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Multifamily

Melrose Park Apartments

225 Iowa Ave, Fort Lauderdale, FL 33312

Listing Price: $1,250,000

Cap Rate
4.83%
Number of Units
9
Occupancy
95.0%
Price/Unit
$138,889
Price/Gross SF
$284.22
Gross SF
4,398

Investment Overview

Marcus & Millichap, as exclusive listing agents, is pleased to offer for sale, Melrose Park Apartments (the “Property”), a 9-unit multifamily apartment building located in the Melrose Park Sub-market in Fort Lauderdale, Florida. Melrose Park (225 Iowa Avenue, Fort Lauderdale, FL 33312) was constructed of concrete block in 1960 and consists of a single standing 2-story building situated on a .20-acre lot, totaling 4,398 square feet of rentable space. The property is comprised of seven (7) one-bedroom / one-bathroom, and two (2) Efficiencies. The property is located just blocks south of West Broward Boulevard, between Interstate 95 and State Road 7, all of which are major thoroughfares that travel through the county. Being located in Central Broward as well provides easy access to a wide variety of local amenities, being only a short distance away from Downtown Fort Lauderdale, Central Broward Regional Park, and the Thunderbird Swap Shop. Melrose Park serves a population of 15,081 consisting of young professionals and families to retirees, and provides a dense suburban feel containing mostly single-family residences. The community benefits from providing affordable housing options to better serve families that require such. Melrose Park Apartments grants an investor a unique opportunity to raise current rents to market rate in an already stabilized and cash flowing property. Which also benefits from being situated in a well-rounded market with limited competition. Situated in close proximity to major thoroughfare Interstate 95, and Broward Boulevard, this asset instantly provides easy transit to employment opportunities, amenities, and entertainment facilities.

Investment Highlights

  • Close Proximity to Interstate 95, Broward Boulevard and State Road 7
  • Incredible Value Add Opportunity Through Rental Increases and Operational Efficiencies
  • Property Situated in Central Broward County Providing Access to Various Amenities
  • Strong Economic Market with Limited Competition

Exclusively Listed By

Financing By

Multifamily

Melrose Park Apartments

Listing Price: $1,250,000

Cap Rate
4.83%
Number of Units
9
Occupancy
95.0%
Price/Unit
$138,889
Price/Gross SF
$284.22
Gross SF
4,398

Investment Highlights

  • Close Proximity to Interstate 95, Broward Boulevard and State Road 7
  • Incredible Value Add Opportunity Through Rental Increases and Operational Efficiencies
  • Property Situated in Central Broward County Providing Access to Various Amenities
  • Strong Economic Market with Limited Competition

Investment Overview

Marcus & Millichap, as exclusive listing agents, is pleased to offer for sale, Melrose Park Apartments (the “Property”), a 9-unit multifamily apartment building located in the Melrose Park Sub-market in Fort Lauderdale, Florida. Melrose Park (225 Iowa Avenue, Fort Lauderdale, FL 33312) was constructed of concrete block in 1960 and consists of a single standing 2-story building situated on a .20-acre lot, totaling 4,398 square feet of rentable space. The property is comprised of seven (7) one-bedroom / one-bathroom, and two (2) Efficiencies. The property is located just blocks south of West Broward Boulevard, between Interstate 95 and State Road 7, all of which are major thoroughfares that travel through the county. Being located in Central Broward as well provides easy access to a wide variety of local amenities, being only a short distance away from Downtown Fort Lauderdale, Central Broward Regional Park, and the Thunderbird Swap Shop. Melrose Park serves a population of 15,081 consisting of young professionals and families to retirees, and provides a dense suburban feel containing mostly single-family residences. The community benefits from providing affordable housing options to better serve families that require such. Melrose Park Apartments grants an investor a unique opportunity to raise current rents to market rate in an already stabilized and cash flowing property. Which also benefits from being situated in a well-rounded market with limited competition. Situated in close proximity to major thoroughfare Interstate 95, and Broward Boulevard, this asset instantly provides easy transit to employment opportunities, amenities, and entertainment facilities.

Exclusively Listed By

Financing By

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