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Multifamily

City View Apartments

1421 NW 1st St, Fort Lauderdale, FL 33311

Listing Price: $12,500,000

Cap Rate
5.22%
Number of Units
65
GRM
10.49
Occupancy
95.0%
Price/Unit
$192,308
Price/Gross SF
$245.55
Gross SF
50,906

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market City View Apartments, a 65-unit apartment community located on Northwest First Street in Fort Lauderdale, Florida. The City View Apartments is one of only a few market rate affordable communities in the submarket and is being offered for sale by the current owner subject to the assumption of the existing loan.

The community consists of (35) Two Bedroom / One Bathroom units and (30) Three Bedroom / One Bathroom units totaling 50,906 livable square feet on 3.34 acres. The buildings were constructed in 1968 of concrete block construction with a painted stucco exterior. All of the units have central air conditioning and all of the units have been renovated with newer kitchens in 2018 and most bathrooms have been updated. In 2020 all the roofs were replaced and the parking lot was resurfaced and stripped. The property is fully gated with key fobs. The community amenities include a quiet residential setting, an on-site laundry room with vending machines, gated parking and landscaped courtyards throughout.

The City View Apartments offers investors an excellent opportunity to acquire a well located apartment community in a very strong rental market east of Interstate 95 in Broward County where there is minimal turnover of large apartment communities. Furthermore, by bringing the current rents up to market levels, the new owner can substantially increase the cash flow.

The area is experiencing one of the fastest real estate redevelopment and investment surges in the region. An advantageous economic climate is helping the City of Fort Lauderdale establish itself as a world-class international business center and one of the most desirable locations for new, expanding or relocating businesses. Once known strictly as a tourism-based economy, Fort Lauderdale now supports a diverse range of industries, including marine, manufacturing, finance, insurance, real estate, high technology, avionics/aerospace, film and television production.

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 Entry System
  • Situated in East Broward County Just East of I-95

Exclusively Listed By

Financing By

Listing Price: $12,500,000

Cap Rate
5.22%
Number of Units
65
GRM
10.49
Occupancy
95.0%
Price/Unit
$192,308
Price/Gross SF
$245.55
Gross SF
50,906

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 Entry System
  • Situated in East Broward County Just East of I-95

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market City View Apartments, a 65-unit apartment community located on Northwest First Street in Fort Lauderdale, Florida. The City View Apartments is one of only a few market rate affordable communities in the submarket and is being offered for sale by the current owner subject to the assumption of the existing loan.

The community consists of (35) Two Bedroom / One Bathroom units and (30) Three Bedroom / One Bathroom units totaling 50,906 livable square feet on 3.34 acres. The buildings were constructed in 1968 of concrete block construction with a painted stucco exterior. All of the units have central air conditioning and all of the units have been renovated with newer kitchens in 2018 and most bathrooms have been updated. In 2020 all the roofs were replaced and the parking lot was resurfaced and stripped. The property is fully gated with key fobs. The community amenities include a quiet residential setting, an on-site laundry room with vending machines, gated parking and landscaped courtyards throughout.

The City View Apartments offers investors an excellent opportunity to acquire a well located apartment community in a very strong rental market east of Interstate 95 in Broward County where there is minimal turnover of large apartment communities. Furthermore, by bringing the current rents up to market levels, the new owner can substantially increase the cash flow.

The area is experiencing one of the fastest real estate redevelopment and investment surges in the region. An advantageous economic climate is helping the City of Fort Lauderdale establish itself as a world-class international business center and one of the most desirable locations for new, expanding or relocating businesses. Once known strictly as a tourism-based economy, Fort Lauderdale now supports a diverse range of industries, including marine, manufacturing, finance, insurance, real estate, high technology, avionics/aerospace, film and television production.

Exclusively Listed By

Financing By

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