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Multifamily

Middle River Apartments

1821 Middle River Dr, Fort Lauderdale, FL 33305

Listing Price: $5,245,000

Cap Rate
4.00%
Number of Units
18
GRM
11.44
Occupancy
97.0%
Price/Unit
$291,389
Price/Gross SF
$410.34
Gross SF
12,782

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Middle River Apartments, a very rare waterfront property situated just north of East Sunrise boulevard on Middle River Drive in the highly sought-after Coral Ridge submarket of Fort Lauderdale, Florida.

The Coral Ridge submarket is located east of Middle River Drive between Sunrise Boulevard and Oakland Park Boulevard, east to the Intracoastal, and is primarily an upscale residential neighborhood. Just to the south of the subject property is Bayview Elementary School, George English Park, and The Galleria at Fort Lauderdale Shopping
Mall. The property is near Fort Lauderdale Beach as well. Sunrise and Oakland Park Boulevard are major thoroughfares that are lined with many offices, retail, and restaurants.

Middle River Apartments is comprised of two, two-story garden style apartment buildings constructed in 1962 of concrete block with pitched roofs. The property offers an excellent unit mix of 14 one-bedroom apartments and four two-bedroom and one-bathroom apartments. There have been several recent improvements made to the property including new roofs and gutters, all hurricane impact glass windows, new decking for the dock, and the sea wall was seal coated. Furthermore, many apartments have been completely renovated and several have been partially renovated. The 40-year recertification has been completed.

Property amenities include a waterfront swimming pool, an expansive sundeck with patio furniture for the residents to enjoy, six boat slips, marina license, a landscaped courtyard, barbeque grill with picnic area and patio tables, and 29 onsite parking spaces for residents and guests. There is one laundry room with two washers and two dryers, which are owned.

Apartment amenities include ceramic tile or faux wood vinyl flooring, central air-conditioning, approximately half of the units have tankless hot-water heaters, select units with dishwashers, several units with built-in microwaves, and many units have been fully or partially renovated. All apartments are separately metered for electricity, while water and trash are included in the rent.

Fort Lauderdale has experienced an incredible resurgence over the past few years, with new class A, high-rise residential, hotel and office buildings being developed throughout downtown. With thousands of new residential units currently under construction or already approved, downtown Fort Lauderdale is rapidly becoming a top live, work and play destination for young professionals as well as those interested in urban living. Restaurants and shops are thriving from the influx of people and real estate values continue to climb. Despite the large supply of new rental apartments entering the market and competition for renters, Middle River Apartments will be the benefactor of this rapid growth. Located just north of downtown, Middle River Apartments rents are far below the new class A rents and provide a more affordable alternative, as well as being located on the water, while only being a few blocks to
the north.

Fort Lauderdale’s double-digit residential population growth over the past decade is largely due to the increasing assortment of housing choices, amenities and attractions that make it a highly desirable option for residents. Middle River Apartments benefits from the concentrated workforce of surrounding companies. One of the key rental demand drivers is the strengthening downtown Fort Lauderdale office market and the long-term positive outlook for the area as fast-growing businesses move into the market and/or expand their operations. Most of this new employment base are “Millennials” who prefer to rent in Fort Lauderdale’s urban core. Understanding the trends of the regional office and employment market and the related job growth patterns are critical to understanding the rent growth and occupancy potential for apartments in that market.

Middle River Apartments provides an investor the rare opportunity to purchase a boutique waterfront property with the ability to increase revenue through renting the boat slips. Also, with the expiration of below-market leases and continued apartment upgrades, as well as taking full advantage of the projected rent growth associated with the very positive multifamily trends occurring in the Fort Lauderdale metropolitan area. With impressive job growth forecasts and one of the best occupancy trends in the nation, the demand for apartments should continue to increase, creating a very compelling investment environment for the Property.

