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Multifamily

Harbordale Residences

749 SE 15th St, Fort Lauderdale, FL 33316

Listing Price: $2,800,000

Cap Rate
5.01%
Number of Units
11
Occupancy
100.0%
Price/Unit
$254,545
Price/Gross SF
$360.82
Gross SF
7,760

Investment Overview

Harbordale Residences is an 11-unit, boutique apartment building located in the highly sought-after Harbordale submarket of Fort Lauderdale, Florida. The Harbordale submarket is located east of Federal Highway (US 1), between SE 13th Street and SE 24th Street (Marina Boulevard), and spans approximately ten blocks east to the Intracoastal Waterway. Located in this submarket are Port Everglades and the Broward County Convention Center, two of the most highly trafficked destinations in the County. The subject property sits in the northwestern portion of the submarket, just south of the affluent Rio Vista neighborhood and walking distance to Downtown Fort Lauderdale, Broward Health Medical Center, 17th Street Causeway, and Harbordale Elementary School. Harbordale Residences is located in a predominantly residential neighborhood, surrounded by single-family residential, newer townhomes, and other small apartment buildings. It sits on the corner of SE 15th Street and Miami Road, directly across the street from Harbordale Elementary School. The property was constructed in 1967 of concrete block with painted stucco exterior. The building offers a desirable combined unit mix of 6 one-bedroom and 5 two-bedroom apartments. Property amenities include landscaped grounds, 17 surface parking spaces, a small central courtyard, and an onsite laundry facility. Apartment amenities include ceramic tile or faux wood vinyl flooring, wall unit air-conditioning, and individual hot-water heaters. Apartments are separately metered for electricity, telephone, and cable. Although there is a master water meter, the seller bills back the residents for 85 percent of the water and sewer expense and 90 percent of the trash expense. Over the past 18 months, the seller has done significant interior and exterior renovations and upgrades including, but not limited to all new roofs, resealing and striping of the parking lots, new exterior paint and lighting, landscaping upgrades, and the upgrading of 6 apartment interiors. Apartment upgrades include new bathrooms, kitchen cabinets, granite countertops, faux wood vinyl flooring, new air-conditioning units, lighting, window treatments, and black and stainless-steel appliances in most apartments. Fort Lauderdale has experienced an incredible resurgence over the past few years, with new class A, high-rise residential, hotel and office buildings being developed throughout downtown. With thousands of new residential units currently under construction or already approved, downtown Fort Lauderdale is rapidly becoming a top live, work and play destination for young professionals as well as those interested in the urban living. Restaurants and shops are thriving from the influx of people and real estate values continue to climb. Despite the large supply of new rental apartments entering the market and competition for renters, Harbordale Residences will be the benefactor of this rapid growth. Located just south of downtown, Harbordale’s rents are far below the new class A rents and provide a more affordable alternative, while only being a few blocks to the south. Fort Lauderdale’s double-digit residential population growth over the past decade is largely due to the increasing assortment of housing choices, amenities and attractions that make it a highly desirable option for residents. Harbordale Residences benefits from the concentrated workforce of surrounding companies. One of the key rental demand drivers is the strengthening downtown Fort Lauderdale office market and the long-term positive outlook for the area as fast-growing businesses move into the market and/or expand their operations. Most of this new employment base are “Millennials” who prefer to rent in Fort Lauderdale’s urban core. Understanding the trends of the regional office and employment market and the related job growth patterns are critical to understanding the rent growth and occupancy potential for apartments in that market. Harbordale Residences provides an investor the opportunity to increase revenue through the expiration of below-market leases and continued apartment upgrades, as well as taking full advantage of the projected aggressive rent growth associated with the very positive multifamily trends occurring in the Fort Lauderdale metropolitan area. With impressive job growth forecasts and one of the best occupancy trends in the nation, the demand for apartments will continue to increase, creating a very compelling investment environment for the Property.

