18th Ave Villas
Closed5901-5911 NE 18th Ave, Fort Lauderdale, FL 33334
Property type
Multifamily
Unit / Space count
8
Price
$1,100,000
Building size
5,200 sf
Rentable area
5,200 SF
Year built
1962
Year renovated
Occupancy
Zoning code
Lot size
0.34 Acres
Sold/status
Sold · Date unknown
Sale price
$1100000
Unit mix
4x
2br
Bedroom count
Property description
18th Ave Villas is an 8-unit multifamily community located in the heart of the Coral Ridge Isles submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1962 using reinforced concrete block construction with a painted stucco exterior and is situated on 0.34 acres of land. The property is located on the west side of NE 18th Ave in between Cypress Creek Rd and NE 56th St and is just blocks from Commercial Blvd. The surrounding area boasts multi-family buildings of similar age and construction. The asset is conveniently located just west of US-1, North of Commercial Blvd, and east of Dixie Hwy. Additionally, 18th Ave Villas is a short bike ride from one of the most well-known beaches in Broward County, Lauderdale-By-The-Sea. Also due to the location, a new tenant has the ability to be within walking distance from major retailers, grocery stores, and local restaurants along Commercial Blvd. The investment opportunity consists of a highly attractive unit mix of (4) one-bedroom & one-bathroom, and (4) two-bedroom & one-bathroom units, totaling approximately 5,200 RSF. The property boasts amenities such as ample parking, front porches, and a lush courtyard. Recent exterior upgrades include hurricane impact windows, parking lot repaved & resurfaced, the roof has been sealed every year for the last 20+ years, central AC, newly painted, and new electric panels. Interior upgrades include 6 out of 8 kitchens that have been fully remodeled with new cabinets & granite countertops, new tile in the living room & kitchen, laminate wood in the bedrooms, and 4 out of 8 bathrooms have been fully remodeled. Villas On 18th offers an investor the opportunity to purchase an unbelievably located, value-add property in the heart of one of the hottest markets in Florida. By implementing a beautification plan we project a potential increase of 22.73% 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 beat!
Property highlights
- Sold $1,100,000 with a Compressed Timeframe with Removed Contingencies
- Within One Month of Marketing, The Seller Was Presented With Over 8 Offers
- Seller Realized a 416% Appreciation in Value Since Acquisition in 1986
- Excellent Value-Add Opportunity with Attractive Unit Mix of Half 1 Bedroom & Half 2 Bedroom Units
- Located in the Highly Sought After Coral Ridge Isles Neighborhood Minutes From the Beach
- Collaboration – Franklin Street Capital Advisory Secured the Loan for the Buyer