700-728 SW 81st Ter - Apartments FOR SALE


North Lauderdale, FL 33068
$9,950,000 USD
845-304-5148
700-728 SW 81st Ter, North Lauderdale, FL for Sale
$9,950,000 USD
Apartments - FOR SALE
1/67
null | 5.55% Cap Rate

700-728 SW 81st Ter
North Lauderdale, FL 33068


HIGHLIGHTS

  • Two buildings, two stories, with recently upgraded roofs, impact-rated windows and doors, new 28 Cameras VIDEO system with Fiber ALL permit approved
  • All new fully renovated kitchen and bathrooms with modern appliances and high-quality fixtures - Increased revenue by charging water bills.
  • Upgraded electric meters and panels with GFI outlets with a complete replacement of plumbing fixtures with all PVC plumbing
  • A newly constructed playground with handicap accessibility features accompanied by picnic benches and BBQ areas
  • Over 100 permits pulled on this property in 2022-2023 and 2024
  • A new site plan submitted for 10 additional units with an office, allowing for future growth and investment.

OVERVIEW

The Palms Condominiums of North Lauderdale is a 30-unit two-floor multifamily community located in the heart of the North Lauderdale Submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1965 using reinforced concrete block construction with painted stucco exterior and is situated on 1.75 acres of land. The property has undergone significant capital improvements including, new roof, hurricane windows and doors, central a/c units, PVC plumbing, fiber ALI cameras, GFI certified electric panels, internet and cable as well as interior renovations. The property also boasts amenities such as onsite laundry and picnic benches with BBQ grills. The property is located just a few blocks south of Coral Square Shopping Mall, northeast of Chase Stadium where Inter Miami FC plays and at the intersection of N Lauderdale Ave and SW 7th Pl. The Palms Condominiums is walking distance to newly built retail and restaurants and surrounded by new Class B apartment communities. The asset is conveniently located west of Florida T-Pike, north of Commercial Blvd and east of N University Dr. The property is also located 11 miles from renowned Lauderdale by the Sea and the financial district in Ft Lauderdale. Additionally, within minutes of driving you can access the world-famous Fort Lauderdale Beach and the shops/restaurants of the Coral Springs mall. The investment opportunity consists of an attractive unit mix of (26) three-bedroom & two-bathroom units and (4) two bedroom & two-bathroom units totaling approximately 28,500 RSF. The Palm Condominiums have been meticulously cared for by a professional owner who has fully renovated the interior, amplified the exterior and amenities, making this property safe, secure, and a perfect investment opportunity.

FOR SALE DETAILS

PRICE

$9,950,000 USD

PRICE/SF

$349 USD /SF

# OF UNITS

30

PRICE/UNIT

$331,667

CAP RATE

5.55%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Palms of North Lauderdale

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1976

PARKING SPACES

72

LAND DETAILS

LAND ACRES

1.74 AC

LAND SF

75,794 SF

ZONING

RM-16, N Lauderdale

APN/PARCEL ID

49-41-02-AE-0010

ASK ABOUT THIS PROPERTY

Daniel DratchFranklin StreetMore Info
845-304-5148

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Daniel DratchFranklin StreetMore Info
845-304-5148

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