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Multifamily

Waterford Villas

6954 SW 5th St, Margate, FL 33068

Listing Price: $20,600,000

Cap Rate
4.14%
Number of Units
116
Occupancy
95.0%
Price/Unit
$177,586
Price/Gross SF
$216.83
Gross SF
95,004

Investment Overview

Waterford Villas is a 116-unit villa-style apartment community that is currently being operated as 115-units and an onsite leasing office occupying the 116th unit. Located in Broward County in the desirable submarket of Margate, Florida, the property consists of 29 one-story buildings constructed in 1974 of concrete block with pitched roofs and is comprised of 98% two-bedroom floor plans. The community is situated on a spacious 6.43-acre site that is located one block east of Rock Island Road and just south of Southgate Boulevard. Waterford Villas features numerous amenities including a gated swimming pool with large sundeck, 8 onsite laundry facilities, separate management and leasing office, 16-camera wireless security system, a centralized mail kiosk, 21 private storage rooms, brick paver walkways, lushly landscaped courtyards and ample parking for residents and their guests. Apartment amenities include internet controlled central heating and air-conditioning, separate electric hot-water heaters, fully equipped kitchens with wood cabinetry, granite countertops, dishwasher, built-in microwave, ceiling fans, and ceramic tile or porcelain flooring throughout the apartments. Furthermore, many of the units in the southeast portion of the community enjoy water views of the adjacent canal. Over the past thirteen years, the property has benefited from significant capital improvements including but not limited to all new roofs (19 in the past 5 years), all new windows and new exterior doors. Additionally, approximately forty percent of the apartments have been upgraded to condominium quality with new granite countertops, black and stainless-steel appliances including dishwasher and built-in microwave, porcelain floors throughout the entire apartment, crown molding, new kitchen and bathroom fixtures, the addition of a second full bathroom in the master bedroom, and stackable washer and dryer. These units currently average an additional $120 per month. Waterford Villas presents a unique opportunity for a buyer to acquire one of the few 100+ unit, value add apartment communities remaining in Broward County and reap the benefits of continued rental growth due to the ever-improving fundamentals of the market. There are many long-term residents living at the property who pay well below market. Current in place rents are approximately $300 below other competing properties in the submarket. Additionally, each of the 29 buildings has a separate folio number allowing a new owner multiple exit strategies including selling off each building separately or converting the entire property to condominiums.

Investment Highlights

  • Rare 100+ unit value add property in Broward County
  • High-Demand Margate Rental Market
  • Current rents approximately $300 below competitors
  • 98% percent two-bedroom floor plans
  • Central heating and air-conditioning
  • Gated swimming pool with sundeck
  • All new windows and exterior doors in 2008

Exclusively Listed By

Listing Price: $20,600,000

Cap Rate
4.14%
Number of Units
116
Occupancy
95.0%
Price/Unit
$177,586
Price/Gross SF
$216.83
Gross SF
95,004

Investment Highlights

  • Rare 100+ unit value add property in Broward County
  • High-Demand Margate Rental Market
  • Current rents approximately $300 below competitors
  • 98% percent two-bedroom floor plans
  • Central heating and air-conditioning
  • Gated swimming pool with sundeck
  • All new windows and exterior doors in 2008

Investment Overview

Waterford Villas is a 116-unit villa-style apartment community that is currently being operated as 115-units and an onsite leasing office occupying the 116th unit. Located in Broward County in the desirable submarket of Margate, Florida, the property consists of 29 one-story buildings constructed in 1974 of concrete block with pitched roofs and is comprised of 98% two-bedroom floor plans. The community is situated on a spacious 6.43-acre site that is located one block east of Rock Island Road and just south of Southgate Boulevard. Waterford Villas features numerous amenities including a gated swimming pool with large sundeck, 8 onsite laundry facilities, separate management and leasing office, 16-camera wireless security system, a centralized mail kiosk, 21 private storage rooms, brick paver walkways, lushly landscaped courtyards and ample parking for residents and their guests. Apartment amenities include internet controlled central heating and air-conditioning, separate electric hot-water heaters, fully equipped kitchens with wood cabinetry, granite countertops, dishwasher, built-in microwave, ceiling fans, and ceramic tile or porcelain flooring throughout the apartments. Furthermore, many of the units in the southeast portion of the community enjoy water views of the adjacent canal. Over the past thirteen years, the property has benefited from significant capital improvements including but not limited to all new roofs (19 in the past 5 years), all new windows and new exterior doors. Additionally, approximately forty percent of the apartments have been upgraded to condominium quality with new granite countertops, black and stainless-steel appliances including dishwasher and built-in microwave, porcelain floors throughout the entire apartment, crown molding, new kitchen and bathroom fixtures, the addition of a second full bathroom in the master bedroom, and stackable washer and dryer. These units currently average an additional $120 per month. Waterford Villas presents a unique opportunity for a buyer to acquire one of the few 100+ unit, value add apartment communities remaining in Broward County and reap the benefits of continued rental growth due to the ever-improving fundamentals of the market. There are many long-term residents living at the property who pay well below market. Current in place rents are approximately $300 below other competing properties in the submarket. Additionally, each of the 29 buildings has a separate folio number allowing a new owner multiple exit strategies including selling off each building separately or converting the entire property to condominiums.

Exclusively Listed By

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