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215 NE 10th Ave 18 Unit Apartment Building $3,060,000 ($170,000/Unit) 5.82% Cap Rate Hallandale Beach, FL 33009
Investment Highlights
- 18-Unit Value Add Multifamily Opportunity on 1.1 Acre Site in East Hallandale Beach
- Prime Location East of US-1, just a few blocks North of Hallandale Beach Boulevard
- 9% Population Growth since 2010 and $99,323 Avg Household Income within 3-miles
- 8 Buildings comprised of (4) Studios, (1) One-Bedroom and (13) Two-Bedroom units
- Proximate to Gulfstream Park, Diplomat Shopping Plaza, Publix, the Beach, Aventura
Executive Summary
215 Northeast 10th Avenue was constructed in 1956 and comprises (8) single-story concrete block buildings with painted stucco exteriors and shingle roofs. The property currently consists of (4) studio apartments, (1) one-bedroom/one-bathroom apartment and (13) two-bedroom/one-bathroom apartments. The buildings total 10,180 square feet and encompass a 47,498-square-foot lot (1.09 acres), according to the Broward County Property Appraiser.
215 Northeast 10th Avenue is located in Hallandale Beach, Florida, offering residents convenient access to Hallandale Beach Boulevard and Federal Highway (US-1) and positioning the property near major employment centers and daily-needs retail. The surrounding 3-mile area reports an average household income of $99,323 and population growth of 9.01% since 2010 (Experian). The property is also a short drive to Aventura, Hollywood, Sunny Isles, and Fort Lauderdale.
Surrounding retailers and points of interest include Bank of America (0.3 miles), Wells Fargo (0.5 miles), Dunkin’ (0.5 miles), Hallandale Place Shopping Center (Publix, Petco) (0.7 miles), Walgreens Pharmacy (0.8 miles), Diplomat Shopping Center (Chase, Starbucks, Panera) (0.9 miles), Atlantic Village (0.9 miles), The Big Easy Casino (1.0 miles), CVS (1.0 miles), Peter Bluesten Park (1.1 miles) and Gulfstream Park (Casino, Yard House, Texas de Brazil) (1.2 miles). Additionally just a short drive from the property is Walmart Supercenter (1.4 miles), Aventura Commons (Whole Foods, Target, Best Buy) (1.4 miles), Young Circle / Downtown Hollywood (1.7 miles), Brightline (Aventura Station) (2.6 miles), and Fort Lauderdale-Hollywood International Airport (6.4 miles).
Nearby educational facilities include Hollywood Central Elementary School (1.6 miles), Hallandale High School (1.9 miles), Gulfstream Academy of Hallandale Beach K-8 (2.0 miles), and McNicol Middle School (2.2 miles).
215 Northeast 10th Avenue is located in Hallandale Beach, Florida, offering residents convenient access to Hallandale Beach Boulevard and Federal Highway (US-1) and positioning the property near major employment centers and daily-needs retail. The surrounding 3-mile area reports an average household income of $99,323 and population growth of 9.01% since 2010 (Experian). The property is also a short drive to Aventura, Hollywood, Sunny Isles, and Fort Lauderdale.
Surrounding retailers and points of interest include Bank of America (0.3 miles), Wells Fargo (0.5 miles), Dunkin’ (0.5 miles), Hallandale Place Shopping Center (Publix, Petco) (0.7 miles), Walgreens Pharmacy (0.8 miles), Diplomat Shopping Center (Chase, Starbucks, Panera) (0.9 miles), Atlantic Village (0.9 miles), The Big Easy Casino (1.0 miles), CVS (1.0 miles), Peter Bluesten Park (1.1 miles) and Gulfstream Park (Casino, Yard House, Texas de Brazil) (1.2 miles). Additionally just a short drive from the property is Walmart Supercenter (1.4 miles), Aventura Commons (Whole Foods, Target, Best Buy) (1.4 miles), Young Circle / Downtown Hollywood (1.7 miles), Brightline (Aventura Station) (2.6 miles), and Fort Lauderdale-Hollywood International Airport (6.4 miles).
Nearby educational facilities include Hollywood Central Elementary School (1.6 miles), Hallandale High School (1.9 miles), Gulfstream Academy of Hallandale Beach K-8 (2.0 miles), and McNicol Middle School (2.2 miles).
Property Facts
| Price | $3,060,000 | Property Subtype | Apartment |
| Price Per Unit | $170,000 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.82% | Lot Size | 1.09 AC |
| Gross Rent Multiplier | 8.54 | Building Size | 10,180 SF |
| No. Units | 18 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1956/1965 |
| Zoning | RD-12 - Multifamily | ||
| Price | $3,060,000 |
| Price Per Unit | $170,000 |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| Gross Rent Multiplier | 8.54 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.09 AC |
| Building Size | 10,180 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1956/1965 |
| Zoning | RD-12 - Multifamily |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | $1,100 | 320 |
| 1+1 | 1 | $1,400 | 450 |
| 2+1 | 13 | $1,850 | 650 |
Very walkable
80/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 51-42-27-01-0160 | Improvements Assessment | $2,226,900 |
| Land Assessment | $474,980 | Total Assessment | $2,701,880 |
Property Taxes
Parcel Number
51-42-27-01-0160
Land Assessment
$474,980
Improvements Assessment
$2,226,900
Total Assessment
$2,701,880
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