Palm Beach apartments trade for nearly $1 million apiece

106-hammon

106 Hammon in Palm Beach. (Jeff Ostrowski / The Palm Beach Post)

File this deal under the category of everything-costs-more-on-the-island. The six-unit apartment building at 106 Hammon Ave. in Palm Beach sold last month for $5.6 million, or $933,333 a unit.

By contrast, a Boca Raton complex just across A1A from the ocean recently sold for $321,875 a unit.

The Palm Beach building, which is just across the street from the ocean, was renovated last year, commercial real estate brokerage Marcus & Millichap said. Two-bedroom units rent for about $6,000 a month.

It last sold in 2011 for $2.6 million.

 

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