Oakland Manor Apartments
Closed2358 NW 52nd Ct, Fort Lauderdale, FL 33309
Property type
Multifamily
Unit / Space count
10
Price
$2,190,000
Building size
9,000 sf
Rentable area
9,000 SF
Year built
1972
Year renovated
Occupancy
Zoning code
Lot size
0.65 Acres
Sold/status
Sold · Date unknown
Sale price
$2190000
Bedroom count
CAP
5.71%
Property description
Oakland Manor Apartments is a 10-unit, multifamily investment opportunity in Fort Lauderdale, Florida. The building was built in 1972 using reinforced concrete block construction with painted stucco exterior. The investment opportunity is located at 2358 NW 52nd Ct, north of Commercial Blvd, and west of I-95. The neighborhood consists of a mix of mostly single-family homes and multifamily properties similar in age and construction as the subject property. The investment consists of (10) two bedroom-one bath apartments totaling approximately 9,000 RSF. Exterior capital improvements include Hurricane Impact Windows and roof replaced in 2014. Interior capital improvements include a washer and dryer in every unit, most units have new hot water heaters, and most units have replaced Central AC. A new investor can significantly increase the income by raising rents to comparable rents in the area, and implementing a modest value add approach. Oakland Manor Apartments offers an investor the opportunity to purchase a well located, stabilized, value-ad asset where the current owner has made capital improvements that offer attractive in-place income with upside of at least 12%+. Oakland Manor Apartments is within proximity to major retailers, restaurants, and major transportation, including the I-95 Business Corridor & Fort Lauderdale Executive Airport.
Property highlights
- Sold All Cash for $2,190,000 In A Compressed 30-day Timeframe
- Multiple offers were generated and went under contract in under 2 weeks
- Buyer Closed At A 5.7% Cap Rate
- Franklin Street Exclusively Represented the Seller
- Located In The Rapidly Growing Tamarac Submarket