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2901 NW 18th St
Fort Lauderdale, FL 33311
Villas at Lake Aire · Multifamily Property For Sale
·
40 Units
INVESTMENT HIGHLIGHTS
- 40-Units on 1.3 Acres in Central Broward County priced at $155,000 Per Unit
- Value Add Opportunity with Average In-Place Rent of Only $1,400 Per Month
- Easy Access to Downtown Fort Lauderdale, Florida’s Turnpike and Interstate 95
- 1959 Single-Story CBS Construction, New Roofs in 2021, Most Units Renovated
- Interiors Renovated w/New Kitchens, Baths, Stainless Appliances, New Flooring
- 9.64% Population Growth Since 2010 and 444,000+ Residents Within 5 Miles
EXECUTIVE SUMMARY
The Villas at Lake Aire consists of twelve (12) single-story buildings which were constructed in 1959 of concrete block and painted stucco with shingle roofs and the property is situated on 57,639 square feet of land, according to the Broward County Property Appraiser. Villas at Lake Aire is comprised of forty (40) one-bedroom/one-bathroom apartments totaling 16,724 square feet. Nearly all unit have been renovated by current ownership and feature either vinyl wood-plank or ceramic tile flooring, with new kitchens and bathrooms, stainless steel appliances and window/wall air conditioning units. There are 62 parking spaces.
The Villas at Lake Aire are located west of Interstate 95, between Sunrise and Oakland Park Boulevards, and more specifically just south of Northwest 19th Street and just east of Northwest 31st Avenue (Martin Luther King Jr. Avenue), each of which are major arteries in Central Broward County. This location provides convenient access to Downtown Fort Lauderdale, Wilton Manors, as well as convenient connectivity to Interstate 95 and Florida’s Turnpike.
The Villas at Lake Aire are located west of Interstate 95, between Sunrise and Oakland Park Boulevards, and more specifically just south of Northwest 19th Street and just east of Northwest 31st Avenue (Martin Luther King Jr. Avenue), each of which are major arteries in Central Broward County. This location provides convenient access to Downtown Fort Lauderdale, Wilton Manors, as well as convenient connectivity to Interstate 95 and Florida’s Turnpike.
PROPERTY FACTS
| Price Per Unit | $155,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.32 AC |
| Cap Rate | 5.77% | Building Size | 16,724 SF |
| Gross Rent Multiplier | 9.23 | Average Occupancy | 88% |
| No. Units | 40 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RMM-25 | ||
| Price Per Unit | $155,000 |
| Sale Type | Investment |
| Cap Rate | 5.77% |
| Gross Rent Multiplier | 9.23 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 1.32 AC |
| Building Size | 16,724 SF |
| Average Occupancy | 88% |
| No. Stories | 1 |
| Year Built | 1959 |
| Opportunity Zone |
Yes |
| Zoning | RMM-25 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 40 | $1,400 | 415 |
PROPERTY TAXES
| Parcel Number | 49-42-32-14-0550 | Improvements Assessment | $3,332,560 |
| Land Assessment | $160,220 | Total Assessment | $3,492,780 |
PROPERTY TAXES
Parcel Number
49-42-32-14-0550
Land Assessment
$160,220
Improvements Assessment
$3,332,560
Total Assessment
$3,492,780
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