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Multifamily

Lauderdale Landings

7490 SW 10th Ct, North Lauderdale, FL 33068

Listing Price: $1,500,000

Cap Rate
4.36%
Number of Units
8
Occupancy
95.0%
Price/Unit
$187,500
Price/Gross SF
$203.03
Gross SF
7,388

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Lauderdale Landings, an 8-unit apartment community located at 7480 & 7490 SW 10th Court (herein referred to as “the property”) in the city of Lauderdale Lakes, Florida. The property, situated on a total of .38 acres of land, contains two separately parceled and contiguous quadplexes constructed of concrete block in 1981. There are four two-bedroom and one-bathroom units in addition to four three-bedroom and two-bathroom floor plans. The property has separate meters for electricity and each resident pays for their own electric use, while water, sewer, and trash are paid for by the owner. The buildings have central air conditioning, a central paved walkway, a laundry facility, and ample parking with a total of 21 spaces. The property features close proximity to several educational institutions in the area including North Lauderdale Elementary and Silverlakes Middle School, which are both within walking distance. The close proximity to area schools, coupled with large unit types and expansive floor plans renders the property an excellent rental choice for family’s large and small. The property has excellent access to local parks and facilities including Hampton Pines Park, which is considered the jewel of the city’s park system. The park features shelters for rent that have electric, water, and charcoal grill access, perfect for any family gathering or event. Furthermore, the property features close proximity to Florida’s Turnpike, which provides convenient access to all of South Florida. New ownership should be able to take advantage of the properties excellent and central location, which is nearly equidistant from South Florida’s Major Employment Hubs Miami and West Palm Beach yet within a brief commute to the city of Fort Lauderdale. Aside from raising current below-market rents to market levels, there exists an opportunity for new ownership to renovate units to achieve a significant premium over market rents as well. Also, the continuation of South Florida’s net population growth trends and matriculation of investment capital into the surrounding area and properties will only enhance the current and future potential of this offering. Lauderdale Landings affords an investor a unique opportunity to acquire a centrally located multifamily rental community in North Lauderdale, with significant upside in rents and an excellent vintage. New ownership can raise rents to market levels or implement a value-added strategy by renovating kitchens and bathrooms to far exceed current market rent levels.

Investment Highlights

  • Separately Parceled and Contiguous Lots Allow for Individual Sale
  • Consists of Two Quadplexes Constructed in 1981
  • Average Unit Size of 923 Square Feet
  • Parking Ratio of 2.62 spaces per unit
  • Excellent Mix of Large Two- and Three-Bedroom Apartments
  • Close Proximity to Area Schools and Employment Opportunities

Exclusively Listed By

Financing By

Listing Price: $1,500,000

Cap Rate
4.36%
Number of Units
8
Occupancy
95.0%
Price/Unit
$187,500
Price/Gross SF
$203.03
Gross SF
7,388

Investment Highlights

  • Separately Parceled and Contiguous Lots Allow for Individual Sale
  • Consists of Two Quadplexes Constructed in 1981
  • Average Unit Size of 923 Square Feet
  • Parking Ratio of 2.62 spaces per unit
  • Excellent Mix of Large Two- and Three-Bedroom Apartments
  • Close Proximity to Area Schools and Employment Opportunities

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Lauderdale Landings, an 8-unit apartment community located at 7480 & 7490 SW 10th Court (herein referred to as “the property”) in the city of Lauderdale Lakes, Florida. The property, situated on a total of .38 acres of land, contains two separately parceled and contiguous quadplexes constructed of concrete block in 1981. There are four two-bedroom and one-bathroom units in addition to four three-bedroom and two-bathroom floor plans. The property has separate meters for electricity and each resident pays for their own electric use, while water, sewer, and trash are paid for by the owner. The buildings have central air conditioning, a central paved walkway, a laundry facility, and ample parking with a total of 21 spaces. The property features close proximity to several educational institutions in the area including North Lauderdale Elementary and Silverlakes Middle School, which are both within walking distance. The close proximity to area schools, coupled with large unit types and expansive floor plans renders the property an excellent rental choice for family’s large and small. The property has excellent access to local parks and facilities including Hampton Pines Park, which is considered the jewel of the city’s park system. The park features shelters for rent that have electric, water, and charcoal grill access, perfect for any family gathering or event. Furthermore, the property features close proximity to Florida’s Turnpike, which provides convenient access to all of South Florida. New ownership should be able to take advantage of the properties excellent and central location, which is nearly equidistant from South Florida’s Major Employment Hubs Miami and West Palm Beach yet within a brief commute to the city of Fort Lauderdale. Aside from raising current below-market rents to market levels, there exists an opportunity for new ownership to renovate units to achieve a significant premium over market rents as well. Also, the continuation of South Florida’s net population growth trends and matriculation of investment capital into the surrounding area and properties will only enhance the current and future potential of this offering. Lauderdale Landings affords an investor a unique opportunity to acquire a centrally located multifamily rental community in North Lauderdale, with significant upside in rents and an excellent vintage. New ownership can raise rents to market levels or implement a value-added strategy by renovating kitchens and bathrooms to far exceed current market rent levels.

Exclusively Listed By

Financing By

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