Investment Highlights

  • Highly Sought-After Harbordale Submarket
  • Located East of Federal Highway (US 1)
  • Limited Class B and C Rental Housing Options
  • Desirable Mix of One- and Two-Bedroom Floor Plans
  • Residents Pay all Utilities Including Water and Trash
  • All New Roofs and Exterior Paint in 2021
  • Six Unit Interiors Recently Upgraded
  • Walking Distance to Downtown Fort Lauderdale

Exclusively Listed By

Multifamily

Harbordale Residences

Listing Price: $2,800,000

Cap Rate
5.01%
Number of Units
11
Occupancy
100.0%
Price/Unit
$254,545
Price/Gross SF
$360.82
Gross SF
7,760

Investment Highlights

  • Highly Sought-After Harbordale Submarket
  • Located East of Federal Highway (US 1)
  • Limited Class B and C Rental Housing Options
  • Desirable Mix of One- and Two-Bedroom Floor Plans
  • Residents Pay all Utilities Including Water and Trash
  • All New Roofs and Exterior Paint in 2021
  • Six Unit Interiors Recently Upgraded
  • Walking Distance to Downtown Fort Lauderdale

Investment Overview

Harbordale Residences is an 11-unit, boutique apartment building located in the highly sought-after Harbordale submarket of Fort Lauderdale, Florida. The Harbordale submarket is located east of Federal Highway (US 1), between SE 13th Street and SE 24th Street (Marina Boulevard), and spans approximately ten blocks east to the Intracoastal Waterway. Located in this submarket are Port Everglades and the Broward County Convention Center, two of the most highly trafficked destinations in the County. The subject property sits in the northwestern portion of the submarket, just south of the affluent Rio Vista neighborhood and walking distance to Downtown Fort Lauderdale, Broward Health Medical Center, 17th Street Causeway, and Harbordale Elementary School. Harbordale Residences is located in a predominantly residential neighborhood, surrounded by single-family residential, newer townhomes, and other small apartment buildings. It sits on the corner of SE 15th Street and Miami Road, directly across the street from Harbordale Elementary School. The property was constructed in 1967 of concrete block with painted stucco exterior. The building offers a desirable combined unit mix of 6 one-bedroom and 5 two-bedroom apartments. Property amenities include landscaped grounds, 17 surface parking spaces, a small central courtyard, and an onsite laundry facility. Apartment amenities include ceramic tile or faux wood vinyl flooring, wall unit air-conditioning, and individual hot-water heaters. Apartments are separately metered for electricity, telephone, and cable. Although there is a master water meter, the seller bills back the residents for 85 percent of the water and sewer expense and 90 percent of the trash expense. Over the past 18 months, the seller has done significant interior and exterior renovations and upgrades including, but not limited to all new roofs, resealing and striping of the parking lots, new exterior paint and lighting, landscaping upgrades, and the upgrading of 6 apartment interiors. Apartment upgrades include new bathrooms, kitchen cabinets, granite countertops, faux wood vinyl flooring, new air-conditioning units, lighting, window treatments, and black and stainless-steel appliances in most apartments. Fort Lauderdale has experienced an incredible resurgence over the past few years, with new class A, high-rise residential, hotel and office buildings being developed throughout downtown. With thousands of new residential units currently under construction or already approved, downtown Fort Lauderdale is rapidly becoming a top live, work and play destination for young professionals as well as those interested in the urban living. Restaurants and shops are thriving from the influx of people and real estate values continue to climb. Despite the large supply of new rental apartments entering the market and competition for renters, Harbordale Residences will be the benefactor of this rapid growth. Located just south of downtown, Harbordale’s rents are far below the new class A rents and provide a more affordable alternative, while only being a few blocks to the south. Fort Lauderdale’s double-digit residential population growth over the past decade is largely due to the increasing assortment of housing choices, amenities and attractions that make it a highly desirable option for residents. Harbordale Residences benefits from the concentrated workforce of surrounding companies. One of the key rental demand drivers is the strengthening downtown Fort Lauderdale office market and the long-term positive outlook for the area as fast-growing businesses move into the market and/or expand their operations. Most of this new employment base are “Millennials” who prefer to rent in Fort Lauderdale’s urban core. Understanding the trends of the regional office and employment market and the related job growth patterns are critical to understanding the rent growth and occupancy potential for apartments in that market. Harbordale Residences provides an investor the opportunity to increase revenue through the expiration of below-market leases and continued apartment upgrades, as well as taking full advantage of the projected aggressive rent growth associated with the very positive multifamily trends occurring in the Fort Lauderdale metropolitan area. With impressive job growth forecasts and one of the best occupancy trends in the nation, the demand for apartments will continue to increase, creating a very compelling investment environment for the Property.

Exclusively Listed By

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