Multifamily

Edge Apartments

1860 SW 68th Ave, Miramar, FL 33023

Listing Price: $11,000,000

Cap Rate
5.30%
Number of Units
76
Occupancy
95.0%
Price/Unit
$144,737
Price/Gross SF
$173.28
Gross SF
63,481

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Edge Apartments, a seventy-six-unit, garden style rental community located in Miramar, Florida. The Edge is one of only a handful of remaining larger apartment communities in the submarket and is being offered for sale by the current owner subject to the assumption of the existing loan. The Property is comprised of four two-story buildings constructed in 1970 of concrete block with concrete and aluminum railings and concrete walkways. The property is fully gated with key fob and telephone entry access and spans over a 2.21-acre site. Community amenities include a quiet residential setting with an onsite leasing and management office, gated swimming pool with large brick-paver sundeck, an onsite laundry room, gated parking, trash compactor and paved picnic area with barbeque. The Edge offers a desirable mix of floor plans including 2 studios, 58 one-bedrooms and 16 two-bedroom apartments, with 28 of the ground floor apartments having large fenced-in patios. The apartments range in size from 475 to 906 square feet under air and residents are responsible for paying electricity, cable and telephone, while water, sewer and trash removal are included in the rent. Apartments feature ceramic tile flooring throughout, a PTAC air-conditioning unit in the living room and a wall unit air-conditioner in the bedroom(s), a separate electric hot-water heater, all electric kitchens with built-in microwave, ceiling fans, mini-blinds, and sliders in most ground floor apartments that open up into a private fenced patio. Over the past few years, the property has benefited from substantial renovations and upgrades including the replacement of all roofs in 2019, 100% of the air-conditioners, 100% of the kitchen cabinets and appliances, 100% of the bathrooms, toilets, bathtubs and sinks, all interior doors, updated electric and plumbing, new perimeter fencing and access gate with fob system, renovated leasing and management office, exterior paint, resealing and striping of the parking lots, replacement of the underground plumbing, and renovations to the laundry room including all new laundry machines. A new owner should have minimal capital requirements for the foreseeable future. Edge Apartments offers investors an excellent opportunity to acquire a completely renovated apartment community in a very strong rental market of south Broward County where there is minimal ownership turnover of larger apartment communities. Furthermore, by bringing the current rents up to market levels, the new owner can substantially increase the cash flow.

Investment Highlights

  • Value Add Opportunity through Rental Increases and Operational Efficiencies
  • Potential to Implement Utility Reimbursement Program
  • Unique Submarket with Minimal Ownership Turnover
  • Significant Interior and Exterior Renovations and Upgrades
  • Fully Gated Community with Fob and Telephone Entry System
  • Situated in Southern Broward County East of Florida's Turnpike
  • Immediate Proximity to Public Schools and Employment
  • Solid Concrete Construction throughout Including Concrete Staircases

Exclusively Listed By

Listing Price: $11,000,000

Cap Rate
5.30%
Number of Units
76
Occupancy
95.0%
Price/Unit
$144,737
Price/Gross SF
$173.28
Gross SF
63,481

Investment Highlights

  • Value Add Opportunity through Rental Increases and Operational Efficiencies
  • Potential to Implement Utility Reimbursement Program
  • Unique Submarket with Minimal Ownership Turnover
  • Significant Interior and Exterior Renovations and Upgrades
  • Fully Gated Community with Fob and Telephone Entry System
  • Situated in Southern Broward County East of Florida's Turnpike
  • Immediate Proximity to Public Schools and Employment
  • Solid Concrete Construction throughout Including Concrete Staircases

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Edge Apartments, a seventy-six-unit, garden style rental community located in Miramar, Florida. The Edge is one of only a handful of remaining larger apartment communities in the submarket and is being offered for sale by the current owner subject to the assumption of the existing loan. The Property is comprised of four two-story buildings constructed in 1970 of concrete block with concrete and aluminum railings and concrete walkways. The property is fully gated with key fob and telephone entry access and spans over a 2.21-acre site. Community amenities include a quiet residential setting with an onsite leasing and management office, gated swimming pool with large brick-paver sundeck, an onsite laundry room, gated parking, trash compactor and paved picnic area with barbeque. The Edge offers a desirable mix of floor plans including 2 studios, 58 one-bedrooms and 16 two-bedroom apartments, with 28 of the ground floor apartments having large fenced-in patios. The apartments range in size from 475 to 906 square feet under air and residents are responsible for paying electricity, cable and telephone, while water, sewer and trash removal are included in the rent. Apartments feature ceramic tile flooring throughout, a PTAC air-conditioning unit in the living room and a wall unit air-conditioner in the bedroom(s), a separate electric hot-water heater, all electric kitchens with built-in microwave, ceiling fans, mini-blinds, and sliders in most ground floor apartments that open up into a private fenced patio. Over the past few years, the property has benefited from substantial renovations and upgrades including the replacement of all roofs in 2019, 100% of the air-conditioners, 100% of the kitchen cabinets and appliances, 100% of the bathrooms, toilets, bathtubs and sinks, all interior doors, updated electric and plumbing, new perimeter fencing and access gate with fob system, renovated leasing and management office, exterior paint, resealing and striping of the parking lots, replacement of the underground plumbing, and renovations to the laundry room including all new laundry machines. A new owner should have minimal capital requirements for the foreseeable future. Edge Apartments offers investors an excellent opportunity to acquire a completely renovated apartment community in a very strong rental market of south Broward County where there is minimal ownership turnover of larger apartment communities. Furthermore, by bringing the current rents up to market levels, the new owner can substantially increase the cash flow.

Exclusively Listed By

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