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Multifamily

Hidden Cove

2300 NE 6th Ave, Wilton Manors, FL 33305

Listing Price: $2,900,000

Cap Rate
4.56%
Occupancy
95.0%
Price/Gross SF
$346.10
Gross SF
8,379

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Hidden Cove, a mixed-use property located in the highly sought-after city of Wilton Manors, Florida. Constructed in 1971, the property consists of eight two-bedroom apartments and a combined 2,111 square feet of commercial space divided into two bays with separate entrances on the first and second floor, with direct frontage on Wilton Drive at a signalized intersection. The current owner of over 44 years self-manages the property. The ground floor retail space has been leased to an operating lounge and restaurant with parking rights, which made significant improvements to the 1,189 square foot space that they occupy before opening for business. The remaining 922 square feet of second floor commercial space has been leased to a tenant that intends to open a coffee shop. The second floor space could be modified to accommodate a variety of businesses, the space has a shower and also features access to a private outdoor 1,400 square foot expansive deck that could help entice a variety of future tenants. Apartments have central air-conditioning, individual hot-water heaters and ceramic tile flooring. Residents pay electricity, while water, sewer and trash are included in the rents. There is an onsite laundry facility with one washer and dryer and a total of nine parking spaces. Over the past few years, current ownership has made several major capital improvements including a new roof, seven brand new central air conditioning units, and painting the property. Known as the “Island City”, Wilton Manors is bordered to the north by the North Fork of the Middle River and the city of Oakland Park, to the south by the South Fork of the Middle River and the city of Fort Lauderdale, on the east by Federal Highway and the west by Interstate 95. The outstanding location of Wilton Manors just minutes from the employment centers and beaches of Fort Lauderdale, along with the various cultural, arts and natural entertainment opportunities available, have combined to make the city one of the most desired locations for South Florida residents to call home. This popularity has led to a tremendous demand for rentals, which has been hard to meet do to the fact that the city is nearly 100% built out. There have been only a handful of new apartment communities built in the city over the past decade due to the lack of available land. Furthermore, Publix Supermarket is a short walk of only seven blocks to the east and access to Interstate 95 and the Florida Turnpike are within a few minutes’ drive west on Oakland Park Boulevard. One of the other benefits Hidden Cove has is its close proximity to schools, with Wilton Manors Elementary just three blocks to the west and Fort Lauderdale High School a few blocks to the south. Over the past several years Wilton Manors has experienced tremendous growth and economic revitalization and is quickly becoming the “place to be” in South Florida. Hidden Cove is located in the heart of Wilton Manors and has two retail bays that have direct frontage on Wilton Drive, which is the city’s signature thoroughfare and home to the Arts and Entertainment District. Within the District, mixed-use development provides for a pedestrian-oriented environment where residents and visitors can shop, dine, and experience the best of what Wilton Manors has to offer. The city embraces the vison of a sustainable urban village and in addition to the commercial opportunities available in the Arts & Entertainment district, Wilton Manors also has a great deal of park space, much of which is located on the Middle River. The riverfront parks provide various recreational opportunities for the residents of the city including nature walks, canoe trails and mangrove preserves. Island City Park Preserve and Hagen Park are located within walking distance. These two community centers feature accommodations for hosting small cultural and performing art events.

Investment Highlights

  • Mixed-Use Property with Residential and Retail
  • Rare Wilton Manors Location Situated on a Signalized Intersection Along Wilton Drive
  • Long Term 44+ Year Current Ownership
  • Walking Distance to Wilton Drive shops, Restaurants and Publix Supermarket
  • Property is Zoned in The Highly Coveted Arts & Entertainment District
  • Opportunity to Raise Rents with Renovation and Hands-On Management
  • Potential for Future Redevelopment

Exclusively Listed By

Financing By

Listing Price: $2,900,000

Cap Rate
4.56%
Occupancy
95.0%
Price/Gross SF
$346.10
Gross SF
8,379

Investment Highlights

  • Mixed-Use Property with Residential and Retail
  • Rare Wilton Manors Location Situated on a Signalized Intersection Along Wilton Drive
  • Long Term 44+ Year Current Ownership
  • Walking Distance to Wilton Drive shops, Restaurants and Publix Supermarket
  • Property is Zoned in The Highly Coveted Arts & Entertainment District
  • Opportunity to Raise Rents with Renovation and Hands-On Management
  • Potential for Future Redevelopment

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Hidden Cove, a mixed-use property located in the highly sought-after city of Wilton Manors, Florida. Constructed in 1971, the property consists of eight two-bedroom apartments and a combined 2,111 square feet of commercial space divided into two bays with separate entrances on the first and second floor, with direct frontage on Wilton Drive at a signalized intersection. The current owner of over 44 years self-manages the property. The ground floor retail space has been leased to an operating lounge and restaurant with parking rights, which made significant improvements to the 1,189 square foot space that they occupy before opening for business. The remaining 922 square feet of second floor commercial space has been leased to a tenant that intends to open a coffee shop. The second floor space could be modified to accommodate a variety of businesses, the space has a shower and also features access to a private outdoor 1,400 square foot expansive deck that could help entice a variety of future tenants. Apartments have central air-conditioning, individual hot-water heaters and ceramic tile flooring. Residents pay electricity, while water, sewer and trash are included in the rents. There is an onsite laundry facility with one washer and dryer and a total of nine parking spaces. Over the past few years, current ownership has made several major capital improvements including a new roof, seven brand new central air conditioning units, and painting the property. Known as the “Island City”, Wilton Manors is bordered to the north by the North Fork of the Middle River and the city of Oakland Park, to the south by the South Fork of the Middle River and the city of Fort Lauderdale, on the east by Federal Highway and the west by Interstate 95. The outstanding location of Wilton Manors just minutes from the employment centers and beaches of Fort Lauderdale, along with the various cultural, arts and natural entertainment opportunities available, have combined to make the city one of the most desired locations for South Florida residents to call home. This popularity has led to a tremendous demand for rentals, which has been hard to meet do to the fact that the city is nearly 100% built out. There have been only a handful of new apartment communities built in the city over the past decade due to the lack of available land. Furthermore, Publix Supermarket is a short walk of only seven blocks to the east and access to Interstate 95 and the Florida Turnpike are within a few minutes’ drive west on Oakland Park Boulevard. One of the other benefits Hidden Cove has is its close proximity to schools, with Wilton Manors Elementary just three blocks to the west and Fort Lauderdale High School a few blocks to the south. Over the past several years Wilton Manors has experienced tremendous growth and economic revitalization and is quickly becoming the “place to be” in South Florida. Hidden Cove is located in the heart of Wilton Manors and has two retail bays that have direct frontage on Wilton Drive, which is the city’s signature thoroughfare and home to the Arts and Entertainment District. Within the District, mixed-use development provides for a pedestrian-oriented environment where residents and visitors can shop, dine, and experience the best of what Wilton Manors has to offer. The city embraces the vison of a sustainable urban village and in addition to the commercial opportunities available in the Arts & Entertainment district, Wilton Manors also has a great deal of park space, much of which is located on the Middle River. The riverfront parks provide various recreational opportunities for the residents of the city including nature walks, canoe trails and mangrove preserves. Island City Park Preserve and Hagen Park are located within walking distance. These two community centers feature accommodations for hosting small cultural and performing art events.

Exclusively Listed By

Financing By

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