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Urban-High Street

Society Las Olas

221 SW 1st Ave, Fort Lauderdale, FL 33301

Listing Price: $19,200,000

Cap Rate
5.00%
Gross SF
17,084
Rentable SF
17,084
Price/Gross SF
$1,123.86
Lot Size
0.39 acres
Year Built
2020

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the Society Las Olas Riverfront Retail (the “Property”), a ±17,000-square-foot, 4-unit, ground-floor retail center underneath the brand-new, award winning, 639-unit Society Las Olas apartment tower located in Downtown Fort Lauderdale, Florida. Built in 2020, the Property is situated in the coveted Riverfront neighborhood of Downtown Fort Lauderdale, one of the most popular destinations for tourists and locals alike, and includes 40 covered parking spaces in the on-site parking garage, which also offers additional public parking for customers. Surrounded by all of Fort Lauderdale’s major tourist attractions, including The Wharf, Fort Lauderdale's newest Open-Air Creative Event Space, Port Everglades, Las Olas Boulevard, Himmarshee Street, Millionaires Row and the Riverwalk; Society Las Olas is currently 100-percent leased to a diverse mix of restaurant tenants including an over 9,000-square-foot brewery. A second phase of Society Las Olas is planned to be built, bringing the total unit count to 1,200 apartments. There will also be 30,000 square feet of co-working space on the second and third floors, allowing professionals to experience a live-work experience within the Riverfront neighborhood. Downtown Fort Lauderdale is experiencing rapid growth and a flourishing culinary scene, attracting restauranteurs who offer residents and guests world-class dining experiences. Over 10,000 residential units and 900 new hotel rooms have been delivered in the past few years and another 900 rooms are to be built. Additionally, there is 7.6-million square feet of office space in Downtown Fort Lauderdale. Society Las Olas benefits from a “Very Walkable” score (86) and provides a vibrant destination for both tourists and professionals. Society Las Olas Riverfront Retail provides the opportunity for an investor to acquire a cash-flowing, iconic retail asset in the heart of Downtown Fort Lauderdale. The Property’s nearly $970,000 Year 1 NOI, along with organic rent growth along the Las Olas Corridor, allow for increased near-term returns, set amidst an extremely attractive retail landscape, at the center of Fort Lauderdale’s booming downtown core.

Investment Highlights

  • UNPARALLELED LOCATION Society Las Olas is surrounded by all of Fort Lauderdale's most notable attractions, including Las Olas Boulevard, Himmarshee Street and the Broward Center for the Performing Art
  • HEAVILY TRAFFICKED SHOPPING DISTRICT Las Olas Boulevard is regularly frequented by tourists and locals alike, with tremendous walkability to an abundance of adjacent retailers, and a Walkability Score
  • EXTRAORDINARY DEMOGRAPHIC PROFILE Fort Lauderdale is the largest city in, and county seat of, Broward County. The City of Fort Lauderdale has seen its population increase by over 10 percent since 2010
  • TROPHY ASSET WITH EXCELLENT CASH FLOW Society Las Olas is one of the newest and most recognizable properties on the Fort Lauderdale Riverfront, and the Riverfront Retail is fully tenanted by premium retailers with 10-year leases and above-market escalations

Exclusively Listed By

Urban-High Street

Society Las Olas

Listing Price: $19,200,000

Cap Rate
5.00%
Gross SF
17,084
Rentable SF
17,084
Price/Gross SF
$1,123.86
Lot Size
0.39 acres
Year Built
2020

Investment Highlights

  • UNPARALLELED LOCATION Society Las Olas is surrounded by all of Fort Lauderdale's most notable attractions, including Las Olas Boulevard, Himmarshee Street and the Broward Center for the Performing Art
  • HEAVILY TRAFFICKED SHOPPING DISTRICT Las Olas Boulevard is regularly frequented by tourists and locals alike, with tremendous walkability to an abundance of adjacent retailers, and a Walkability Score
  • EXTRAORDINARY DEMOGRAPHIC PROFILE Fort Lauderdale is the largest city in, and county seat of, Broward County. The City of Fort Lauderdale has seen its population increase by over 10 percent since 2010
  • TROPHY ASSET WITH EXCELLENT CASH FLOW Society Las Olas is one of the newest and most recognizable properties on the Fort Lauderdale Riverfront, and the Riverfront Retail is fully tenanted by premium retailers with 10-year leases and above-market escalations

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the Society Las Olas Riverfront Retail (the “Property”), a ±17,000-square-foot, 4-unit, ground-floor retail center underneath the brand-new, award winning, 639-unit Society Las Olas apartment tower located in Downtown Fort Lauderdale, Florida. Built in 2020, the Property is situated in the coveted Riverfront neighborhood of Downtown Fort Lauderdale, one of the most popular destinations for tourists and locals alike, and includes 40 covered parking spaces in the on-site parking garage, which also offers additional public parking for customers. Surrounded by all of Fort Lauderdale’s major tourist attractions, including The Wharf, Fort Lauderdale's newest Open-Air Creative Event Space, Port Everglades, Las Olas Boulevard, Himmarshee Street, Millionaires Row and the Riverwalk; Society Las Olas is currently 100-percent leased to a diverse mix of restaurant tenants including an over 9,000-square-foot brewery. A second phase of Society Las Olas is planned to be built, bringing the total unit count to 1,200 apartments. There will also be 30,000 square feet of co-working space on the second and third floors, allowing professionals to experience a live-work experience within the Riverfront neighborhood. Downtown Fort Lauderdale is experiencing rapid growth and a flourishing culinary scene, attracting restauranteurs who offer residents and guests world-class dining experiences. Over 10,000 residential units and 900 new hotel rooms have been delivered in the past few years and another 900 rooms are to be built. Additionally, there is 7.6-million square feet of office space in Downtown Fort Lauderdale. Society Las Olas benefits from a “Very Walkable” score (86) and provides a vibrant destination for both tourists and professionals. Society Las Olas Riverfront Retail provides the opportunity for an investor to acquire a cash-flowing, iconic retail asset in the heart of Downtown Fort Lauderdale. The Property’s nearly $970,000 Year 1 NOI, along with organic rent growth along the Las Olas Corridor, allow for increased near-term returns, set amidst an extremely attractive retail landscape, at the center of Fort Lauderdale’s booming downtown core.

Exclusively Listed By

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