Park Terrace Apartments
Closed915 NE 8th St, Hallandale Beach, FL 33009
Property type
Multifamily
Unit / Space count
14
Price
$2,225,000
Building size
10,918 sf
Rentable area
10,918 SF
Year built
1966
Year renovated
Occupancy
Zoning code
Lot size
0.35 Acres
Sold/status
Sold · Date unknown
Sale price
$2225000
Bedroom count
Property description
Park Terrace Apartments is a 14-unit, multifamily property located in the heart of Hallandale Beach, Florida, which is in Broward County. The property was built in 1966 of reinforced concrete, hip/gable pitched roof and sits on a 0.354-acre lot. The investment opportunity is located at 915 NE 8th Street, which is just east of Federal Hwy./US 1 and south of Atlantic Shores Blvd., just blocks away from the Big Easy Casino and the Diplomat Resort Golf & Country Club. The Atlantic Shores neighborhood consists primarily of single family homes, condominiums and multifamily buildings of similar age and construction as the subject property. The investment consists of one two story building with a unit mix of (5) one-bedroom & one-bathroom, (4) two-bedroom & one-bathroom apartments and (5) two bedroom & two bath apartments totaling approximately 10,500 RSF. All units offer central air-conditioning and open floor plan with eat in kitchens. Renovated units include new kitchen cabinets with modern appliances, new bathroom vanities, new fixtures and new tile work throughout. On site amenities include owner owned laundry facility, plus ample parking for tenants and their guests. Water, sewer and trash are included in the rent. Residents pay for all other utilities. Park Terrace Apartments offers an investor the opportunity to purchase a well-located, re-positioned, stabilized, turnkey asset where the current owner has made significant capital improvements in excess of $250,000 over the past year and offers attractive in-place income day one of acquisition with a conservative 3.8% upside in rents in one of the most desirable rental sub-markets of Hallandale Beach nearby the Diplomat Resort Golf & Country Club, Big Easy Casino, Diplomat Mall Shopping Center and The Gulfstream Park & Racing Casino.
Property highlights
- National Marketing Campaign Sourced 34 Investor Tours with Multiple Offers Within 30 Days of Marketing
- Highly Desirable Asset, AAA Location, East of US-1 & 3 Blocks from the Diplomat Golf & CC Redevelopment Site
- Seller Realized a 31.6% Appreciation in Value in 17 mos. after Acquisition
- At $158,928/Unit, it is the Highest PPU for any MF Building sold of similar vintage and asset class in Hallandale Beach in 2019
- Asset Sold for $203.79/PSF, which is the Highest PSF Recorded for a Multifamily Investment Sold in Hallandale Beach since 2007