Subject Property is located in the highly desirable moderately upscale maritime community of Lighthouse Point, NE Broward County, Fl. Lighthouse Point is east of US1, minutes between Fort Lauderdale and Boca Raton; the city has its own fire and Police Departments, as well as a number of largely family-oriented amenities: tennis courts, parks, library, playgrounds. There is also the nearby Lighthouse Point Yacht and Racquet Club (LHPYRC), a private membership club with tennis, swimming, health, restaurant, lounge, banquet facilities, and marina. Unrelated to the LHPYRC is the public Lighthouse Point Marina, offering marine fuel and additional moorings.
The Property itself is in one of only a few areas within LHP city limits which permit multifamily development. The Property’s immediate location and sub-market could best be described as quiet and well-maintained. More importantly, Lighthouse point has a strong rental demand due to its convenient location, its friendly neighborhoods, and its clean and high-quality lifestyle. The Property has been very well kept with several recent significant improvements, including impact windows, Landscaping, and most of the apartments are renovated during the past year.
Built in 1982, the subject property comprises 5750 square feet consisting of 9 units separate rentals units. All Units are rented Fully Furnished.
LHP#1A Efficiency, Full bath, walk-in- closet. Totally Updated.
LHP#1B 1-bdrm/1-bth. Totally Updated.
LHP#2A 1-bdrm/1-bth. Totally Updated.
LHP#2B Efficiency, Full Bath, Full Kitchen. Totally Updated.
LHP#3A Efficiency, Full Bath, Walk-in-closet. Totally Updated.
LHP#3B 1-bdrm/1-bth.
LHP#4 1-bdrm/1-bth, Totally Updated.
LHP#5 2-bdrm/2-bth/Den, Totally Updated.
LHP#6 1-bdrm/1-bth.
All units are rented fully furnished with all utilities provided: electric, water/sewer, cable, and internet. two coin-operated washer and dryer on the premises also provides additional cash income.
Net Income (rounded) based on the full year 2018, with allowances for modest reserves/replacements, is over $85.000.
Property is competitively offered at $1.490.000,00
