Vacant-User

735 Broward

Listing Price: $3,650,000

Cap Rate
4.53%
Gross SF
33,589
Rentable SF
33,589
Price/Gross SF
$108.67
Lot Size
0.77 acres
Year Built
2000

Investment Overview


Marcus and Millichap is pleased to be appointed as the exclusive advisor for the sale of 735 Broward, a large, in-fill, .77-acre re-development site located directly along Broward Boulevard in East Fort Lauderdale. The property is comprised of two separate parcels totaling 33,589 square feet of land, with both parcels being currently occupied by two auto dealership-oriented tenants. Both tenants have current leases in place with staggered expiration dates providing a minimum of eight months of income during which time an investor can determine the vision of the future re-development opportunity. With liberal B1 & B3 zoning across the parcels, respectively, the property allows for a variety of potential commercial uses allowing for an investor to capture the highest and best use possible while being provided with an income stream from the current tenants on site. Potential investors will benefit from receiving $165,492 of net operating income over the course of the remaining term of the current leases during the period of which site planning and re-development prep can be completed.

735 Broward is ideally located just West of Andrews Avenue and just outside the Western boundary of Fort Lauderdale's central business district. With a number of significant development projects having been completed, approved and in the current development pipeline, the immediately surrounding area has become one of South Florida's most highly sought-after markets by developers both locally and nationally. Downtown Fort Lauderdale development in the past decade has resulted in the completion of more than 19,950 residential units, over 2.9 million square feet of commercial space, over 4.5 million square feet of office space and just over 1,900 hotel rooms. There are an additional 10,500 residential units either approved or under-construction that is expected to come online within the next 24 months. As development in the area continues to change the landscape of the Downtown Fort Lauderdale sub-market, a younger more vibrant demographic will continue to migrate into the area creating more demand for new concept development and product that engages the younger demographic socially while providing an experience to the conventional retail model.

The addition of the Virgin Brightline Train Station, which is less than 3 blocks north-east of the subject property, has opened up a new method of local, cross county travel with service currently spanning 3 stops from Miami-Dade to Broward and up to Palm Beach County. The addition of this new transportation hub provides the local area population with the ability to work outside of the surrounding local market while making the travel to and from employment both easy and cost effective. Continued rail service will run all the way up through Orlando with the Orlando Brightline Station having an expected completion date of 2022.

Investment Highlights

  • East Fort Lauderdale Location Directly Along Broward Boulevard
  • Surrounding Area Boasts Major Current and Future Re-Development Projects
  • Liberal B1 & B3 Zoning Allows for Various Types of Uses

Exclusively Listed By

Listing Price: $3,650,000

Cap Rate
4.53%
Gross SF
33,589
Rentable SF
33,589
Price/Gross SF
$108.67
Lot Size
0.77 acres
Year Built
2000

Investment Highlights

  • East Fort Lauderdale Location Directly Along Broward Boulevard
  • Surrounding Area Boasts Major Current and Future Re-Development Projects
  • Liberal B1 & B3 Zoning Allows for Various Types of Uses

Investment Overview


Marcus and Millichap is pleased to be appointed as the exclusive advisor for the sale of 735 Broward, a large, in-fill, .77-acre re-development site located directly along Broward Boulevard in East Fort Lauderdale. The property is comprised of two separate parcels totaling 33,589 square feet of land, with both parcels being currently occupied by two auto dealership-oriented tenants. Both tenants have current leases in place with staggered expiration dates providing a minimum of eight months of income during which time an investor can determine the vision of the future re-development opportunity. With liberal B1 & B3 zoning across the parcels, respectively, the property allows for a variety of potential commercial uses allowing for an investor to capture the highest and best use possible while being provided with an income stream from the current tenants on site. Potential investors will benefit from receiving $165,492 of net operating income over the course of the remaining term of the current leases during the period of which site planning and re-development prep can be completed.

735 Broward is ideally located just West of Andrews Avenue and just outside the Western boundary of Fort Lauderdale's central business district. With a number of significant development projects having been completed, approved and in the current development pipeline, the immediately surrounding area has become one of South Florida's most highly sought-after markets by developers both locally and nationally. Downtown Fort Lauderdale development in the past decade has resulted in the completion of more than 19,950 residential units, over 2.9 million square feet of commercial space, over 4.5 million square feet of office space and just over 1,900 hotel rooms. There are an additional 10,500 residential units either approved or under-construction that is expected to come online within the next 24 months. As development in the area continues to change the landscape of the Downtown Fort Lauderdale sub-market, a younger more vibrant demographic will continue to migrate into the area creating more demand for new concept development and product that engages the younger demographic socially while providing an experience to the conventional retail model.

The addition of the Virgin Brightline Train Station, which is less than 3 blocks north-east of the subject property, has opened up a new method of local, cross county travel with service currently spanning 3 stops from Miami-Dade to Broward and up to Palm Beach County. The addition of this new transportation hub provides the local area population with the ability to work outside of the surrounding local market while making the travel to and from employment both easy and cost effective. Continued rail service will run all the way up through Orlando with the Orlando Brightline Station having an expected completion date of 2022.

Exclusively Listed By

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