Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Edgewood Manor, a four-unit apartment building located in the City of Fort Lauderdale, Florida. Edgewood Manor is comprised of a single one-story building with central courtyard that was constructed in 1969 of concrete block with painted stucco exterior and a pitched asphalt shingle roof. The property is situated on the northern edge of the Edgewood single family residential neighborhood, just south of Marina Boulevard (SR 84), and directly north of the Fort Lauderdale-Hollywood International Airport. There is an excellent unit mix consisting of all two-bedroom and one-bathroom apartments. Each has central heating and air-conditioning, an individual hot-water heater, and separate front and rear entrances. Two of the apartments have a large private and fenced-in patio. Residents are responsible for electricity, telephone and cable, while water, sewer, and trash removal are included in the rent. There is an onsite laundry room, although the seller has no laundry machines. There are a total of five tandem parking spaces which provide ample parking for residents and guests. The average in-place rents are approximately $450 below the market, which offers an incredible opportunity for a new owner to increase rents by lease turnover and property upgrades. The surrounding area is primarily comprised of single-family residences including brand new construction. The Edge on 15th, a newer 102-unit Lennar townhome development in the neighborhood, has an average selling price of over $500,000. The new Bridge Point Logistics Campus, a 175,000 square foot, Class-A industrial distribution center which is just south of the subject property, as well as a few other smaller industrial buildings, provide a very strong and stable employment base for the area, in addition to the thousands of jobs created by the Airport to the south. Passive Park is a multi-acre park with jogging/walking/bicycling paths and 15 exercise stations. Snyder Park, a massive 92 acres, offers numerous recreational activities and amenities and is located just a few blocks to the southeast of the subject. Broward Health Medical Center is approximately two miles to the north and Downtown Fort Lauderdale is just a few minutes’ drive up Federal Highway (US 1). Numerous schools, restaurants, shopping, entertainment venues and Interstates 95 and Interstate 595 can be accessed within a few minutes. The City of Fort Lauderdale is the largest of Broward County’s 31 municipalities and ranks as one of the 10 largest cities in Florida. The City is abutted by the Atlantic Ocean, New River and droves of inland waterways, which has afforded Fort Lauderdale the nickname of the “Venice of America”. Fort Lauderdale supports a wide range of industries, including marine, manufacturing, finance, insurance, real estate, high technology, avionics/aerospace, film and television production. The City ranks in the top 10 in an array of categories including greenest mid-sized cities, best downtowns in the US, best cities to start small businesses, best cities for millennial job seekers in Florida, and most exciting mid-sized cities in America. Broward County Public Schools rank “Among Americas Best” according to Newsweek, which pairs well with one of the “Hottest Start-up hubs in the US” according to the Kauffman Foundation. Fort Lauderdale offers an unparalleled quality of life through the sheer natural beauty and array of culture, entertainment, educational, and leisure activities available. Fort Lauderdale affords residents an opportunity to relish in an experience like no other, with over 3,000 hours of sunshine year-round coupled with pleasant ocean breezes, all in the context of the pristine Fort Lauderdale Beach. The beach offers unique opportunities for recreation, relaxation, and enjoyment. The Riverwalk serves as the epitome of the City’s arts, science, cultural, and historic hub, which includes the likes of the Broward Center for the Performing Arts, Museum of Discovery and Science, Museum of Art and Old Fort Lauderdale Village and Museum. Las Olas Boulevard has gained international acclaim as Fort Lauderdale’s centerpiece of fashion, fine dining, and entertainment. Las Olas Boulevard is South Florida’s most architecturally unique and authentic shopping and dining district. Take a saunter along Las Olas and be pleased by the two world class museums, 10 major international art galleries, 65 unique shops filled with fashion, accessories, gifts, and over 30 dining options. Florida’s Intracoastal Waterway to the east and the gridded canal/irrigation system to the west, established the Downtown area within a network of regional water-based transportation and infrastructure elements. The Flagler East Coast railroad connected Downton Fort Lauderdale to the rest of the South Florida coast. In addition, the Brightline train, which has a station in Flagler Village will continue to decrease commuter automobile traffic, activate streets with pedestrians, and provide downtown residents with convenient transit connections along the Florida coast, and catalyze rapid economic development. Fort Lauderdale’s Central Business District (CBD) has represented approximately 15 to 20 percent of the Broward County office inventory for the past twenty years. With an average construction of 190,000 square feet of office space per year since 1980, the long-term health of office employment growth is reasonably strong. Seventy percent of projected retail demand comes from new residents and workers whom have an appetite for a diverse merchandise mix including supermarkets, pharmacies, and large general merchandisers.