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Multifamily

Mills Pond

1921-1941 NW 14th Ave, Fort Lauderdale, FL 33311

Listing Price: $1,495,000

Cap Rate
4.82%
Number of Units
8
GRM
8.20
Occupancy
97.0%
Price/Unit
$186,875

Investment Overview

Marcus & Millichap is pleased to bring to market Mills Pond Apartments, an eight unit apartment building located in the city of Fort Lauderdale, Florida. The property is offered for sale by the same owner for the past 48 years. Furthermore, the seller is offering 70 percent financing at 6.5 percent interest for five years to a qualified buyer. Furthermore, 75 percent of the residents are on month-to-month leases, while the other remaining two units are Section-8, which creates an excellent opportunity to renovate and increase
rents. The current average in-place rent is $1,325, which is approximately $575 below the market rent of $1,900.

Mills Pond Apartments is located between Sunrise Boulevard and Oakland Park Boulevard, just east of Interstate 95. It sits in the middle of a quiet residential neighborhood with Mills Pond Park and Gold Coast Ski Club just up the street. The park offers five baseball fields, three soccer fields, an RC Speedway, numerous jogging trails and barbeque pavilions, and a waterski course.

The property was built in 1973 and is comprised of two one-story, contiguous fourplexes that are constructed of concrete block with painted stucco exterior, each with its own folio number. Each building has two one-bedroom apartments and two two-bedroom and two-bathroom apartments and a total of 12 surface parking spaces. Both roofs are flat built-up and were replaced approximately 10 years ago. Apartment amenities include central heating and air-conditioning, separate hot-water heaters, ceramic tile floors, and fully equipped kitchens with stove tops & ovens. Both buildings also include a separate laundry room with washer and dryer hookups, allowing an investor to increase cashflow through the addition of coin laundry machines. The buildings sit on just under one-half of an acre of land which provides for abundant greenspace. Additionally, both buildings are under the minimum required square-footage to have the 40/10-year recertification requirement.

The location of Mills Pond Apartments affords an investor the opportunity to attract residents that work in any of the major metropolitan areas of South Florida and further
harness the exceptionally strong rental growth that South Florida is experiencing.

Investment Highlights

  • Self-Managed by Seller for Over 48 Years
  • Attractive Seller Financing Terms
  • Rare Unit Mix of One- & Two-Bedroom Apartments
  • 1973 One-Story CBS Construction
  • Average In-Place Rents 43% Below Market
  • Large 0.48 Acre Lot
  • Both Buildings Have a Separate Folio Number
  • Separate Electric Meters & Hot Water Heaters

Exclusively Listed By

Listing Price: $1,495,000

Cap Rate
4.82%
Number of Units
8
GRM
8.20
Occupancy
97.0%
Price/Unit
$186,875

Investment Highlights

  • Self-Managed by Seller for Over 48 Years
  • Attractive Seller Financing Terms
  • Rare Unit Mix of One- & Two-Bedroom Apartments
  • 1973 One-Story CBS Construction
  • Average In-Place Rents 43% Below Market
  • Large 0.48 Acre Lot
  • Both Buildings Have a Separate Folio Number
  • Separate Electric Meters & Hot Water Heaters

Investment Overview

Marcus & Millichap is pleased to bring to market Mills Pond Apartments, an eight unit apartment building located in the city of Fort Lauderdale, Florida. The property is offered for sale by the same owner for the past 48 years. Furthermore, the seller is offering 70 percent financing at 6.5 percent interest for five years to a qualified buyer. Furthermore, 75 percent of the residents are on month-to-month leases, while the other remaining two units are Section-8, which creates an excellent opportunity to renovate and increase rents. The current average in-place rent is $1,325, which is approximately $575 below the market rent of $1,900. Mills Pond Apartments is located between Sunrise Boulevard and Oakland Park Boulevard, just east of Interstate 95. It sits in the middle of a quiet residential neighborhood with Mills Pond Park and Gold Coast Ski Club just up the street. The park offers five baseball fields, three soccer fields, an RC Speedway, numerous jogging trails and barbeque pavilions, and a waterski course. The property was built in 1973 and is comprised of two one-story, contiguous fourplexes that are constructed of concrete block with painted stucco exterior, each with its own folio number. Each building has two one-bedroom apartments and two two-bedroom and two-bathroom apartments and a total of 12 surface parking spaces. Both roofs are flat built-up and were replaced approximately 10 years ago. Apartment amenities include central heating and air-conditioning, separate hot-water heaters, ceramic tile floors, and fully equipped kitchens with stove tops & ovens. Both buildings also include a separate laundry room with washer and dryer hookups, allowing an investor to increase cashflow through the addition of coin laundry machines. The buildings sit on just under one-half of an acre of land which provides for abundant greenspace. Additionally, both buildings are under the minimum required square-footage to have the 40/10-year recertification requirement. The location of Mills Pond Apartments affords an investor the opportunity to attract residents that work in any of the major metropolitan areas of South Florida and further harness the exceptionally strong rental growth that South Florida is experiencing.

Exclusively Listed By

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