Viewmax Apartments

2011 Northwest 55th Avenue, Lauderhill, FL

IN CONTRACT

$17,000,000

Price

6.06%

Cap Rate

7.17%

Pro Forma Cap Rate

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Street
Map
Overview
Cap Rate
6.06%
Pro Forma Cap Rate
7.17%
Cash-on-Cash
7.26%
NOI
$1,029,425
Building Size
106,553 sqft
Lot Area
2.86 acres
Class
C
Units
88
GRM
9.17
Year Built
1975
Price Per Sqft
$168.72
Price Per Unit
$193,182
Average Room Size
1,145 sqft
Floors
4
Roof
Concrete
HVAC
Central
Investment Strategy
Value Add
Description

Marcus & Millichap, as exclusive listing agents, is proud to present to market the Viewmax Apartments which is an 88-unit, four story, mid-rise apartment community featuring spacious, two bedroom / two bathroom floorplans. The community was completed in 1975 with concrete block construction and concrete roofs. The property is located in Lauderhill, Florida across the street from John Mullin Park and the Aquatic Center. Viewmax Apartments is a well maintained community with spacious units and is being offered for sale by the current owner subject to the assumption of an existing loan that has a 3.09% fixed interest rate and roughly nine (9) years remaining.

Viewmax Apartments is an elevator accessible rental community located in the heart of Broward County. The property consists entirely of spacious two- bedroom and two- bathroom floor plans. Most of the units feature newer central air conditioners and updated kitchens and bathrooms. The updated kitchens feature granite countertops and stainless steel appliances. The units accommodate the needs of a variety of potential renters, including families, roommates and single renters. Each apartment has two full bathrooms and two walk-in closets, a screened patio or balcony, and most of the units feature tile flooring throughout the entire unit. The property also features a renovated on-site leasing office, on- site laundry rooms with new machines, new concrete roofs and paint on the exterior of the buildings.

Viewmax Apartments is located in the city of Lauderhill, which is a high density city in the west central submarket of Fort Lauderdale in Broward County, Florida. The built out submarket limits competition and ensures consistently high occupancy and stable rent growth. Viewmax Apartments is located directly across the street from John Mullin Park, providing residents with a large and nicely maintained park that is built around a lake and includes a 4,000 sq. ft. Aquatic Center, racquetball courts, fitness trail, pavilions, football/soccer field, tennis courts, covered playground, and outdoor exercise stations. Viewmax Apartments is also conveniently located near the Florida Turnpike, Sawgrass Expressway, and Interstate 95 (I-95), connecting the apartment
complex to Fort Lauderdale International Airport as well as local restaurants, shopping and entertainment.

Combining recent renovations with the current rents being much lower than its market competitors, Viewmax Apartments allows for immediate upside to an investor by implementing rent increases without much improvements needed. Once the rents have been increased to market rates, the high density location, combined with the high occupancy of the submarket will allow for strong long term rent growth and an excellent return on investment.

Highlights
  • 3.09% Assumable Loan With A 9 Year Term Remaining
  • All Units are Large Two-Bedroom/Two-Bathroom Apartments
  • Majority of Units Feature New Central Air Conditioners, Updated Bathrooms and Kitchens With Granite Countertops With Stainless Steel Appliances
  • Concrete Block Construction with New Concrete Roofs
  • Each Unit has a Screened-in Patio and a Private Balcony
  • Renovated Leasing Office With Security Camera System
Documents
Location
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