New Riverside Apartments
Closed827 SW 15th Ave, Fort Lauderdale, FL 33312
Property type
Multifamily
Unit / Space count
8
Price
$1,650,000
Building size
4,491 sf
Rentable area
4,491 SF
Year built
1965
Year renovated
Occupancy
Zoning code
Lot size
0.34 Acres
Sold/status
Sold · Date unknown
Sale price
$1650000
Unit mix
5x
1br
1x
2br
Bedroom count
CAP
5.78%
Property description
New Riverside Apartments is an 8-unit multifamily community located in the heart of the Riverside Park submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1965 using reinforced concrete block construction with painted stucco exterior and is situated on 0.34 acres of land. The property is located on the west side of SW 15th Ave and is just a couple of blocks from major retailers off of Davie Blvd. 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 the Federal Hwy, North of Davie Blvd and directly east of I95. 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, New Riverside Apartments is blocks away from one of the most up and coming, well-known neighborhoods in Broward County known as Sailboat Bend. The investment opportunity consists of a highly attractive unit mix of (2) studios, (5) one-bedroom & one-bathroom, and (1) 2 Bed 1 Bath totaling approximately 4,460 RSF. The property boasts amenities such as ample parking, front porches, and a lush courtyard. The asset has undergone extensive renovations to the interior units and the exterior of the property. New Riverside Apartments offers an investor the opportunity to purchase an unbelievably located, turn-key property in the heart of one of the hottest markets in Florida. By implementing a light beautification plan we project a potential increase of 21.15% 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 beaten!
Property highlights
- Strong Rent Roll With Upside
- One multifamily property comprised of (2) Studios (5) one-bedroom, one-bath units, and (1) two-bedroom, one-bathroom units.
- Built in 1965 with reinforced concrete block and painted stucco exterior
- Situated on 0.35 acres
- New roof in 2022
- Upgraded Electric Panels
- All PVC Plumbing
- Upgraded hurricane windows