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604 SW 35th Street, Palm City, FL 34990

$7,000,000
Property Type: Commercial Sale Square Footage: 41,730 Status: Closed
Current Price: $7,000,000 List Date: 10/30/2023 Last Modified: 12/19/2025

Description

Rare investment opportunity in Old Palm City historic district. This 48-unit multi-family property consisting of 36 one-bedroom and 12 two-bedroom units has been meticulously cared for and updated. With renovations completed from 2021-2023, this property boasts new standing seam metal roofs on all buildings, impact windows and doors throughout, and state-of-the-art water conditioning systems for three of the five buildings. Over 50% of the units have been recently updated with new tile floors and wood cabinets. Within walking distance from the St. Lucie River, Palm City Apartments is close to schools, the Cleveland Clinic, Interstate 95, and the Florida Turnpike. Its apartments have maintained 100% occupancy for the past five years and continue to be in high demand. This turnkey, low-mai

Supplements: Rare investment opportunity in Old Palm City historic district. This 48-unit multi-family property consisting of 36 one-bedroom and 12 two-bedroom units has been meticulously cared for and updated. With renovations completed from 2021-2023, this property boasts new standing seam metal roofs on all buildings, impact windows and doors throughout, and state-of-the-art water conditioning systems for three of the five buildings. Over 50% of the units have been recently updated with new tile floors and wood cabinets. Within walking distance from the St. Lucie River, Palm City Apartments is close to schools, the Cleveland Clinic, Interstate 95, and the Florida Turnpike. Its apartments have maintained 100% occupancy for the past five years and continue to be in high demand. This turnkey, low-maintenance property is a must for investors who are looking for a consistent return on their investment.

More Information MLS# R10927120

Contract Information

Comp Sale YN: No Listing Date: 2023-10-12 Status: Closed Original List Price: 7000000 Sold Price: $7,000,000 Current Price: $7,000,000

Location and Legal

County Or Parish: Martin County Parish Name: Martin City Name: Palm City Postal Code: 34990 Geographic Area: MRTC - Martin County Multiple Offers Accepted: Yes Property Description: Multi-Family Country: United States Street Number: 604 Street Direction Prefix: SW Street Name: 35th Street Suffix: Street State Or Province: FL Area: 6090 - Palm City Parcel Number: 173841001030000601 Zoning: RS-4

General Property Information

Number Of Units Total: 48 Lot Size Area: 157687.2 Stories: 2 Property Sub Type: Multi Family Building Area Main: 41730 Building Area Source: Public Records Year Built: 1985 Lot Size Acres: 3.62

Office/Member Information

DXORIGMLSID: RML

Status Change Information

Buyer Financing: Cash Major Change Timestamp: 2024-01-29T20:50:03Z Major Change Type: Status Change Status Change Date: 2024-01-29 Under Contract Date: 2023-11-10 Close Date: 2024-01-26 Close Price: 7000000

Flooring

Carpet: 1 Tile: 1

Documents Available

Photos: 1

Tenant Pays

Cable TV: 1 Electricity: 1

Possession

Negotiable: 1

Building and Property Details

# Of Toilets: 2 % Air Conditioned: 100 Maximum Ceiling Height: 8

Heating

Central Individual: 1

Sale Includes

Building: 1 Fixtures: 1 Land: 1 Machinery: 1 Signs: 1 Tools: 1 Trade Name: 1

Construction Materials

Concrete: 1

Listing Terms

Cash: 1 Conventional: 1

Roof

Metal: 1

Security Features

Smoke Detector(s): 1

Water Source

Well: 1

Income and Expenses

Vacancy Allowance Rate: 0

Description of Unit Type 1

Unit Type: 1 Bedroom Units Total: 36 Full Baths: 1

Description of Unit Type 2

Unit Type: 2 Bedroom Units Total: 12 Full Baths: 1 Half Baths: 1

Cooling

Central Individual: 1

Showing Requirements

Call Listing Agent: 1

Contingencies

None: 1

Price Calculations

Current Price To SqFt: 167.74 Original List Price To Close Price: 1

Financial Information

Tax Annual Amount: 11314.3 Tax Year: 2023 Tax Legal Description: PALM CITY LOTS 6 7 8 9 & 10 BLK 30

Originating Details

Originating System Key: 20231012173436377221000000 Originating System ID: M00000170

Property Features

Flooring: Carpet; Tile Heating: Central Individual Possession: Negotiable Sale Includes: Building; Fixtures; Land; Machinery; Signs; Tools; Trade Name Tenant Pays: Cable TV; Electricity Construction Materials: Concrete Cooling: Central Individual Listing Terms: Cash; Conventional Roof: Metal Security Features: Smoke Detector(s) Water Source: Well Showing Requirements: Call Listing Agent Contingencies: None
Listing Office: Keyes Co
Last Updated: December - 19 - 2025
604 SW 35th Street, Palm City, FL 34990- MLS# R10927120
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