm Beach
Subdivision
North Palm Bch 1
Year Built
1942
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561-972-8491

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.

561-972-8491
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Additional Information

Pets Allowed
Yes
Construction
Frame
Cooling
None
Equipment
None
Flooring
Other
Furnished
Unfurnished
Heating
None
Restrict
NoRestrictions
Taxes
$7,238
Utilities
Sewer Available, Water Available
Amenities
None
Waterfront
None
Stories
2
Acres
0.12
Price Per Sqft
$190
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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