Multifamily

Chateau View

Listing Price: $2,450,000

Cap Rate
5.24%
Number of Units
15
GRM
11.44
Occupancy
97.00%
Price/Unit
$163,333
Price/Gross SF
$199.92
Gross SF
12,255

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to offer for sale Chateau View, a 15- unit boutique apartment building located at the entrance to the Coral Shores neighborhood in Fort Lauderdale, Florida. Chateau View is a three-story, elevator served building that was constructed in 1973 of concrete block with a painted stucco exterior and sits on a .31 acre site. The property offers an excellent unit mix consisting of six one-bedroom apartments and nine two-bedroom apartments. Each is separately metered for electricity, telephone and cable, while water, sewer and trash removal are included in the rent. Apartments have central heating and air-conditioning, all electric appliances and a separate electric hot-water heater. There are two on site laundry facilities, numerous small courtyards with benches and 20 open parking spaces.

Over the past few years, many of the windows have been replaced with hurricane impact and numerous air-conditioning units and hot-water heaters have been replaced. Many apartments have renovated kitchens and bathrooms and approximately one-third of the units have granite countertops, dishwashers and built-in microwaves. Furthermore, the entire parking lot was redone and all electric panels were replaced.

Chateau View is being offered for sale subject to the assumption of the existing first note and mortgage in favor of Freddie Mac in the approximate amount of $1,454,000. The loan is fixed for approximately nine years at 4.88 percent, has approximately two years of interest only payments and can be prepaid with a penalty.

The seller is currently offering four properties for sale including Edgewood Park in Fort Lauderdale (20 units), Manor Apartments in Hollywood (14 units), Chateau View in Fort Lauderdale (15 units), and Countryside Apartments in Davie (36 units). Each property may be purchased individually or as a portfolio.

Investment Highlights

  • Coral Shores submarket
  • Offered as part of a four building portfolio in Broward County
  • Located one block west of Federal Highway (US-1)

Exclusively Listed By

Listing Price: $2,450,000

Cap Rate
5.24%
Number of Units
15
GRM
11.44
Occupancy
97.00%
Price/Unit
$163,333
Price/Gross SF
$199.92
Gross SF
12,255

Investment Highlights

  • Coral Shores submarket
  • Offered as part of a four building portfolio in Broward County
  • Located one block west of Federal Highway (US-1)

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to offer for sale Chateau View, a 15- unit boutique apartment building located at the entrance to the Coral Shores neighborhood in Fort Lauderdale, Florida. Chateau View is a three-story, elevator served building that was constructed in 1973 of concrete block with a painted stucco exterior and sits on a .31 acre site. The property offers an excellent unit mix consisting of six one-bedroom apartments and nine two-bedroom apartments. Each is separately metered for electricity, telephone and cable, while water, sewer and trash removal are included in the rent. Apartments have central heating and air-conditioning, all electric appliances and a separate electric hot-water heater. There are two on site laundry facilities, numerous small courtyards with benches and 20 open parking spaces.

Over the past few years, many of the windows have been replaced with hurricane impact and numerous air-conditioning units and hot-water heaters have been replaced. Many apartments have renovated kitchens and bathrooms and approximately one-third of the units have granite countertops, dishwashers and built-in microwaves. Furthermore, the entire parking lot was redone and all electric panels were replaced.

Chateau View is being offered for sale subject to the assumption of the existing first note and mortgage in favor of Freddie Mac in the approximate amount of $1,454,000. The loan is fixed for approximately nine years at 4.88 percent, has approximately two years of interest only payments and can be prepaid with a penalty.

The seller is currently offering four properties for sale including Edgewood Park in Fort Lauderdale (20 units), Manor Apartments in Hollywood (14 units), Chateau View in Fort Lauderdale (15 units), and Countryside Apartments in Davie (36 units). Each property may be purchased individually or as a portfolio.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower