821 NE 18th Ct | Fort Lauderdale, FL 33305
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821 NE 18th Ct
Fort Lauderdale, FL 33305
Multifamily Property For Sale · 5 Units
Investment Highlights
- 5 waterfront units in Fort Lauderdale, Florida
- Significant underlying land value
- Value add opportunity - in place rents significantly below market and short term rental possibility - Current ownership 28 years
Executive Summary
Union Street Partners LLC is pleased to present the Middle River Terrace Waterfront Apartments in Fort Lauderdale, Florida. The property was built in 1975, is concrete block and has a great unit mix of 3 - 2 bedroom and 2 - 1 bedroom units.
The current ownership has owned this for 28 years and the property has many value add opportunities. The units are currently rented as a traditional multifamily property with in place rents significantly below market. Additionally, new waterfront townhome construction in the Fort Lauderdale market starts at $ 2 million+. The in place zoning is RML=25 which allows for the construction of 5 units. The property may also have short term rental potential. The demand for short and mid term rentals remains very high in all of South Florida, in particular waterfront locations. Downtown Wilton Manors is .5 miles from the property which is also a great selling point for potential tenants.
The Middle River Terrace checks all the boxes for the value add investor wants: great location, great underlying land value, ability to increase NOI by bringing current rents to market, or as a short term rental.
The current ownership has owned this for 28 years and the property has many value add opportunities. The units are currently rented as a traditional multifamily property with in place rents significantly below market. Additionally, new waterfront townhome construction in the Fort Lauderdale market starts at $ 2 million+. The in place zoning is RML=25 which allows for the construction of 5 units. The property may also have short term rental potential. The demand for short and mid term rentals remains very high in all of South Florida, in particular waterfront locations. Downtown Wilton Manors is .5 miles from the property which is also a great selling point for potential tenants.
The Middle River Terrace checks all the boxes for the value add investor wants: great location, great underlying land value, ability to increase NOI by bringing current rents to market, or as a short term rental.
PROPERTY FACTS
| Price Per Unit | $568,852 CAD | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 4,461 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1975 |
| Apartment Style | Low Rise | Parking Ratio | 2.79/1,000 SF |
| Building Class | C |
| Price Per Unit | $568,852 CAD |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 4,461 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1975 |
| Parking Ratio | 2.79/1,000 SF |
Unit Amenities
- Air Conditioning
Site Amenities
- Waterfront
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+0 | 3 | - | - |
PROPERTY TAXES
| Parcel Number | 49-42-35-04-2502 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,043,931 CAD |
PROPERTY TAXES
Parcel Number
49-42-35-04-2502
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,043,931 CAD
zoning
| Zoning Code | RML-25 (RML-25. Allows 25 units per acre as of right. Subject property 8,480 square feet.) |
| RML-25 (RML-25. Allows 25 units per acre as of right. Subject property 8,480 square feet.) |
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