Villas On 18th
Closed5211-5221 NE 18th Ave, Fort Lauderdale, FL 33334
Property type
Multifamily
Unit / Space count
12
Price
$2,600,000
Building size
7,145 sf
Rentable area
7,145 SF
Year built
1962
Year renovated
Occupancy
Zoning code
Lot size
0.72 Acres
Sold/status
Sold · Date unknown
Sale price
$2600000
Bedroom count
CAP
4.61%
Property description
Villas On 18th is a 12-unit multifamily community located in the heart of the Coral Ridge Isles submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1962 using reinforced concrete block construction with painted stucco exterior and is situated on 0.72 acres of land. The property is located on the west side of NE 18th Ave in between NE 55th St and NE 52nd St and is just three blocks from Commercial Blvd. The surrounding area boasts multi-family buildings of similar age and construction. The asset is conveniently located just three blocks west of US-1, North of Commercial Blvd and east of Dixie Hwy. Additionally, Villas On 18th is a short bike ride from one of the most up and coming well-known beaches in Broward County known as the beaches of Lauderdale By The Sea. Also due to the location, a new tenant has the ability to be in walking distance from major retailers, grocery stores, and local restaurants along Commercial Blvd. The investment opportunity consists of a highly attractive unit mix of (12) one-bedroom & one-bathroom units totaling approximately 7,800 RSF. The property recently underwent a thorough renovation to the interior and exterior, including hurricane-impact windows, central AC units, fresh paint, stainless steel appliances, new doors, new flooring and new landscaping. Villas On 18th offers an investor the opportunity to purchase an unbelievably located, turn-key property in the heart of one of the hottest markets in Florida. This turnkey investment opportunity offers amazing cash flow day one in a location that simply cannot be beat!
Property highlights
- Turn-key opportunity with the ability to cashflow day one
- Extensive interior & exterior renovations in 2020 including windows, doors, appliances, flooring and landscaping
- Each unit comes with its own front porch overlooking a lush courtyard
- Located in the highly sought after Coral Ridge Isles neighborhood minutes from the beach
- Surrounded by major highways such as Commercial Blvd, Dixie Hwy and US Federal Hwy 1
- The property sits a block from Commercial Blvd which provides easy access to I95 and Florida’s Turnpike
- In walking distance from major retailers, grocery stores, and local restaurants
- The area caters to annual rentals as well as Airbnb due to its premium location