Marina Apartments
Closed306 NE 5th Ct, Dania Beach, FL 33004
Property type
Multifamily
Unit / Space count
37
Price
$10,000,000
Building size
35,122 sf
Rentable area
35,122 SF
Year built
1974
Year renovated
Occupancy
Zoning code
Lot size
2.70 Acres
Sold/status
Sold · Date unknown
Sale price
$10000000
Bedroom count
Property description
Marina Apartments is a 37-unit multifamily community with 20 boat rentals located in the heart of the North Beach submarket in Dania Beach, Florida, which is in Broward County. The subject property was built in 1974 using reinforced concrete block construction with a frame of stem wall exterior and is situated on 2.7 acres of waterfront land. The property is located on NE 5th Ct and is just 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 East of US-1, north of Dania Beach Blv, and directly west of A1A. Within a short drive, you can access the world-famous Dania Beach and downtown. Additionally, Marina Apartments is located in one of the most desired locations known in Broward County. The investment opportunity is being offered to the market by the original owners who developed it in 1974. Marina offers a highly attractive unit mix of (7) one-bedroom & one-bathroom, (14) two-bedroom & one-bathroom, (15) two-bedroom & two-bathroom, and (1) single office space totaling approximately 32,750 RSF. Recent exterior capital improvements include hurricane-impact windows & doors, new A/C units, and partial seawall reconstruction. Marina Apartments offers an investor the opportunity to purchase a rare waterfront value add asset in the heart of one of the hottest markets in South Florida. The investment opportunity offers amazing cash flow on day one with the potential to increase rents by over 53.83% and take advantage of a location that simply cannot be beaten!
Property highlights
- Sold for $10,000,000, which represents a $270,270 price per door & $284,721 price per SF
- Franklin Street negotiated an as is contract with a non-refundable deposit upon execution
- Marina Apartments was sold for the first time since the property was originally built
- Successfully facilitated buyer’s 1031 exchange to close on the Marina Apartments
- Franklin Street exclusively represented both the seller and buyer in this transaction