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Multifamily

94-Unit Fort Lauderdale and Wilton Manors Portfolio

1409 North Dixie Highway, Fort Lauderdale, FL 33304

Listing Price: $20,000,000

Cap Rate
4.08%
Number of Units
94
Price/Unit
$212,766
Price/Gross SF
$333.74
Gross SF
59,926

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the 94-Unit Fort Lauderdale and Wilton Manors Portfolio, a value-add opportunity comprising six separate communities and 11 buildings located in Eastern Broward County, Florida. SUBJECT PROPERTIES The 94-Unit Fort Lauderdale and Wilton Manors Portfolio consists of the following properties listed by location from north to south: Villa Teresa is a 38-unit multifamily property containing two, two-story apartment buildings located at 601 and 607 NE 29th Drive in the City of Wilton Manors. The properties were built in 1973 of concrete block and stucco, total 25,078 adjusted square feet and encompass a total lot size of 47,162 square feet (1.08 acres), according to the Broward County Property Appraiser. Villa Teresa consists of (12) one-bedroom | one-bathroom apartments and (26) two-bedroom | one-bathroom apartments. Average in-place rents are expected to be $1,361 per month for one-bedrooms and $1,520 per month for two-bedrooms as of April 1, 2023. Units feature an array of formica or granite countertops, white, black or stainless-steel electric appliances, ceramic tile or wood-laminate flooring, individual hot water heaters and central air conditioning. The property includes a laundry room with two washers and two dryers, as well as 52 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. Flats at Five Points is a 12-unit, two-story apartment building located at 999 NE 23th Drive in the center of the City of Wilton Manors. The property was built in 1972 of concrete block and stucco, totals 7,367 adjusted square feet and encompasses a 12,498 square feet lot (0.29 acres), according to the Broward County Property Appraiser. Flats at Five Points consists of (10) one-bedroom | one-bathroom apartments and (2) two-bedroom | one-bathroom apartments. Average in-place rents are expected to be $1,366 per month for one-bedrooms and $1,558 per month for two-bedrooms as of April 1, 2023. Units feature an array of formica or granite countertops, white, black or stainless-steel electric appliances, ceramic tile or wood-laminate flooring, individual hot water heaters and central air conditioning. Common area amenities include a laundry room with washer and dryer and a community patio area on the north side of the building, as well as 17 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. The Middle River Terrace Portfolio consists of three, single-story apartment buildings totaling 11-units located at 899, 1041 and 1045 NE 15th Street in Middle River Terrace neighborhood of Fort Lauderdale. The properties were built in 1966 (1041), 1967 (1045) and 1986 (899) of concrete block and stucco, total 7,139 adjusted square feet and encompass lots of 14,462 square feet (899), 5,501 square feet (1041) and 5,501 square feet (1045), according to the Broward County Property Appraiser. The Middle River Terrace Portfolio consists of (10) one-bedroom | one-bathroom apartments and (1) two-bedroom | one-bathroom apartment. Average in-place rents are expected to be $1,286 per month for one-bedrooms and $1,500 per month for the two-bedroom as of April 1, 2023. Units feature an array of formica or granite countertops, white, black or stainless-steel electric appliances, ceramic tile or wood-laminate flooring, individual hot water heaters and central air conditioning or wall units. The properties have community laundry facilities on-site and a total of 24 parking spaces collectively. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. La Siesta Apartments consist of three, two-story apartment buildings totaling 16-units located at 1409, 1411 and 1413 North Dixie Highway in the Middle River Terrace neighborhood of Fort Lauderdale. The properties were built in 1972-1973 of concrete block and stucco, total 9,472 adjusted square feet and encompass a total lot size of 23,150 square feet (0.53 acres), according to the Broward County Property Appraiser. La Siesta consists of (10) one-bedroom | one-bathroom apartments and (6) one-bedroom | one-bathrooms with a patio. Average in-place rents are expected to be $1,323 per month for standard one-bedrooms and $1,368 for one-bedrooms with a patio as of April 1, 2023. Units feature ceramic tile flooring, white, black or stainless-steel electric appliances, individual hot water heaters and wall air conditioning units. Common area amenities include a gated courtyard, swimming pool, a laundry room with washer and dryer, as well as 20 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. Lake Ridge Flats is a 5-unit, one-story apartment building located at 1040 Northeast 10th Avenue in the Lake Ridge neighborhood of Fort Lauderdale. The property was built in 1963 of concrete block and stucco, totals 