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Multifamily

Victoria Gardens

737 NE 16th Ave, Fort Lauderdale, FL 33304

Listing Price: $1,600,000

Cap Rate
2.13%
Number of Units
4
Occupancy
95.0%
Price/Unit
$400,000
Price/Gross SF
$504.41
Gross SF
3,172

Investment Overview

Marcus & Millichap, as exclusive listing agents, is pleased to offer for sale, Victoria Gardens (the “Property”), a 4-unit multifamily apartment building located in the highly sought-after Victoria Park submarket of Fort Lauderdale, Florida. Victoria Gardens (737 NE 16th Avenue Fort Lauderdale, FL 33304) was constructed in 1950 and consists of two 1-story buildings situated on a .23-acre lot, totaling 3,179 square feet of rentable space. The larger building facing east is comprised of one (1) two-bedroom / two-bathroom unit and two (2) one-bedroom / one-bathroom apartments. The cottage facing west is comprised of a two-bedroom / two-bath apartment. Amenities at the property include a gated courtyard and laundry room with a washer and dryer. The current owner has recently replaced both roofs at the property. The property is located two blocks south of Sunrise Boulevard and north of Northeast 7th Street. It also benefits from being just steps away from Holiday Park which will soon include the highly anticipated development of the Florida Panthers’ Baptist Health Iceplex which will have two NHL regulation-sized indoor ice rinks one of which will be for community use. The project will also include a full renovation of The Fort Lauderdale War Memorial Auditorium which is set to serve as a theater venue for live concerts and shows. The property is also ideally situated minutes from Las Olas Boulevard, Fort Lauderdale Beach and Downtown Fort Lauderdale which includes the thriving Flagler Village neighborhood. This offering grants an investor the opportunity to raise current rents to market rates in an already stabilized and cash flowing rental property and/or for an avid developer to take advantage of the phenomenal location which is primed for a redevelopment of existing property.

Investment Highlights

  • Property is Situated on the Highly Attractive RMM-25 Zoning Allowing the Opportunity for Potential Redevelopment.
  • Minutes from Las Olas Boulevard, Fort Lauderdale Beach, Downtown Fort Lauderdale and Flagler Village
  • Steps Away from Holiday Park and East Sunrise Boulevard
  • Property has seen Recent Roof Replacements on Both Buildings

Exclusively Listed By

Financing By

Multifamily

Victoria Gardens

Listing Price: $1,600,000

Cap Rate
2.13%
Number of Units
4
Occupancy
95.0%
Price/Unit
$400,000
Price/Gross SF
$504.41
Gross SF
3,172

Investment Highlights

  • Property is Situated on the Highly Attractive RMM-25 Zoning Allowing the Opportunity for Potential Redevelopment.
  • Minutes from Las Olas Boulevard, Fort Lauderdale Beach, Downtown Fort Lauderdale and Flagler Village
  • Steps Away from Holiday Park and East Sunrise Boulevard
  • Property has seen Recent Roof Replacements on Both Buildings

Investment Overview

Marcus & Millichap, as exclusive listing agents, is pleased to offer for sale, Victoria Gardens (the “Property”), a 4-unit multifamily apartment building located in the highly sought-after Victoria Park submarket of Fort Lauderdale, Florida. Victoria Gardens (737 NE 16th Avenue Fort Lauderdale, FL 33304) was constructed in 1950 and consists of two 1-story buildings situated on a .23-acre lot, totaling 3,179 square feet of rentable space. The larger building facing east is comprised of one (1) two-bedroom / two-bathroom unit and two (2) one-bedroom / one-bathroom apartments. The cottage facing west is comprised of a two-bedroom / two-bath apartment. Amenities at the property include a gated courtyard and laundry room with a washer and dryer. The current owner has recently replaced both roofs at the property. The property is located two blocks south of Sunrise Boulevard and north of Northeast 7th Street. It also benefits from being just steps away from Holiday Park which will soon include the highly anticipated development of the Florida Panthers’ Baptist Health Iceplex which will have two NHL regulation-sized indoor ice rinks one of which will be for community use. The project will also include a full renovation of The Fort Lauderdale War Memorial Auditorium which is set to serve as a theater venue for live concerts and shows. The property is also ideally situated minutes from Las Olas Boulevard, Fort Lauderdale Beach and Downtown Fort Lauderdale which includes the thriving Flagler Village neighborhood. This offering grants an investor the opportunity to raise current rents to market rates in an already stabilized and cash flowing rental property and/or for an avid developer to take advantage of the phenomenal location which is primed for a redevelopment of existing property.

Exclusively Listed By

Financing By

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