Multifamily

Victoria at Lauderhill

2011-2051 NW 43rd Terrace, Lauderhill, FL 33313

Listing Price: $12,760,000

Cap Rate
5.08%
Number of Units
88
GRM
9.23
Occupancy
95.0%
Price/Unit
$145,000
Price/Gross SF
$154.75
Gross SF
82,456

Investment Overview

Marcus & Millichap is pleased to bring to market Victoria at Lauderhill, an 88-unit apartment community located in the city of Lauderhill, Florida, which is in central Broward County. The community was constructed in 1963 of concrete block with a painted stucco exterior and consists of five two-story buildings situated on a 3.44-acre site.

The community offers a very unique unit mix consisting of 44 two-bedroom and 44 three-bedroom apartments averaging over 900 square feet. Each has patio or balcony, central heating and air-conditioning, individual hot-water heater and all electric appliances. Water, sewer and trash removal are included in the rent. Residents enjoy a new on-site laundry facility, management office, playground and ample on-site parking.

Victoria at Lauderhill is accessible from northwest 43rd Terrace, a residential street situated just west of 441 (SR-7) and between Oakland Park Boulevard to the north and Sunrise Boulevard to the south. State Road 7, Sunrise and Oakland Park Boulevards are thriving retail corridors, dominated by commercial and retail properties ranging from strip centers with local retailers to larger neighborhood centers with national credit tenants. The residents of Victoria at Lauderhill enjoy immediate access to the Florida Turnpike, US-441 and Interstate 95. The immediate area surrounding the property is comprised of condominium communities, other rental communities and single-family homes.

Over the past few years, the property has gone through extensive renovations, including but not limited to the replacement of all windows and exterior doors to hurricane impact, all new railings, a completely new storm water drainage system including retention area, the addition of a security system with 32 digital cameras, new exterior LED lighting, new landscaping and irrigation system, the reconstruction of both garbage dumpster enclosures and the addition of a large playground with seating areas and barbecue grills. In addition, most apartments were renovated with new solid wood cabinetry, countertops, appliances, toilets, sinks, fixtures and interior doors. These renovations have enabled the ownership to attract better residents, achieve good rental increases and reduce operating expenses. A new owner should be able to continue this trend.

Investment Highlights

  • Very strong rental market
  • Very little new development in the immediate area
  • Close proximity to major retail and commercial corridors
  • Attractive financing available
  • Excellent unit mix of all 2 & 3 bedroom units

Exclusively Listed By

Listing Price: $12,760,000

Cap Rate
5.08%
Number of Units
88
GRM
9.23
Occupancy
95.0%
Price/Unit
$145,000
Price/Gross SF
$154.75
Gross SF
82,456

Investment Highlights

  • Very strong rental market
  • Very little new development in the immediate area
  • Close proximity to major retail and commercial corridors
  • Attractive financing available
  • Excellent unit mix of all 2 & 3 bedroom units

Investment Overview

Marcus & Millichap is pleased to bring to market Victoria at Lauderhill, an 88-unit apartment community located in the city of Lauderhill, Florida, which is in central Broward County. The community was constructed in 1963 of concrete block with a painted stucco exterior and consists of five two-story buildings situated on a 3.44-acre site.

The community offers a very unique unit mix consisting of 44 two-bedroom and 44 three-bedroom apartments averaging over 900 square feet. Each has patio or balcony, central heating and air-conditioning, individual hot-water heater and all electric appliances. Water, sewer and trash removal are included in the rent. Residents enjoy a new on-site laundry facility, management office, playground and ample on-site parking.

Victoria at Lauderhill is accessible from northwest 43rd Terrace, a residential street situated just west of 441 (SR-7) and between Oakland Park Boulevard to the north and Sunrise Boulevard to the south. State Road 7, Sunrise and Oakland Park Boulevards are thriving retail corridors, dominated by commercial and retail properties ranging from strip centers with local retailers to larger neighborhood centers with national credit tenants. The residents of Victoria at Lauderhill enjoy immediate access to the Florida Turnpike, US-441 and Interstate 95. The immediate area surrounding the property is comprised of condominium communities, other rental communities and single-family homes.

Over the past few years, the property has gone through extensive renovations, including but not limited to the replacement of all windows and exterior doors to hurricane impact, all new railings, a completely new storm water drainage system including retention area, the addition of a security system with 32 digital cameras, new exterior LED lighting, new landscaping and irrigation system, the reconstruction of both garbage dumpster enclosures and the addition of a large playground with seating areas and barbecue grills. In addition, most apartments were renovated with new solid wood cabinetry, countertops, appliances, toilets, sinks, fixtures and interior doors. These renovations have enabled the ownership to attract better residents, achieve good rental increases and reduce operating expenses. A new owner should be able to continue this trend.

Exclusively Listed By

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