Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Riverside Park (herein referred to as “the property”) an eight unit apartment building located in the Riverside Park submarket of Fort Lauderdale, Florida. The property was constructed of concrete block in 1955, has a rentable square footage of 5,452, and is situated on .30 acres of land. The property has an excellent unit mix consisting of all two-bedroom / one-bathroom units and features a mix of wall and central air conditioning and nine parking spaces for the convenience of the residents.
Riverside Park is located east of Interstate-95 and .1 miles south from Broward Boulevard, a heavily traveled commercial corridor that serves as the main east-west thoroughfare in Broward County. The property is also located two miles west of Federal Highway (US-1), a major commercial, office and retail thoroughfare. Access to Interstate-95 is within a few minutes drive west on Broward Boulevard, which provides access to all of South Florida. Furthermore, downtown Fort Lauderdale is a 10 minute drive to the east. North Fork Elementary, New River Middle, and Stranahan High Schools are all within close proximity to the subject property.
Riverside Park presents a unique opportunity for an investor to acquire a well-located property east of Interstate-95 in the burgeoning Riverside Park submarket of Fort Lauderdale. An investor could convert the remainder of the units to Section-8 based tenants, which paves the way for an investor to realize a double-digit cash on cash return depending on leverage.
