705-713 NE 3rd St - Apartments FOR SALE


Hallandale Beach, FL 33009
$1,950,000 USD
305-926-3106
705-713 NE 3rd St, Hallandale Beach, FL for Sale
$1,950,000 USD
Apartments - FOR SALE
1/21
null | 6.5% Cap Rate

705-713 NE 3rd St
Hallandale Beach, FL 33009


HIGHLIGHTS

  • True Live-Work-Play Destination in Hallandale Beach, FL
  • Higher tenant demand, Ability to increase rents, lower vacancy
  • Massive Development Momentum Around It
  • Hallandale Beach has $1 Billion plus in active and planned development and over 24 major projects reshaping the skyline.
  • New luxury towers, retail centers, and mixed-use projects are clustering around Gulfstream.
  • Excellent opportunity to acquire a 9-unit multifamily property situated on a 13,430 SF (0.31-acre) lot.

OVERVIEW

Offer at $1,950,000, only $216,666 per door, Excellent Opportunity to Acquire 9 Apartment Units on an Big Oversized 13,430 SF Lot (0.31 Acres) This is a rare value-add opportunity. The property offers several recent improvements, including impact windows installed by the previous owner and a new roof completed in 2018 by the previous owner too, the Interior finishes include a mix of vinyl flooring and tile flooring throughout the units. In terms of cooling, 2 units have split A/C systems and 7 units have window A/C units. 9 Assigned Parking Spaces Current rents are below market, creating significant upside potential for a new owner. The location is exceptional, and the redevelopment potential is tremendous. Investment Highlights: Strong value-add play through rent increases Opportunity to modernize units and significantly boost NOI. Also, the units are split as follows: 1 Unit: 2 Bed / 1 Bath 5 Units: 1 Bed / 1 Bath 1 Studio 2 Efficiencies The property includes 9 parking spaces on site and 8 electrical meters. Two units currently share the same electrical service, but an additional separate electrical meter can be added. The projected market rents should be approximately: 1 Bed / 1 Bath: at least $2,000/month 2 Bed / 1 Bath: approximately $2,250/month Studio: approximately $1,700/month Efficiencies: approximately $1,500/month This presents strong upside potential for rental increases and improved cash flow.

FOR SALE DETAILS

PRICE

$1,950,000 USD

PRICE/SF

$510 USD /SF

# OF UNITS

9

PRICE/UNIT

$216,667

CAP RATE

6.5%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hallandale Beach Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1951

PARKING SPACES

9

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,430 SF

ZONING

RD-12

APN/PARCEL ID

51-42-22-13-0120

ASK ABOUT THIS PROPERTY

David HeinrichThe Keyes CompanyMore Info
305-926-3106

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David HeinrichThe Keyes CompanyMore Info
305-926-3106

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