Twin Lakes Villas
Closed4100 NW 16th Ave, Oakland Park, FL 33309
Property type
Multifamily
Unit / Space count
37
Price
$10,150,000
Building size
37,980 sf
Rentable area
37,980 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
2.20 Acres
Sold/status
Sold · Date unknown
Sale price
$10150000
Bedroom count
Property description
Twin Lakes Villas is a 37-unit, townhome investment opportunity in Oakland Park, (Broward County), Florida. The buildings were built between 1973 using reinforced concrete block construction with painted stucco exterior. The investment opportunity is located at 4100 NW 16th Ave, north of Oakland Park Blvd, and just west of I-95. The neighborhood consists of a mix of mostly single-family homes in age and construction as the subject property. Twin Lakes is uniquely situated adjacent to Royal Palm Park, with direct access to the trail, tennis courts and playground. The investment consists of (14) fourteen two bedroom-one and a half bath, (3) two bedroom-two bath, (6) three bedroom-one and a half bath, & (14) fourteen three bedroom-two bath apartments totaling approximately 37,980 RSF. All Units feature private courtyards or front porches. Exterior capital improvements include Resurfaced Parking, Painted Exterior, New Central A/C, Upgraded Plumbing. Interior capital improvements include Tile, Kitchens & Bathrooms, Hot Water Heaters, Electric Panels, Washer & Dryer in Each Unit. In addition to continuing to push the rents, a new investor can significantly increase the income by implementing a utility chargeback program with the tenants. Twin Lakes Villas offers an investor the opportunity to purchase a well located, stabilized asset where the current owner has made capital improvements that offer attractive in-place income with upside. Twin Lakes Villas is within proximity to major retailers, restaurants, and major transportation, including the I-95 Business Corridor & Fort Lauderdale Executive Airport.
Property highlights
- Opportunity to Acquire From 12+ Years of Professional Ownership
- All Units are Two- or Three-Bedroom Floorplans, Two Story Townhouse Style with Private Courtyards or Front Porches
- New Investor Can Significantly Increase Income by Creating Charge Back Program for Water
- Up to 20% Upside in Rents When Comparing to Average for Subsidized Housing Rates in Zip Code
- Exterior Improvements Include – Resurfacing Parking, Painted Exterior, New Central A/C, Upgraded Plumbing
- Interior Improvements Include – Tile, Kitchens & Bathrooms, Hot Water Heaters, Electric Panels, Washer & Dryer in Each Unit
- Unbelievably Located Asset, Featuring Waterfront Views from Each Unit
- Situated on One of Oakland Park’s Famous Twin Lakes, Surrounded by Single Family Homes
- Adjacent to Royal Palm Park with Private Access to the Royal Palm Park Trail & Town Park
- Easy Access to Oakland Park Blvd, US 1, 441, I-95 and the Florida Turnpike