2,943 adjusted square feet and encompasses a 6,749 square foot lot (0.15 acres), according to the Broward County Property Appraiser. Lake Ridge Flats consists of (4) one-bedroom | one-bathroom apartments and (1) two-bedroom | one-bathroom apartment. Average in-place rents are expected to be $1,500 per month for one-bedrooms and $1,500 per month for the two-bedroom as of April 1, 2023. Units feature ceramic tile flooring, white, black or stainless-steel electric appliances, individual hot water heaters, wall air conditioning units and hurricane-resistant impact windows and doors. The property also has a laundry room with washer and dryer, as well as six parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. Holiday Park Place is a 12-unit, two-story apartment building located at 745 Northeast 15th Avenue in the Victoria Park neighborhood of Fort Lauderdale. The property was built in 1968 of concrete block and stucco, totals 7,927 adjusted square feet and encompasses a 13,500 square foot lot (0.31 acres) according to the Broward County Property Appraiser. Holiday Park Place consists of (8) one-bedroom | one-bathroom apartments, (1) two-bedroom | two-bathroom apartment and (3) three-bedroom | three-bathroom apartments. Average in-place rents are expected to be $1,443 per month for one-bedrooms, $1,650 per month for the two-bedroom and $1,983 per month for the three-bedrooms as of April 1, 2023. Units feature an array of ceramic tile or vinyl wood-plank flooring, white, black or stainless-steel electric appliances, individual hot water heaters and wall air conditioning units. Common area amenities include a gated courtyard, swimming pool, laundry room with washer and dryer, as well as 17 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. LOCATION The 94-Unit Fort Lauderdale and Wilton Manors Portfolio is located between Oakland Park and Broward Boulevards from north and south and Federal Highway to Northeast 6th Avenue from the east to west. In Wilton Manors, Villa Teresa and the Flats at Five Points are located just 0.7 miles from each other near Wilton Drive, Northeast 26th Street and Dixie Highway, offering convenient access to many local restaurants, retailers and area attractions. Both properties are located within walking distance to Publix Supermarket and Villa Teresa is located within walking distance to the new Sprouts Farmers Market, directly to the north off Oakland Park Boulevard. Nearby educational centers include Fort Lauderdale High School and Wilton Manors Elementary School. The Middle River Terrace and La Siesta Apartments are located one mile south of Flats at Five Points and Wilton Drive along Dixie Highway between Northeast 14th and Northeast 15th Streets, just a short drive to Downtown Fort Lauderdale. Nearby educational centers include Fort Lauderdale High School, Bennett Elementary School and Sunrise Middle School. Lake Ridge Flats is located along Northeast 10th Avenue just 0.7 miles south of La Siesta Apartments and one block north of Sunrise Boulevard. The location allows for easy access to Wilton Manors and Downtown Fort Lauderdale is approximately 1.5 miles south. Holiday Park is just a short walk south of the property (0.3 miles) and offers a variety of recreational options, such as lighted athletic fields, a dog park, playgrounds, tennis courts and ample greenspace. Nearby educational centers include Northside Elementary School, Sunrise Middle School, Fort Lauderdale High School and Virginia Shuman Young Elementary School. Holiday Park Place is located two blocks south of Sunrise Boulevard along Northeast 8th Street and Northeast 15th Avenue, just 0.7 miles southeast of Lake Ridge Flats. The property is located one block east of Holiday Park, the Jimmy Evert Tennis Center and the War Memorial Auditorium. The location provides easy access to Downtown Fort Lauderdale, Flagler Village and Las Olas Boulevard (1-mile south), which features shopping, dining, nightlife attractions with a variety of sidewalk cafes, bars, restaurants, boutique clothing stores, jewelry stores and local art galleries. Nearby educational centers include St Anthony Catholic School, Virginia Shuman Young Elementary School, Sunrise Middle School and Fort Lauderdale High School. The 94-Unit Fort Lauderdale and Wilton Manors Portfolio is also proximate to other notable points of interest including the Brightline Fort Lauderdale Station, Fort Lauderdale Beach, the Galleria Mall, the Coral Ridge Mall, The Classic Gateway Theatre, Hugh Taylor Birch State Park, Port Everglades and the Fort Lauderdale/Hollywood International Airport. SUMMARY The 94-Unit Fort Lauderdale and Wilton Manors Portfolio offers investors the rare opportunity to acquire a critical mass of Class C apartment buildings in Class A and B locations with rising population and area income levels. The portfolio is being offered for sale at $20,000,000 or $212,766 per unit, either subject to the existing Fannie Mae mortgage (for the entire portfolio) or free and clear of debt.

