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Multifamily

Blue Parrot

2617 NE 13th Ct, Fort Lauderdale, FL 33304

Listing Price: $2,050,000

Cap Rate
5.37%
Number of Units
8
Occupancy
90.0%
Price/Unit
$256,250
Price/Gross SF
$352.90
Gross SF
5,809

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale The Blue Parrot, an eight unit, boutique courtyard style short-term rental community located in the highly desirable Coral Ridge submarket of Fort Lauderdale, Florida. This very unique offering affords an investor the opportunity to improve upon an already robust short-term rental operation, or convert operations at the property to annual rentals for a more passive investment strategy. The Blue Parrot was constructed in 1948 and consists of a two-story walk-up building with nine open parking spaces and a very rare one car garage located at the rear of the property. The building sits on a .24-acre lot and is fully gated with a private entrance surrounded by a wooden overhang accessible by touchpad. The property is truly a hidden gem both in terms of its excellent location and peaceful sanctuary like aura, all in the backdrop of a very urban yet residential east Fort Lauderdale Location. The property is in immaculate overall condition and features high impact windows, an on-site laundry facility with two complete sets of washer/dryer machines, new deck and fence and has had 100 percent of its air-conditioning units replaced within the last few years. Aside from being in one of the most exclusive neighborhoods of Fort Lauderdale, the property also has a heated pool and fully furnished units for the convenience of residents and guests alike. Units are furnished with king sized beds and a queen-sized sleeper sofa that comfortably sleeps four guests. Units are equipped with everything needed for cooking and dining as well as linens and beach chairs. For guests dining outdoors, the gated courtyard features plenty of lounge chairs and gas grills around the pool providing a very unique dining option. The property is comprised of an excellent unit mix consisting of seven one-bedroom and one-bathroom apartments and one townhome style, three-bedroom apartment with two full bathrooms. Apartments range in size from approximately 600 square feet to 1,150 square feet. Every apartment is well appointed with furniture, television/entertainment systems, artwork, lighting, and blinds to make for a superb guest experience. Blue Parrot offers an excellent community feel supported by the fully gated community with touchpad entry, guest laundry facility and numerous landscaped courtyards with exotic trees, plants and hardscaping throughout the property. Although the property has been operating as a short-term rental offering daily, weekly and seasonal rentals, a new owner could easily convert the operations to annual rentals, furnished annual rentals, or a blend of all three depending on their investment strategy. Fort Lauderdale, known as the “Venice of America”, is considered the yachting capital of the world. With approximately 165 miles of waterways and canals and ideal boating weather all year round, you can spend days on your yacht without ever needing to walk on dry land. The Blue Parrot has excellent proximity to Fort Lauderdale Beach, Las Olas Boulevard and downtown Fort Lauderdale, which are all within a brief commute. Furthermore, each can be accessed by public transit as well as numerous private water taxis or beach shuttles, so a car is not necessarily required. Downtown Fort Lauderdale’s explosive residential population growth over the past few years is largely due to the increasing assortment of housing choices, amenities and attractions that make downtown living highly desirable. The area immediately surrounding the property is considered the highest end of Fort Lauderdale, with homes reaching seven to eight figures in price. Many of the older properties in the area have been torn down to make way for luxury townhome and single-family developments.

Investment Highlights

  • Highly Sought-After Coral Ridge Submarket
  • Excellent East Fort Lauderdale Location with Close Proximity to Downtown and the Beaches
  • All Apartments Completely Furnished
  • Currently Operated as Daily and Short-Term Rentals
  • Hurricane Impact Windows and Brand-New Central Air Conditioning Units
  • Well Maintained Property with Minimal Deferred Maintenance
  • Flexibility to Be Operated as Short Term, Monthly Furnished or Standard Annual Rentals

Exclusively Listed By

Listing Price: $2,050,000

Cap Rate
5.37%
Number of Units
8
Occupancy
90.0%
Price/Unit
$256,250
Price/Gross SF
$352.90
Gross SF
5,809

Investment Highlights

  • Highly Sought-After Coral Ridge Submarket
  • Excellent East Fort Lauderdale Location with Close Proximity to Downtown and the Beaches
  • All Apartments Completely Furnished
  • Currently Operated as Daily and Short-Term Rentals
  • Hurricane Impact Windows and Brand-New Central Air Conditioning Units
  • Well Maintained Property with Minimal Deferred Maintenance
  • Flexibility to Be Operated as Short Term, Monthly Furnished or Standard Annual Rentals

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale The Blue Parrot, an eight unit, boutique courtyard style short-term rental community located in the highly desirable Coral Ridge submarket of Fort Lauderdale, Florida. This very unique offering affords an investor the opportunity to improve upon an already robust short-term rental operation, or convert operations at the property to annual rentals for a more passive investment strategy. The Blue Parrot was constructed in 1948 and consists of a two-story walk-up building with nine open parking spaces and a very rare one car garage located at the rear of the property. The building sits on a .24-acre lot and is fully gated with a private entrance surrounded by a wooden overhang accessible by touchpad. The property is truly a hidden gem both in terms of its excellent location and peaceful sanctuary like aura, all in the backdrop of a very urban yet residential east Fort Lauderdale Location. The property is in immaculate overall condition and features high impact windows, an on-site laundry facility with two complete sets of washer/dryer machines, new deck and fence and has had 100 percent of its air-conditioning units replaced within the last few years. Aside from being in one of the most exclusive neighborhoods of Fort Lauderdale, the property also has a heated pool and fully furnished units for the convenience of residents and guests alike. Units are furnished with king sized beds and a queen-sized sleeper sofa that comfortably sleeps four guests. Units are equipped with everything needed for cooking and dining as well as linens and beach chairs. For guests dining outdoors, the gated courtyard features plenty of lounge chairs and gas grills around the pool providing a very unique dining option. The property is comprised of an excellent unit mix consisting of seven one-bedroom and one-bathroom apartments and one townhome style, three-bedroom apartment with two full bathrooms. Apartments range in size from approximately 600 square feet to 1,150 square feet. Every apartment is well appointed with furniture, television/entertainment systems, artwork, lighting, and blinds to make for a superb guest experience. Blue Parrot offers an excellent community feel supported by the fully gated community with touchpad entry, guest laundry facility and numerous landscaped courtyards with exotic trees, plants and hardscaping throughout the property. Although the property has been operating as a short-term rental offering daily, weekly and seasonal rentals, a new owner could easily convert the operations to annual rentals, furnished annual rentals, or a blend of all three depending on their investment strategy. Fort Lauderdale, known as the “Venice of America”, is considered the yachting capital of the world. With approximately 165 miles of waterways and canals and ideal boating weather all year round, you can spend days on your yacht without ever needing to walk on dry land. The Blue Parrot has excellent proximity to Fort Lauderdale Beach, Las Olas Boulevard and downtown Fort Lauderdale, which are all within a brief commute. Furthermore, each can be accessed by public transit as well as numerous private water taxis or beach shuttles, so a car is not necessarily required. Downtown Fort Lauderdale’s explosive residential population growth over the past few years is largely due to the increasing assortment of housing choices, amenities and attractions that make downtown living highly desirable. The area immediately surrounding the property is considered the highest end of Fort Lauderdale, with homes reaching seven to eight figures in price. Many of the older properties in the area have been torn down to make way for luxury townhome and single-family developments.

Exclusively Listed By

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