The Mahalo Isles
Closed1520-1534 SE 15th Street, Fort Lauderdale, FL 33316
Property type
Multifamily
Unit / Space count
20
Building size
13,280 SF
Rentable area
13,280 SF
Year built
1971
Lot size
0.72 acres
Sold/status
Sold · Date unknown
Sale price
$6800000
Property description
The Mahalo Isles is a 20-unit multifamily community located in the heart of the Harbordale submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1971 using reinforced concrete block construction with a freshly painted stucco exterior and is situated on 0.72 acres of land. The property is located on the south side of SE 15th St and is just a couple of blocks 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 A1A, north of SE 17th St, and directly east of Federal Hwy. 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, The Mahalo Isles is just south from one of the most up and coming, well-known neighborhoods in Broward County known as Victoria Park. The investment opportunity consists of a highly attractive unit mix of (18) one-bedroom & one-bathroom, (2) two-bedroom & two-bathroom, and (14) boat slips totaling approximately 13,320 RSF. (5) out of the (20) units were recently fully renovated with premium furnishings. The 14 boat slips recently received a brand new electric panel and the grounds have a newly installed camera based security system. The property also boasts amenities such as ample parking, sparkling pool, waterfront views, and a tropical landscape. The Mahalo Isles offers an investor the opportunity to purchase an unbelievably located, value-add property in the heart of one of the hottest markets in Florida. 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
- Sold $6,800,000 With a Compressed Timeframe and Removed Finance Contingencies
- Asset Sold at $340,000 a unit & $512.04 a SF
- Irreplaceable Waterfront Trophy 20-Unit Apartment Building With 14 Powered Boat Docks
- Franklin Street Real Estate Exclusively Represented Buyer and Seller
- Franklin Street Capital & Insurance Secured the Loan and Insurance Policy for the Buyers