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4213 El Mar Dr
Fort Lauderdale, FL 33308
Sunny Shores Apartments · Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- 6-Unit Apartment Building on El Mar Drive located Directly Across from Beach in Lauderdale-by-the-Sea
- Mix of (2) Studio’s, (1) One-Bedrooms and (3) Two-Bedroom Apartments (~615 Square Foot Avg Unit)
- Located in the Heart of Lauderdale-by-the-Sea walkable to the Beach, Anglins Pier, Shops, Restaurants
- $137,236 Average Household Income within 1-Mile and 7.2% Population Growth since 2010 (Experian)
- All Current Leases are Month to Month allowing a Buyer Flexibility to Convert to Short Term Rentals
- Convenient Access to North Ocean Drive (A1A), Commercial Boulevard and Federal Highway (US-1)
EXECUTIVE SUMMARY
Sunny Shores was constructed in 1954 of concrete block and painted stucco with a flat roof. The two-story building contains 3,694 square feet of living area and sits on a 5,758-square-foot lot, according to the Broward County Property Appraiser. The unit mix consists of two studio apartments, one one-bedroom/one-bathroom apartment, and three two-bedroom/one-bathroom apartments. Units feature ceramic tile flooring, modern kitchens and bathrooms, stainless steel appliances, and central air conditioning.
In addition to its current configuration, ownership is operating Sunny Shores as traditional apartments; however, the property’s layout, location, and historical use also make it well-suited for short-term vacation rentals. A future investor may explore repositioning the asset back to short-term or seasonal accommodations, subject to municipal regulations and permitting requirements. 8.02% Pro Forma Cap Rate.
In addition to its current configuration, ownership is operating Sunny Shores as traditional apartments; however, the property’s layout, location, and historical use also make it well-suited for short-term vacation rentals. A future investor may explore repositioning the asset back to short-term or seasonal accommodations, subject to municipal regulations and permitting requirements. 8.02% Pro Forma Cap Rate.
PROPERTY FACTS
| Price Per Unit | $416,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 2.21% | Building Size | 3,694 SF |
| Gross Rent Multiplier | 18.3 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-25, Lauderdale - Residential Multifamily Low Rise/Medium High Density District. | ||
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 2.21% |
| Gross Rent Multiplier | 18.3 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 3,694 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1/1,000 SF |
| Zoning | RM-25, Lauderdale - Residential Multifamily Low Rise/Medium High Density District. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Tile Floors
- Carpet
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | $1,480 | 475 |
| 1+1 | 1 | $1,925 | 550 |
| 2+1 | 3 | $2,167 | 725 |
PROPERTY TAXES
| Parcel Number | 49-43-18-01-1630 | Improvements Assessment | $2,437,500 |
| Land Assessment | $173,140 | Total Assessment | $2,610,640 |
PROPERTY TAXES
Parcel Number
49-43-18-01-1630
Land Assessment
$173,140
Improvements Assessment
$2,437,500
Total Assessment
$2,610,640
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