Waters Edge Apartments
Closed550 NE 20th St, Wilton Manors, FL 33305
Property type
Multifamily
Unit / Space count
16
Price
$2,200,000
Building size
12,560 sf
Rentable area
12,560 SF
Year built
1965
Year renovated
Occupancy
Zoning code
Lot size
0.75 Acres
Sold/status
Sold · Date unknown
Sale price
$2200000
Bedroom count
Property description
Water's Edge is a 16-unit waterfront multifamily apartment community located in Broward County in the heart of Wilton Manors, Florida. The subject property was built in 1965 with reinforced concrete, stucco exterior, a concrete roof and situated on 0.75+/- acres of land. The property is conveniently located east of I-95, between Sunrise Blvd. and Oakland Park Blvd on the corner of NE 20th Street and NE 21st Drive. It’s across the street from Wilton Manor’s recreational center nestled in the heart of Wilton Manors and one block from the popular Wilton Drive which is home to many retailers, boutique shops and restaurants. It’s only a short drive or bike ride to Fort Lauderdale’s famous beaches. e, Water’s Edge is surrounded by single-family homes, condominiums and similar multi-family apartment properties of similar age and construction. Water’s Edge is a two-story building with an excellent unit mix of twelve (12) one bedroom & one bath apartments and four (4) two bedroom & one bath apartments totaling approximately 12,560 RSF. The property has lush tropical landscaping, ample parking and an on-site laundry facility increasing the monthly potential income. Residents pay electric, cable and telephone. Water and trash are included in the rent. Water’s Edge Apartments offers an investor the ability to purchase an unbelievably located, fully stabilized asset that is achieving rents that are 10% higher than the market average. This investment offers a new buyer great cash flow from day-one of ownership plus the opportunity to capitalize on the upside in rents after completing interior upgrades. The location of Water’s Edge Apartments simply cannot be beat.
Property highlights
- 16 Unit Waterfront Apartment Community in the Heart of Wilton Manors
- Fully Occupied, Turn-key Asset Yielding 10% Higher Rents Than Market
- Recent Capital Improvements Include Hurricane Impact Windows & Upgrades to Sea Wall
- Upside Potential in Future Rents by Completing Interior Upgrades
- One block to Downtown Wilton Manors, Major Retailers, Restaurants and Major Transportation
- Ease of Access to I-95, Sunrise Blvd, Oakland Park Blvd, US 1 and the Beaches