The Mahalo Isles (2020 Sale)
Closed1520-1534 SE 15th Street, Fort Lauderdale, FL 33316
Area Description
The Mahalo Isles is a rare 20-unit with 14 boat docks multifamily community located in the heart of the Harbordale submarket in Fort Lauderdale, Florida, is in Broward County. The opportunity is made up of two buildings built in 1971 & 1977 using reinforced concrete block construction with painted stucco exterior and is situated on 0.72 acres of land on the water. The property is located on the south side of SE 15th St a minutes walk from the famous 15th Street Fisheries. The surrounding area boasts multi-family buildings and luxury condos of similar age and construction. Due to its rare location, there is a massive desire from renters looking for that living on the water experience. The asset is conveniently located just west of A1A, north of SE 17th St, and directly east of Federal Hwy. Within minutes of a short bike ride, you can have direct access to the world-famous Fort Lauderdale Beach, and renowned Las Olas Blvd. Additionally, The Mahalo Isles is just south of one of the most up-and-coming, well-known neighborhoods in Broward County known as Victoria Park. This investment opportunity consists of a highly attractive unit mix of (18) one-bedroom & one-bathroom, (1) two-bedroom & one-bathroom, (1) two-bedroom & two-bathroom and (14) powered boat docks totaling approximately 13,180 RSF. The property boasts amenities such as ample parking, sparkling pool, waterfront views, and a tropical landscape. The property has had recent capital improvements such as window hurricane impact shutters, and 8 newly installed central AC units. Interior improvements have been made that include in several units new hardwood flooring or tile, kitchen countertops & cabinets, and remodeled bathrooms. The Mahalo Isles offers an investor the opportunity to purchase an irreplaceable waterfront property in the heart of one of the hottest markets in Florida. By implementing a beautification plan we project a potential increase of 20.09% 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 is unparalleled!