Lanai Apartments
Closed4431 NE 20th Avenue, Oakland Park, FL 33308
Property type
Multifamily
Unit / Space count
14
Price
$1,847,500
Building size
8,398 sf
Rentable area
8,398 SF
Year built
1972
Year renovated
Occupancy
Zoning code
Lot size
0.33 Acres
Sold/status
Sold · Date unknown
Sale price
$1847500
Bedroom count
CAP
4.70%
Property description
Lanai Apartments is a multifamily community located in Oakland Park, FL, which is in Broward County. The subject property consists of (1) 10-unit apartment building and (1) 4-unit apartment building. The property was built in 1972 using reinforced concrete block construction with painted stucco exterior. The property is located at 4431 NE 20th Ave, Oakland Park, FL 33308 in between NE 20th Ave and NE 19th Terrace with easy access to N Federal Hwy which provides convenient access to both I-95 and Florida’s Turnpike. The immediate neighborhood consists of multi-family and retail buildings of similar age and construction as the subject property. Lanai Apartments is just minutes from the beach and is surrounded by major retailers and restaurants within walking distance. Major public transportation is steps from the buildings. The investment opportunity consists of a highly attractive unit mix of (2) studio units (9) one-bedroom & one-bath units and (3) two-bedroom & two-bath units, totaling approximately 8,398 RSF. Water, sewer and trash are included in the rent. Residents pay for electric, cable and telephone. The property boasts central a/c, on-site laundry and ample parking for tenants and guests. The owners have positively impacted the condition of the building through capital expenses in excess of $75,000 which includes major plumbing updates, a new roof, paint and upgrades to central a/c. Lanai Apartments offers an investor the opportunity to purchase a building with an attractive unit-mix in a strong rental market in close proximity to the beach. With rents 25% below the market, the new investor can implement an interior and exterior beautification program which will allow them to capitalize on the stronger rents in the area. Simply put, the property offers an amazing location with great cash flow day one of acquisition with significant upside in rents.
Property highlights
- 100% Occupied Apartments With 25% Upside in Rents
- Desirable Unit Mix of Mostly One- and Two-Bedroom Floorplans
- Located One Block West of US-1 and Just Minutes to the Beach
- Property is Surrounded by Major Retailers and Restaurants
- Ease of Access to I-95, Commercial Blvd, US 1 and N Ocean Dr