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Multifamily

The Flats off Marina Mile

2990 Southwest 19th Terrace, Fort Lauderdale, FL 33315

Listing Price: $950,000

Cap Rate
5.87%
Number of Units
5
GRM
9.94
Price/Unit
$190,000
Price/Gross SF
$338.08
Gross SF
2,810

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats off Marina Mile, a five-unit apartment building located at 2990 Southwest 19th Terrace in Fort Lauderdale, Florida.

SUBJECT PROPERTY
Flats off Marina Mile was built in 1973 of concrete block and stucco, comprises 2,810 square-feet of living area and encompasses an 8,288 square-foot lot, according to the Broward County Property Appraiser. The property consists of (2) one-bedroom | one-bathroom apartments with an average in-place rent of $1,500 per month and (3) renovated one-bedroom | one-bathroom apartments with an average in-place rent of $1,655 per month. Units feature electric appliances, wall air conditioning units and private outdoor patios. Units 2, 4 and 5 were completely renovated with new kitchen cabinets, backsplash, stainless appliances, drop down range hoods, bathrooms with porcelain tile walls and floors, new modern vanities, new towel bars, mirrors, faucets and then new vinyl flooring, baseboards and drywall throughout. Units 1 and 3 have new cabinets, bathroom vanities, air conditioning units, faucets and doors. Building and common area upgrades include a new roof in 2019, new impact windows and sliding doors, new exterior paint, new landscaping, new coin operated washer & dryer, new solar flood lights.

*The units are separately metered for electricity and water. Tenants are responsible for paying all utilities, including trash.

LOCATION
The Flats off Marina Mile are situated along Southwest 19th Terrace just south of Marina Mile Boulevard, east of Interstate 95 and north of Interstate 595. The location provides easy access to major throughways as well as the Fort Lauderdale/Hollywood International Airport and Florida’s Turnpike. The surrounding area consists primarily of single-family homes, condominiums, and multifamily properties within the Edgewood neighborhood, as well as a number of schools and places of worship.

The Flats off Marina Mile are located just a short distance from many retailers and points of interest such as Southland Shopping Center – Winn Dixie Plaza (1.0 miles), Walgreens Pharmacy (1.5 miles), Broward Health Medical Center (2.4 miles), Whole Foods Market (2.6 miles), Tap 42 Craft Kitchen & Bar (2.7 miles) and Publix Supermarket at the Harbor Shops (3.1 miles). Additionally, the property is also just a short drive from Boatyard Seafood Restaurant (3.3 miles), Broward County Convention Center (3.6 miles), Downtown Fort Lauderdale (3.7 miles), Lauderdale Yacht Club (3.7 miles), Port Everglades (3.8 miles) and the Fort Lauderdale/Hollywood International Airport (4.0 miles).

Local nearby education centers include Croissant Park Elementary School (1.8 miles), Saint Jerome Catholic School (1.3 miles), Whiddon Rogers High School (1.3 miles), Stranahan High School (3.5 miles) and New River Middle School (4.7 miles).

SUMMARY
The Flats off Marina Mile are being offered for sale at $950,000 or $190,000 per unit.

Investment Highlights

  • 5-Unit Apartment Building, Located in Edgewater Neighborhood of Fort Lauderdale
  • All Utilities (Water, Sewer & Trash) are Paid for by the Tenants
  • Units 2, 4 & 5 Completely Renovated : Kitchen Cabinets, Backsplash, Stainless Appliances, Range Hoods, Bathrooms w/Porcelain Tile Walls & Floors, Modern Vanities, Mirrors, Faucets & Vinyl Flooring
  • Building & Exterior Upgrades Include: New Roof (2019), Impact Windows & Sliding Doors, Exterior Paint, Landscaping, Washer & Dryer, Solar Flood Lights
  • Proximate to State Road 84, US-1, Interstate 95, Interstate 595, Florida's Turnpike

Exclusively Listed By

Multifamily

The Flats off Marina Mile

Listing Price: $950,000

Cap Rate
5.87%
Number of Units
5
GRM
9.94
Price/Unit
$190,000
Price/Gross SF
$338.08
Gross SF
2,810

Investment Highlights

  • 5-Unit Apartment Building, Located in Edgewater Neighborhood of Fort Lauderdale
  • All Utilities (Water, Sewer & Trash) are Paid for by the Tenants
  • Units 2, 4 & 5 Completely Renovated : Kitchen Cabinets, Backsplash, Stainless Appliances, Range Hoods, Bathrooms w/Porcelain Tile Walls & Floors, Modern Vanities, Mirrors, Faucets & Vinyl Flooring
  • Building & Exterior Upgrades Include: New Roof (2019), Impact Windows & Sliding Doors, Exterior Paint, Landscaping, Washer & Dryer, Solar Flood Lights
  • Proximate to State Road 84, US-1, Interstate 95, Interstate 595, Florida's Turnpike

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats off Marina Mile, a five-unit apartment building located at 2990 Southwest 19th Terrace in Fort Lauderdale, Florida. SUBJECT PROPERTY Flats off Marina Mile was built in 1973 of concrete block and stucco, comprises 2,810 square-feet of living area and encompasses an 8,288 square-foot lot, according to the Broward County Property Appraiser. The property consists of (2) one-bedroom | one-bathroom apartments with an average in-place rent of $1,500 per month and (3) renovated one-bedroom | one-bathroom apartments with an average in-place rent of $1,655 per month. Units feature electric appliances, wall air conditioning units and private outdoor patios. Units 2, 4 and 5 were completely renovated with new kitchen cabinets, backsplash, stainless appliances, drop down range hoods, bathrooms with porcelain tile walls and floors, new modern vanities, new towel bars, mirrors, faucets and then new vinyl flooring, baseboards and drywall throughout. Units 1 and 3 have new cabinets, bathroom vanities, air conditioning units, faucets and doors. Building and common area upgrades include a new roof in 2019, new impact windows and sliding doors, new exterior paint, new landscaping, new coin operated washer & dryer, new solar flood lights. *The units are separately metered for electricity and water. Tenants are responsible for paying all utilities, including trash. LOCATION The Flats off Marina Mile are situated along Southwest 19th Terrace just south of Marina Mile Boulevard, east of Interstate 95 and north of Interstate 595. The location provides easy access to major throughways as well as the Fort Lauderdale/Hollywood International Airport and Florida’s Turnpike. The surrounding area consists primarily of single-family homes, condominiums, and multifamily properties within the Edgewood neighborhood, as well as a number of schools and places of worship. The Flats off Marina Mile are located just a short distance from many retailers and points of interest such as Southland Shopping Center – Winn Dixie Plaza (1.0 miles), Walgreens Pharmacy (1.5 miles), Broward Health Medical Center (2.4 miles), Whole Foods Market (2.6 miles), Tap 42 Craft Kitchen & Bar (2.7 miles) and Publix Supermarket at the Harbor Shops (3.1 miles). Additionally, the property is also just a short drive from Boatyard Seafood Restaurant (3.3 miles), Broward County Convention Center (3.6 miles), Downtown Fort Lauderdale (3.7 miles), Lauderdale Yacht Club (3.7 miles), Port Everglades (3.8 miles) and the Fort Lauderdale/Hollywood International Airport (4.0 miles). Local nearby education centers include Croissant Park Elementary School (1.8 miles), Saint Jerome Catholic School (1.3 miles), Whiddon Rogers High School (1.3 miles), Stranahan High School (3.5 miles) and New River Middle School (4.7 miles). SUMMARY The Flats off Marina Mile are being offered for sale at $950,000 or $190,000 per unit.

Exclusively Listed By

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