5901-5911 NE 18th Ave - Apartments FOR SALE


Fort Lauderdale, FL 33334
$1,800,000 USD
954-245-3492
5901-5911 NE 18th Ave, Fort Lauderdale, FL for Sale
$1,800,000 USD
Apartments - FOR SALE
1/18
null | 5.48% Cap Rate

5901-5911 NE 18th Ave
Fort Lauderdale, FL 33334


HIGHLIGHTS

  • 7 of the 8 Apartments were Renovated by Seller in 2021-2022
  • Hurricane-Resistant Impact Windows, On-Site Laundry, 15 Parking Spaces
  • Average in Place Rents of $1,650 (1-Bedrooms) and $1,965 (2-Bedrooms)
  • Units Feature Ceramic Tile or Vinyl Wood-Plank Flooring, Black or Stainless Steel Electric Appliances, Individual Hot Water Heaters and Central A/C
  • Average Household Income within 1-Mile Radius $102,390 (Experian)

OVERVIEW

Joseph Thomas and The Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Pinecrest Flats Fort Lauderdale, an 8-unit, two-building apartment complex located in Fort Lauderdale, Florida. Pinecrest Flats consists of two, single-story fourplexes located at 5901 and 5911 Northeast 18th Avenue in the Coral Ridge Isles neighborhood of Fort Lauderdale. The properties were built in 1962 of concrete block and stucco, total 5,346 adjusted square-feet and encompass a combined 15,000 square-foot lot, according to the Broward County Property Appraiser. The unit mix consists of (4) one-bedroom | one-bathroom units with an average in-place rent of $1,650 per month and (4) two-bedroom | one-bathroom units with an average in-place rent of $1,965 per month. Residents are responsible for their own electricity, while water, sewer and trash are included in the rent. Units feature ceramic tile or vinyl wood-plank flooring, black, or stainless-steel electric appliances, individual hot water heaters and central air conditioning. Both properties also feature hurricane-resistant impact windows, which were installed in 2019 and current ownership renovated seven apartments in 2021-2022.

FOR SALE DETAILS

PRICE

$1,800,000 USD

PRICE/SF

$337 USD /SF

# OF UNITS

8

PRICE/UNIT

$225,000

CAP RATE

5.48%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1962

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

15,000 SF

ZONING

RMM-25

APN/PARCEL ID

49-42-11-06-1270,49-42-11-06-1280

ASK ABOUT THIS PROPERTY

Joseph ThomasMarcus & MillichapMore Info
954-245-3492

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Joseph ThomasMarcus & MillichapMore Info
954-245-3492

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.