Ocean Ridge Apartments 3031 NE 21st Ave 7 Unit Apartment Building $1,575,000 ($225,000/Unit) 5.30% Cap Rate Fort Lauderdale, FL 33306

Marcus & Millichap, as exclusive listing agent, is pleased to present Ocean Ridge Apartments, a seven-unit apartment community located in the highly
desirable Coral Ridge neighborhood of Fort Lauderdale, Florida.
Built in 1963, the property consists of a single one-story building constructed of concrete block with painted stucco exterior, situated on 0.28 acres of land
and totaling 4,987 adjusted square feet. The unit mix is comprised of six one-bedroom, one-bathroom apartments and one two-bedroom, two-bathroom
apartment. The property sits on a 12,000 square foot lot and falls within the RMM-25 multifamily zoning district, providing stable long-term residential use
with future redevelopment optionality.
The property has been owned by the same ownership for nearly 15 years and has been well maintained throughout. The roof was replaced approximately
seven years ago and was recently resealed with silicone. Additional improvements include updated electric panels and the installation of a security camera
system. All units are equipped with central air conditioning, ceramic tile flooring, full kitchens, and accordion storm shutters. Five of the seven units have been
renovated, featuring updated kitchens and bathrooms with upgraded cabinetry and granite countertops. Two units at the property are equipped with private
in-unit washers and dryers, while the building offers a shared coin-operated laundry room containing two washers and two dryers for the remaining units,
providing an investor with strong additional income.
Each unit offers private rear yard space, and the building features a private courtyard, creating a desirable atmosphere for tenants. All seven units have
separate electric meters, and five units have separate water meters, reducing operating expense exposure for ownership. Due to long-term tenants, current
rents are approximately 20 percent below market, creating a compelling value-add opportunity through turnover and strategic interior upgrades.
Ocean Ridge Apartments is located east of US-1, just north of Oakland Park Boulevard, in one of Fort Lauderdale’s most sought-after residential neighborhoods.
The property is within close proximity to the Coral Ridge Country Club, Bayview Elementary School, and the Galleria Mall, as well as an abundance of
shops, restaurants, major grocery stores, and everyday services along Federal Highway. The beach is fewer than two miles to the east, and Downtown
Fort Lauderdale and Las Olas Boulevard are easily accessible within a short drive. Interstate 95 and Oakland Park Boulevard provide excellent regional
transportation connectivity.
The surrounding Coral Ridge submarket continues to benefit from consistent rental demand, high barriers to entry, and limited new multifamily delivery. Ocean
Ridge Apartments offers investors the rare opportunity to acquire a well-located asset with immediate rental upside in one of Fort Lauderdale’s premier
coastal neighborhoods.