Investment Highlights

  • 94-Unit Portfolio in Victoria Park, Lake Ridge, Middle River Terrace & Wilton Manors
  • High-Demand Rental Locations w/Affluent Demographics & Significant Population Growth
  • Mix of (60) One Bedrooms, (31) Two Bedrooms and (3) Three Bedrooms
  • Value-Add Opportunity w/Significant Loss-to-Lease & Additional Upside in Renovation Plan
  • Deliverable Free & Clear or $7,609,000 with Loan Assumption Available at 2.92% Interest, Interest-Only thru November 2026 and Due in November 2032

Exclusively Listed By

Financing By

Multifamily

94-Unit Fort Lauderdale and Wilton Manors Portfolio

Listing Price: $20,000,000

Cap Rate
4.08%
Number of Units
94
Price/Unit
$212,766
Price/Gross SF
$333.74
Gross SF
59,926

Investment Highlights

  • 94-Unit Portfolio in Victoria Park, Lake Ridge, Middle River Terrace & Wilton Manors
  • High-Demand Rental Locations w/Affluent Demographics & Significant Population Growth
  • Mix of (60) One Bedrooms, (31) Two Bedrooms and (3) Three Bedrooms
  • Value-Add Opportunity w/Significant Loss-to-Lease & Additional Upside in Renovation Plan
  • Deliverable Free & Clear or $7,609,000 with Loan Assumption Available at 2.92% Interest, Interest-Only thru November 2026 and Due in November 2032

