Multifamily

Sunset Apartments

2330-2350 NW 72nd Avenue, Sunrise, FL 33313

Listing Price: $8,375,000

Cap Rate
5.01%
Number of Units
54
GRM
10.72
Occupancy
94.80%
Price/Unit
$155,093
Price/Gross SF
$203.89
Gross SF
41,076

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Sunset Apartments, a fifty-four-unit, garden style rental community located in Sunrise, Florida in the highly desirable Sunset Strip submarket. Sunset Apartments is one of only a handful of remaining larger value-add apartment communities in the submarket and is being offered for sale by a longtime owner who has well maintained the Property through hands-on management during its ownership.

The Property is comprised of three contiguous U shaped, two-story buildings constructed of concrete block with concrete railings and walkways; each with a small, well maintained, lushly landscaped courtyard. The buildings span over a 2-acre site and are separated by additional palm tree lined courtyards. Community amenities include an onsite leasing and management office, gated swimming pool with sundeck, two gated picnic areas with tables and benches and six onsite laundry rooms, each with 2 leased coin-operated machines. The property offers an abundance of parking with a total of 110 open spaces surrounding the buildings. Additionally, there is a public bus stop on the southwest corner of the property which provides the residents with convenient mobility throughout the city.

Sunset Apartments offers a very desirable mix of floor plans including 24 one-bedrooms and 30 two-bedroom apartments; 12 of which have two bathrooms. The apartments range in size from 624 to 900 square feet under air and residents are responsible for paying electricity, cable and telephone. Despite the continued trend throughout South Florida of submetering all utilities, the owner of the property continues to include water, sewer and trash removal in the rent, although preparations are being made to implement a resident utility billing system (RUBS) based on usage and occupancy per building and unit in January 2021. All apartments feature ceramic tile flooring throughout, individually controlled central heating and air-conditioning, a separate electric hot-water heater, all electric kitchens and large closets, including large walk-ins for the larger two-bedrooms.

Over the past few years, the owner has made substantial renovations and upgrades including the replacement of all roofs in 2014 (which are still under warranty), approximately 90% of the air-conditioning condensers, 40% of the air-handlers, 50% of the kitchen cabinets, landscaping additions including an automatic sprinkler system that utilizes well water, the replacement of 100% of the toilet, sink and individual unit main water line valves, the installation of GFI outlets in all kitchens and bathrooms, and other miscellaneous improvements have been completed. A new owner should have minimal capital requirements.

Sunset Apartments offers investors an excellent value add opportunity by bringing the current rents up to market levels, further unit and community enhancements, implementing a ut

Investment Highlights

  • Long term owner has well maintained for many years
  • Significant interior and exterior renovations and upgrades
  • Potential additional revenue from leasing three fully renovated studio apartments
  • Unique Sunset Strip submarket with minimal ownership turnover
  • Value add opportunity through rental increases and operational efficiencies
  • Potential to implement utility reimbursement program

Exclusively Listed By

Listing Price: $8,375,000

Cap Rate
5.01%
Number of Units
54
GRM
10.72
Occupancy
94.80%
Price/Unit
$155,093
Price/Gross SF
$203.89
Gross SF
41,076

Investment Highlights

  • Long term owner has well maintained for many years
  • Significant interior and exterior renovations and upgrades
  • Potential additional revenue from leasing three fully renovated studio apartments
  • Unique Sunset Strip submarket with minimal ownership turnover
  • Value add opportunity through rental increases and operational efficiencies
  • Potential to implement utility reimbursement program

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Sunset Apartments, a fifty-four-unit, garden style rental community located in Sunrise, Florida in the highly desirable Sunset Strip submarket. Sunset Apartments is one of only a handful of remaining larger value-add apartment communities in the submarket and is being offered for sale by a longtime owner who has well maintained the Property through hands-on management during its ownership.

The Property is comprised of three contiguous U shaped, two-story buildings constructed of concrete block with concrete railings and walkways; each with a small, well maintained, lushly landscaped courtyard. The buildings span over a 2-acre site and are separated by additional palm tree lined courtyards. Community amenities include an onsite leasing and management office, gated swimming pool with sundeck, two gated picnic areas with tables and benches and six onsite laundry rooms, each with 2 leased coin-operated machines. The property offers an abundance of parking with a total of 110 open spaces surrounding the buildings. Additionally, there is a public bus stop on the southwest corner of the property which provides the residents with convenient mobility throughout the city.

Sunset Apartments offers a very desirable mix of floor plans including 24 one-bedrooms and 30 two-bedroom apartments; 12 of which have two bathrooms. The apartments range in size from 624 to 900 square feet under air and residents are responsible for paying electricity, cable and telephone. Despite the continued trend throughout South Florida of submetering all utilities, the owner of the property continues to include water, sewer and trash removal in the rent, although preparations are being made to implement a resident utility billing system (RUBS) based on usage and occupancy per building and unit in January 2021. All apartments feature ceramic tile flooring throughout, individually controlled central heating and air-conditioning, a separate electric hot-water heater, all electric kitchens and large closets, including large walk-ins for the larger two-bedrooms.

Over the past few years, the owner has made substantial renovations and upgrades including the replacement of all roofs in 2014 (which are still under warranty), approximately 90% of the air-conditioning condensers, 40% of the air-handlers, 50% of the kitchen cabinets, landscaping additions including an automatic sprinkler system that utilizes well water, the replacement of 100% of the toilet, sink and individual unit main water line valves, the installation of GFI outlets in all kitchens and bathrooms, and other miscellaneous improvements have been completed. A new owner should have minimal capital requirements.

Sunset Apartments offers investors an excellent value add opportunity by bringing the current rents up to market levels, further unit and community enhancements, implementing a ut

Exclusively Listed By

MM Texture Background
MM Textured Background Lower