Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Oakland Palms Apartments, a 73-unit apartment complex located in (East) Oakland Park, Florida. SUBJECT PROPERTY Oakland Palms is comprised of four apartment buildings totaling 49,295 square feet of living area and encompassing 102,323 square-feet of land (2.35 acres), according to the Broward County Property Appraiser. The property consists of three, adjacent two-story buildings and one, two-story building across the street totaling 73-units, which were constructed in 1969-1974 of concrete block and painted stucco. The unit mix consists of (5) one-bedroom | one-bathroom apartments with an average in-place rent of $1,660 per month and (68) two-bedroom | one-bathroom apartments with an in-place rent of $1,994 per month. Unit 1045-02 (a two bedroom apartment) is currently used as an office, but it’s anticipated that an incoming investor will convert that unit back to an income generating apartment. That unit is fully renovated and expected to achieve a rent of approximately $2,400 per month. Typical units feature ceramic tile flooring, electric appliances and central air conditioning. 10 units have been updated with vinyl wood plank flooring, new kitchens, new bathrooms and new appliances. Oakland Palms also offers ample parking, a gated swimming pool and on-site laundry facilities for residents and guests. LOCATION Oakland Palms Apartments is located just west of Dixie Highway along Northeast 39th Drive and Northeast 10th Avenue. 1028 NE 39th Street building is situated on the south side of 39th Drive and runs through to Northeast 39th Street. The location provides easy access to major thoroughfares including Dixie Highway, Federal Highway (US-1), Oakland Park Boulevard and Interstate 95. The surrounding neighborhood consists primarily of single-family homes, multifamily properties and various commercial properties, as well as several new developments, such as The Sky Building (136-units, 15,000 SF commercial space & 300 parking spaces – currently under construction), BLYS Luxury Apartments (a mixed-use property with 300-units & 7,500 square feet of ground floor retail – recently completed) and Sprouts Farmers Market (recently completed, adjacent to BLYS). The Horizon at Oakland Park is an exciting new mixed-use project (310-units, 21,000 SF commercial space & 195 parking spaces) that has been approved and will be coming to the current site of city hall. Downtown Oakland Park is a lively destination featuring many new restaurants, boutique shops, craft breweries, coffee shops and art galleries. Oakland Palms Apartments is just a short walk or drive from numerous points of interest, including Jaco Pastorius Park (0.1 miles), Funky Buddah Brewery (0.2 miles) and the Butchers Barrel butcher, fresh market and restaurant (0.4 miles), Rebel Wine Bar (0.4 miles), Aldi (0.7 miles), Brewlihan Mead Company (0.8 miles), Publix Super Market at Dixie Crossing (1.0 miles), Sprouts Farmers Market (1.0 miles), LA Fitness (1.0 miles), Publix Supermarket at Five Points (1.2 miles), Wilton Manors (1.6 miles) and Downtown Fort Lauderdale (4.3 miles). Local education centers near Oakland Palms include the Oakland Park Elementary School (0.7 miles), St. Mark’s Episcopal School (1.3 miles), Northeast High School (1.8 miles) and Fort Lauderdale High School (2.1 miles). Nearby medical centers include Holy Cross Hospital (1.8 miles) and Broward Health Imperial Point Hospital (3.5 miles). SUMMARY Oakland Palms Apartments is being offered for sale at an asking price of $16,060,000 or $220,000 per unit. The current lender (Customers Bank) is offering to allow an assumption and modification of the existing loan to 4.50% fixed until May 2027.