University Club Apartments

3671 Southwest 60th Terrace, Davie, FL

$11,750,000

Price

7.4%

Cap Rate

8.83%

Pro Forma Cap Rate

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Street
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Overview
Cap Rate
7.4%
Pro Forma Cap Rate
8.83%
Cash-on-Cash
6.52%
NOI
$870,079
Building Size
47,656 sqft
Lot Area
1.72 acres
Occupancy
90%
Class
C
Units
58
GRM
8.83
Price Per Unit
$202,586
Price Per Sqft
$246.56
Year Built
1969
Average Room Size
822 sqft
Roof
Flat Built Up
HVAC
Central
Investment Strategy
Value Add
Description

University Club Apartments is a two-story 58-unit apartment portfolio located in the Town of Davie, Florida. University Club Apartments was constructed between 1969 and 1971 of concrete block with painted stucco exterior. The subject property sits on a total of 1.73 acres of just east of Nova Southeastern University. The portfolio consists of Four (4) one- bedroom / one- bathroom, Eight (8) two- bedroom/ one- bathroom units, 30 two- bedroom / one and a half- bathroom units, and 16 two- bedroom / two- bathroom units. Residents pay for their own water and electric. Trash collection is included in rent. There are on-site laundry facilities and ample parking for residents and guests.

Centrally located in Broward County, University Club Apartments is just minutes from Fort Lauderdale, Miami and the Everglades. Within walking distance of the property sits Nova Southeastern University, which has prestigious undergraduate and graduate programs in medicine, law, psychology, business, education, pharmacy, dentistry, and more. University Club Apartments is featured on Nova Southeastern University's Off-Campus housing portal as a place for students, faculty, and other professionals to call home. Also nearby is Florida Atlantic University, University of Florida and Broward College. An Estimated 67,000 students already attend four these universities in town. With an expansion underway at Nova, several more hundred more students are on the way. Nearly 1,500 students live in dorms on Nova's main campus in Davie and another 1,500 are expected to need housing in the next couple years, university officials say.

University Club Apartments is ideally positioned to participate in the growth of not just the area but South Florida overall. The Town of Davie enjoys a historically high occupancy rate overall due to the demands of the local workforce and collegiate activities. As more luxury apartments come online priced out of the workforce market, University Club Apartments is poised to take advantage of the need for affordable living in the local area.

Highlights
  • Units Individually Metered for Water and Electric
  • Excellent Unit Mix of Four (4) One-Bedroom and 54 Two-Bedroom Units
  • Central Air Conditioning Throughout
  • Walking Distance to Nova Southeastern University, Nova High School, And FAU Davie
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