Victoria Breezes
Closed701 NE 16th Ave, Fort Lauderdale, FL 33304
Property type
Multifamily
Unit / Space count
16
Price
$2,700,000
Building size
11,052 sf
Rentable area
11,052 SF
Year built
1959
Year renovated
Occupancy
Zoning code
Lot size
0.39 Acres
Sold/status
Sold · Date unknown
Sale price
$2700000
Unit mix
12x
2br
Bedroom count
Property description
Victoria Breezes is a 16-unit multifamily community located in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1959 and renovated in 2006. Constructed with reinforced concrete, stucco exterior and a barrel tile roof the property is situated on 0.39+/- acres of land. The property is located on the corner of NE 7th St and NE 16th Ave. The neighborhood consists primarily of multi-family buildings of similar age and construction as the subject property. The asset is conveniently located east of I-95 and situated between Sunrise Blvd (North) and Broward Blvd (South). Victoria Breezes is desirably located east of US1 and just blocks from downtown Fort Lauderdale. Within walking distance, you will find the Fort Lauderdale financial district, Las Olas River Front entertainment venue and many retailers, boutique shops and restaurants on the renown Las Olas Blvd. The asset is only a short jog or bike ride from Fort Lauderdale’s famous beaches. The investment opportunity consists of one (1) two-story building. It offers an excellent unit mix of (4) one bedroom & one bath and (12) two bedroom & one bath units totaling 11,052 RSF. The property offers amenities such as an on-site laundry facility, tropical landscaping and ample parking. Residents pay electric, cable and telephone. Water and trash are included in the rent. Victoria Breezes offers an investor the ability to purchase an unbelievably located asset that has upside in rents from day one of ownership and the unit mix is attractive with all one and two-bedroom floorplans. With minor work to the exterior, updated landscaping and renovations to the kitchens and bathrooms the investor will be able to raise rents over 30%. Take advantage of one of the hottest long term and short-term rental markets in South Florida. Simply put, the location of Victoria Breezes simply cannot be beat.
Property highlights
- Value-add Opportunity Located in the Heart of Victoria Park
- Significant Upside in Rents Day One
- Exceptional Unit Mix Consisting of Mostly Two Bedroom Floor-plans
- Property Is 16 Individual Condo Units Completely Re-positioned in 2006
- Area Caters to Airbnb and Other Short-Term Rental Sites
- Ease of Access to Downtown Ft. Lauderdale, I-95, Broward Blvd, Sunrise Blvd, US 1 and A1A