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the 94-Unit Fort Lauderdale and Wilton Manors Portfolio, a value-add opportunity comprising six separate communities and 11 buildings located in Eastern Broward County, Florida. SUBJECT PROPERTIES The 94-Unit Fort Lauderdale and Wilton Manors Portfolio consists of the following properties listed by location from north to south: Villa Teresa is a 38-unit multifamily property containing two, two-story apartment buildings located at 601 and 607 NE 29th Drive in the City of Wilton Manors. The properties were built in 1973 of concrete block and stucco, total 25,078 adjusted square feet and encompass a total lot size of 47,162 square feet (1.08 acres), according to the Broward County Property Appraiser. Villa Teresa consists of (12) one-bedroom | one-bathroom apartments and (26) two-bedroom | one-bathroom apartments. Average in-place rents are expected to be $1,361 per month for one-bedrooms and $1,520 per month for two-bedrooms as of April 1, 2023. Units feature an array of formica or granite countertops, white, black or stainless-steel electric appliances, ceramic tile or wood-laminate flooring, individual hot water heaters and central air conditioning. The property includes a laundry room with two washers and two dryers, as well as 52 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. Flats at Five Points is a 12-unit, two-story apartment building located at 999 NE 23th Drive in the center of the City of Wilton Manors. The property was built in 1972 of concrete block and stucco, totals 7,367 adjusted square feet and encompasses a 12,498 square feet lot (0.29 acres), according to the Broward County Property Appraiser. Flats at Five Points consists of (10) one-bedroom | one-bathroom apartments and (2) two-bedroom | one-bathroom apartments. Average in-place rents are expected to be $1,366 per month for one-bedrooms and $1,558 per month for two-bedrooms as of April 1, 2023. Units feature an array of formica or granite countertops, white, black or stainless-steel electric appliances, ceramic tile or wood-laminate flooring, individual hot water heaters and central air conditioning. Common area amenities include a laundry room with washer and dryer and a community patio area on the north side of the building, as well as 17 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. The Middle River Terrace Portfolio consists of three, single-story apartment buildings totaling 11-units located at 899, 1041 and 1045 NE 15th Street in Middle River Terrace neighborhood of Fort Lauderdale. The properties were built in 1966 (1041), 1967 (1045) and 1986 (899) of concrete block and stucco, total 7,139 adjusted square feet and encompass lots of 14,462 square feet (899), 5,501 square feet (1041) and 5,501 square feet (1045), according to the Broward County Property Appraiser. The Middle River Terrace Portfolio consists of (10) one-bedroom | one-bathroom apartments and (1) two-bedroom | one-bathroom apartment. Average in-place rents are expected to be $1,286 per month for one-bedrooms and $1,500 per month for the two-bedroom as of April 1, 2023. Units feature an array of formica or granite countertops, white, black or stainless-steel electric appliances, ceramic tile or wood-laminate flooring, individual hot water heaters and central air conditioning or wall units. The properties have community laundry facilities on-site and a total of 24 parking spaces collectively. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. La Siesta Apartments consist of three, two-story apartment buildings totaling 16-units located at 1409, 1411 and 1413 North Dixie Highway in the Middle River Terrace neighborhood of Fort Lauderdale. The properties were built in 1972-1973 of concrete block and stucco, total 9,472 adjusted square feet and encompass a total lot size of 23,150 square feet (0.53 acres), according to the Broward County Property Appraiser. La Siesta consists of (10) one-bedroom | one-bathroom apartments and (6) one-bedroom | one-bathrooms with a patio. Average in-place rents are expected to be $1,323 per month for standard one-bedrooms and $1,368 for one-bedrooms with a patio as of April 1, 2023. Units feature ceramic tile flooring, white, black or stainless-steel electric appliances, individual hot water heaters and wall air conditioning units. Common area amenities include a gated courtyard, swimming pool, a laundry room with washer and dryer, as well as 20 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. Lake Ridge Flats is a 5-unit, one-story apartment building located at 1040 Northeast 10th Avenue in the Lake Ridge neighborhood of Fort Lauderdale. The property was built in 1963 of concrete block and stucco, totals 2,943 adjusted square feet and encompasses a 6,749 square foot lot (0.15 acres), according to the Broward County Property Appraiser. Lake Ridge Flats consists of (4) one-bedroom | one-bathroom apartments and (1) two-bedroom | one-bathroom apartment. Average in-place rents are expected to be $1,500 per month for one-bedrooms and $1,500 per month for the two-bedroom as of April 1, 2023. Units feature ceramic tile flooring, white, black or stainless-steel electric appliances, individual hot water heaters, wall air conditioning units and hurricane-resistant impact windows and doors. The property also has a laundry room with washer and dryer, as well as six parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. Holiday Park Place is a 12-unit, two-story apartment building located at 745 Northeast 15th Avenue in the Victoria Park neighborhood of Fort Lauderdale. The property was built in 1968 of concrete block and stucco, totals 7,927 adjusted square feet and encompasses a 13,500 square foot lot (0.31 acres) according to the Broward County Property Appraiser. Holiday Park Place consists of (8) one-bedroom | one-bathroom apartments, (1) two-bedroom | two-bathroom apartment and (3) three-bedroom | three-bathroom apartments. Average in-place rents are expected to be $1,443 per month for one-bedrooms, $1,650 per month for the two-bedroom and $1,983 per month for the three-bedrooms as of April 1, 2023. Units feature an array of ceramic tile or vinyl wood-plank flooring, white, black or stainless-steel electric appliances, individual hot water heaters and wall air conditioning units. Common area amenities include a gated courtyard, swimming pool, laundry room with washer and dryer, as well as 17 parking spaces. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. LOCATION The 94-Unit Fort Lauderdale and Wilton Manors Portfolio is located between Oakland Park and Broward Boulevards from north and south and Federal Highway to Northeast 6th Avenue from the east to west. In Wilton Manors, Villa Teresa and the Flats at Five Points are located just 0.7 miles from each other near Wilton Drive, Northeast 26th Street and Dixie Highway, offering convenient access to many local restaurants, retailers and area attractions. Both properties are located within walking distance to Publix Supermarket and Villa Teresa is located within walking distance to the new Sprouts Farmers Market, directly to the north off Oakland Park Boulevard. Nearby educational centers include Fort Lauderdale High School and Wilton Manors Elementary School. The Middle River Terrace and La Siesta Apartments are located one mile south of Flats at Five Points and Wilton Drive along Dixie Highway between Northeast 14th and Northeast 15th Streets, just a short drive to Downtown Fort Lauderdale. Nearby educational centers include Fort Lauderdale High School, Bennett Elementary School and Sunrise Middle School. Lake Ridge Flats is located along Northeast 10th Avenue just 0.7 miles south of La Siesta Apartments and one block north of Sunrise Boulevard. The location allows for easy access to Wilton Manors and Downtown Fort Lauderdale is approximately 1.5 miles south. Holiday Park is just a short walk south of the property (0.3 miles) and offers a variety of recreational options, such as lighted athletic fields, a dog park, playgrounds, tennis courts and ample greenspace. Nearby educational centers include Northside Elementary School, Sunrise Middle School, Fort Lauderdale High School and Virginia Shuman Young Elementary School. Holiday Park Place is located two blocks south of Sunrise Boulevard along Northeast 8th Street and Northeast 15th Avenue, just 0.7 miles southeast of Lake Ridge Flats. The property is located one block east of Holiday Park, the Jimmy Evert Tennis Center and the War Memorial Auditorium. The location provides easy access to Downtown Fort Lauderdale, Flagler Village and Las Olas Boulevard (1-mile south), which features shopping, dining, nightlife attractions with a variety of sidewalk cafes, bars, restaurants, boutique clothing stores, jewelry stores and local art galleries. Nearby educational centers include St Anthony Catholic School, Virginia Shuman Young Elementary School, Sunrise Middle School and Fort Lauderdale High School. The 94-Unit Fort Lauderdale and Wilton Manors Portfolio is also proximate to other notable points of interest including the Brightline Fort Lauderdale Station, Fort Lauderdale Beach, the Galleria Mall, the Coral Ridge Mall, The Classic Gateway Theatre, Hugh Taylor Birch State Park, Port Everglades and the Fort Lauderdale/Hollywood International Airport. SUMMARY The 94-Unit Fort Lauderdale and Wilton Manors Portfolio offers investors the rare opportunity to acquire a critical mass of Class C apartment buildings in Class A and B locations with rising population and area income levels. The portfolio is being offered for sale at $20,000,000 or $212,766 per unit, either subject to the existing Fannie Mae mortgage (for the entire portfolio) or free and clear of debt.

Exclusively Listed By

Financing By

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