Features & Amenities

Interior

  • Total Bedrooms

    N/A

  • Bathrooms

    N/A

  • Cooling YN

    YES

  • Cooling

    N/A

  • Heating YN

    YES

  • Heating

    Zoned

Exterior

  • Garage

    No

  • Construction Materials

    Frame

  • Other Exterior Features

    Balcony

  • Patio and Porch Features

    Deck, Patio, Porch

  • Pool

    Yes

  • Pool Features

    Fiberglass, None

  • Waterfront YN

    NO

  • View

    Garden, Water

Area & Lot

  • Property Type

    Residential Income

Price

  • Sales Price

    $2,350,000

  • Tax Amount

    21960.0

  • Zoning

    SF14-C2-

  • Sq. Footage

    4, 080

  • Price/SqFt

    $575

HOA

  • Association

    YES

  • Association Fee Frequency

    Monthly

  • Association Fee Includes

    N/A

School District

  • Elementary School

    N/A

  • Middle School

    N/A

  • High School

    N/A

Property Features

  • Senior Community YN

    NO

  • Sewer

    Public Sewer

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Location

County

Palm Beach

Elementary School

Middle School

High School

Listing Courtesy of Chris Scott , Compass Florida LLC (PB)

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516 Park Place (the ''Property'') offers an exceptional investment opportunity in West Palm Beach's Flamingo Park neighborhood, a prime location known for its historic charm and proximity to top dining, shopping, and cultural landmarks. This 4,283-square-foot, 4-unit Airbnb property is situated just blocks from the Intracoastal Waterway, providing a strategic location to attract both short-term vacationers and seasonal renters. Meticulously renovated, with nearly $1mm invested in preserving the property's historic features while updating to contemporary Palm Beach chic. New roofs, windows, electrical, HVAC, plumbing, luxury kitchens & bathrooms complement the stylish interiors. The outdoor areas, designed as a tropical oasis feature hot tubs & private sitting/dining areas.

516 Park Place

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8-unit multifamily just minutes from the beach. 1 Fully updated corner unit with impact windows/doors, and central AC. 4 large 1/1s and 4 standard 1/1s. Current income: $150,600/year, NOI: $97,208, cap rate: 4.99%. Pro forma income: $209,040, NOI: $155,649, cap rate: 6.49%. 3 units vacant and Airbnb-ready; the other 5 are on annual leases. Huge upside by converting corner units to short-term rentals--conservatively projected at $30K/unit annually. Turnkey investment with strong cash flow and Airbnb potential.
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