Camelot West Apartments
Closed2625-2647 N Andrews Ave, Wilton Manors, FL 33311
Property type
Multifamily
Unit / Space count
73
Price
$10,965,000
Building size
52,686 sf
Rentable area
52,686 SF
Year built
1966
Year renovated
Occupancy
Zoning code
Lot size
2.34 Acres
Sold/status
Sold · Date unknown
Sale price
$10965000
Bedroom count
Property description
Camelot West Apartments is a 66-unit multifamily & 7 unit commercial office space community located in the heart of the Wilton Manors submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1966 using reinforced concrete block construction with painted stucco exterior and is situated on 2.34 acres of land. The property is located on the west side of N Andrews Ave and is just a block from major retailers. The surrounding area boasts multi-family buildings of similar age and construction. Due to the premium location, there are many luxurious homes within the neighborhood. The asset is conveniently located west of US-1, south of E Oakland Park Blvd and directly east of I-95. Within minutes of driving, you can access the world-famous Fort Lauderdale Beach, renowned Las Olas Blvd and the shops and restaurants of the Galleria Mall. Additionally, Camelot West Apartments is located in one of the most up and coming, well-known neighborhoods in Broward County known as Wilton Manors. The investment opportunity consists of a highly attractive unit mix of (2) studio, (46) one-bedroom & one-bathroom, (1) two-bedroom & two-bathroom, (17) three-bedroom & two-bathroom, and (7) commercial office units totaling approximately 52,686 RSF. The new owner has the ability to raise rents $100 for both 1 bedroom & 3 bedroom units, which is currently being proven out in the rent roll. During the current ownership, there has been over $2,000,000 invested into the property including a video monitoring security system, surrounding fence, pool resurfacing, sprinkler system, poolside laundry building renovations, lush landscaping, and extensive interior renovations. There have been renovations done to 63 out of 73 units that include, tile flooring, new kitchen cabinets & granite countertops, and modern bathroom vanities & light fixtures. Camelot West Apartments offers an investor the opportunity to purchase an unbelievably located, turn-key property in the heart of one of the hottest markets in Florida. By implementing a beautification plan we project a potential increase of 12.28% in the gross rental income for the new investor. The investment opportunity offers amazing cash flow day one with the ability to add value in a location that simply cannot be beaten!
Property highlights
- Mixed-Use Project Featuring 66 Multifamily Units & 7 Commercial
- Delivered 15 Offers and Closed within 5% of list price
- The seller realized 183% appreciation in value since acquiring in 2015
- Franklin Street Insurance Services Provided Insurance for the Buyer