Investment Highlights

  • Excellent East Fort Lauderdale Location, Potential for Short-Term or Long-Term Rentals
  • Waterfront Property with Ocean Access
  • Rare Marina License With 6 Boat Slips
  • Highly Sought-After Coral Ridge Submarket, Prime for Redevelopment With .57 Acres of Land
  • Offered For Sale by Long Term Owner of Over 12 Years
  • Waterfront Swimming Pool and Patio Area
  • Desirable Unit Mix of One and Two-Bedroom Units, Central Air-Conditioning and Separate Hot-Water Heaters
  • Several Units Completely Renovated, New Roof and Gutters in 2022, All Impact Glass Windows in 2021

Exclusively Listed By

Multifamily

Middle River Apartments

Listing Price: $5,245,000

Cap Rate
4.00%
Number of Units
18
GRM
11.44
Occupancy
97.0%
Price/Unit
$291,389
Price/Gross SF
$410.34
Gross SF
12,782

Investment Highlights

  • Excellent East Fort Lauderdale Location, Potential for Short-Term or Long-Term Rentals
  • Waterfront Property with Ocean Access
  • Rare Marina License With 6 Boat Slips
  • Highly Sought-After Coral Ridge Submarket, Prime for Redevelopment With .57 Acres of Land
  • Offered For Sale by Long Term Owner of Over 12 Years
  • Waterfront Swimming Pool and Patio Area
  • Desirable Unit Mix of One and Two-Bedroom Units, Central Air-Conditioning and Separate Hot-Water Heaters
  • Several Units Completely Renovated, New Roof and Gutters in 2022, All Impact Glass Windows in 2021

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Middle River Apartments, a very rare waterfront property situated just north of East Sunrise boulevard on Middle River Drive in the highly sought-after Coral Ridge submarket of Fort Lauderdale, Florida. The Coral Ridge submarket is located east of Middle River Drive between Sunrise Boulevard and Oakland Park Boulevard, east to the Intracoastal, and is primarily an upscale residential neighborhood. Just to the south of the subject property is Bayview Elementary School, George English Park, and The Galleria at Fort Lauderdale Shopping Mall. The property is near Fort Lauderdale Beach as well. Sunrise and Oakland Park Boulevard are major thoroughfares that are lined with many offices, retail, and restaurants. Middle River Apartments is comprised of two, two-story garden style apartment buildings constructed in 1962 of concrete block with pitched roofs. The property offers an excellent unit mix of 14 one-bedroom apartments and four two-bedroom and one-bathroom apartments. There have been several recent improvements made to the property including new roofs and gutters, all hurricane impact glass windows, new decking for the dock, and the sea wall was seal coated. Furthermore, many apartments have been completely renovated and several have been partially renovated. The 40-year recertification has been completed. Property amenities include a waterfront swimming pool, an expansive sundeck with patio furniture for the residents to enjoy, six boat slips, marina license, a landscaped courtyard, barbeque grill with picnic area and patio tables, and 29 onsite parking spaces for residents and guests. There is one laundry room with two washers and two dryers, which are owned. Apartment amenities include ceramic tile or faux wood vinyl flooring, central air-conditioning, approximately half of the units have tankless hot-water heaters, select units with dishwashers, several units with built-in microwaves, and many units have been fully or partially renovated. All apartments are separately metered for electricity, while water and trash are included in the rent. Fort Lauderdale has experienced an incredible resurgence over the past few years, with new class A, high-rise residential, hotel and office buildings being developed throughout downtown. With thousands of new residential units currently under construction or already approved, downtown Fort Lauderdale is rapidly becoming a top live, work and play destination for young professionals as well as those interested in urban living. Restaurants and shops are thriving from the influx of people and real estate values continue to climb. Despite the large supply of new rental apartments entering the market and competition for renters, Middle River Apartments will be the benefactor of this rapid growth. Located just north of downtown, Middle River Apartments rents are far below the new class A rents and provide a more affordable alternative, as well as being located on the water, while only being a few blocks to the north. Fort Lauderdale’s double-digit residential population growth over the past decade is largely due to the increasing assortment of housing choices, amenities and attractions that make it a highly desirable option for residents. Middle River Apartments benefits from the concentrated workforce of surrounding companies. One of the key rental demand drivers is the strengthening downtown Fort Lauderdale office market and the long-term positive outlook for the area as fast-growing businesses move into the market and/or expand their operations. Most of this new employment base are “Millennials” who prefer to rent in Fort Lauderdale’s urban core. Understanding the trends of the regional office and employment market and the related job growth patterns are critical to understanding the rent growth and occupancy potential for apartments in that market. Middle River Apartments provides an investor the rare opportunity to purchase a boutique waterfront property with the ability to increase revenue through renting the boat slips. Also, with the expiration of below-market leases and continued apartment upgrades, as well as taking full advantage of the projected rent growth associated with the very positive multifamily trends occurring in the Fort Lauderdale metropolitan area. With impressive job growth forecasts and one of the best occupancy trends in the nation, the demand for apartments should continue to increase, creating a very compelling investment environment for the Property.

Exclusively Listed By

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