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Deep Water Redevelopment Opportunity 121 E Hendricks Is 4 Unit Apartment Building $2,600,000 ($650,000/Unit) 2.72% Cap Rate Fort Lauderdale, FL 33301
Investment Highlights
- 7,500 Square-Foot Lot, Deep Water Dockage, RMM-25 Zoning Allowing up to 25 Units per Acre
- Unit Mix of (2) Studio’s, (1) One-Bedroom | One-Bath and (1) Four-Bedroom | Two-Bath
- Avg Household Income within 1-Mile $153,174 (Experian), 9.23% Population Growth (since 2010)
- 1951 Construction with 4 Units and 3 Boat Docks (2 Units Are Currently Operating as AirBNB)
- Walking Distance to many Shops, Restaurants and Galleries Located along Las Olas Boulevard
Executive Summary
The Thomas Team of Marcus & Millichap is pleased to present 121 Hendricks Isle, a (4)-unit multifamily property and redevelopment opportunity located in Fort Lauderdale, Florida.
121 Hendricks Isle is located off Las Olas Boulevard on the Las Olas Isles, offering a rare opportunity to acquire a waterfront site with deep water dockage in one of Fort Lauderdale’s most desirable coastal neighborhoods. The property was constructed in 1951 and comprises (1) two-story concrete block building with a painted stucco exterior and shingle roof. The property offers 3,022 square feet of living area and sits on a 7,500-square-foot lot (125ft x 60ft), according to the Broward County Property Appraiser. The unit mix includes (2) studio units, (1) one-bedroom/one-bathroom unit, and (1) four-bedroom/two-bathroom unit, with select units currently operating as AirBnB. The property is zoned RMM-25.
121 Hendricks Isle benefits from immediate proximity to Las Olas Boulevard’s dining, shopping, and entertainment corridor, while also providing quick access to Downtown Fort Lauderdale, the beach, and major transportation nodes. The surrounding area is supported by strong demographics, including an average household income of $153,174 within 1-mile and population growth of 9.23% since 2010.
121 Hendricks Isle is located off Las Olas Boulevard on the Las Olas Isles, offering a rare opportunity to acquire a waterfront site with deep water dockage in one of Fort Lauderdale’s most desirable coastal neighborhoods. The property was constructed in 1951 and comprises (1) two-story concrete block building with a painted stucco exterior and shingle roof. The property offers 3,022 square feet of living area and sits on a 7,500-square-foot lot (125ft x 60ft), according to the Broward County Property Appraiser. The unit mix includes (2) studio units, (1) one-bedroom/one-bathroom unit, and (1) four-bedroom/two-bathroom unit, with select units currently operating as AirBnB. The property is zoned RMM-25.
121 Hendricks Isle benefits from immediate proximity to Las Olas Boulevard’s dining, shopping, and entertainment corridor, while also providing quick access to Downtown Fort Lauderdale, the beach, and major transportation nodes. The surrounding area is supported by strong demographics, including an average household income of $153,174 within 1-mile and population growth of 9.23% since 2010.
Property Facts
| Price | $2,600,000 | Property Subtype | Apartment |
| Price Per Unit | $650,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 2.72% | Lot Size | 0.17 AC |
| Sale Condition | Redevelopment Project | Building Size | 13,884 SF |
| Gross Rent Multiplier | 20.8 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1952 |
| Property Type | Multifamily | Parking Ratio | 2/1,000 SF |
| Zoning | RMM-25 - Residential Multifamily Mid Rise / Medium High Density District | ||
| Price | $2,600,000 |
| Price Per Unit | $650,000 |
| Sale Type | Investment |
| Cap Rate | 2.72% |
| Sale Condition | Redevelopment Project |
| Gross Rent Multiplier | 20.8 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 13,884 SF |
| No. Stories | 2 |
| Year Built | 1952 |
| Parking Ratio | 2/1,000 SF |
| Zoning | RMM-25 - Residential Multifamily Mid Rise / Medium High Density District |
Amenities
Site Amenities
- Dock
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,458 | 450 |
| 1+1 | 1 | $3,000 | 522 |
| 4+1 | 1 | $4,500 | 1,600 |
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Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 50-42-02-19-0380 | Improvements Assessment | $774,250 |
| Land Assessment | $675,000 | Total Assessment | $1,481,040 |
Property Taxes
Parcel Number
50-42-02-19-0380
Land Assessment
$675,000
Improvements Assessment
$774,250
Total Assessment
$1,481,040
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Deep Water Redevelopment Opportunity | 121 E Hendricks Is
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