37 Hendricks Is 6 Unit Apartment Building $4,600,000 ($766,667/Unit) 4.95% Cap Rate Fort Lauderdale, FL 33301

Lee & Associates presents The Hendricks Isle Apartments & Docks, a prime waterfront investment opportunity on Hendricks Isle near Las Olas Blvd and Downtown Fort Lauderdale CBD and Las Olas Beach. This charming two-story, 6-unit multifamily property offers 3,212 square feet of gross building area on a 0.22 AC waterfront parcel with updated apartment interiors including stainless steel appliances, wood floors, and in-unit washer and dryers. The waterfront property also boasts 5 deep water dock slips allowing additional rental income for both motorized boats and sailboats. With a market-focused rent strategy and a robust vacancy rate of only 5.4%, this desirable property is situated in the sought-after Hendricks and Venice Isles submarket within walking distance to shops and popular area dining and entertainment. It boasts a favorable parking ratio of 1.67 spaces per unit, supported by 10 surface parking spaces. This property features a solid investment profile with reinforced concrete construction and RMM-25 zoning, ideal for multifamily investors seeking opportunities in a high-demand area.
Located within the Central Business District of Fort Lauderdale, this property benefits from its proximity to vibrant East Las Olas Boulevard, only 0.3 miles away, and major transportation hubs such as Fort Lauderdale-Hollywood International Airport (7.1 miles). The surrounding area supports an affluent demographic with average household income of $184,643 within 5 minutes, coupled with steady population and household growth projections through 2029. Accessibility is enhanced by its central location near major commuter routes and public transportation options including Brightline High Speed Train Station just 2 miles away, ensuring long-term tenant demand and investor appeal.