The Coral Ridge Apartments consists of two contiguous buildings on a city block totaling 19 units in the desirable Coral Ridge Submarket in Fort Lauderdale, Florida. The location is excellent and is within walking distance of many employers such as Holy Cross Hospital, .6 miles away in addition to national retailers such as Bank of America, Starbucks, and CVS, .4 miles. One of the buildings located at 4901 NE 26th Avenue is a 11 unit building, consisting of 8 - 1 BR units and 3 - 2BR units. The units are large and have an oversized living room window, some of which overlook the pool area. There are a total of 22 off street parking spaces for both buildings. The other building is located at 2501 NE 49th Street and consists of 8 units, 6 - 1 BR units and 2 studios. The average in place rent for the 1Br units is $1060 per unit and the highest in place rent for a 1 BR is $1200. A new owner could create value in several ways with this real estate. Exterior painting and landscaping would give the buildings a much needed cosmetic upgrade. Interior upgrades could include installing new flooring, kitchen cabinets and adding stainless steel appliances. There is also an on site laundry room which is operated and owned by the seller.
Just 3 blocks south of the buildings is the Coral Ridge Country Club which has single family homes on the golf course with values of $2 million+. Non golf course frontage homes on the same street as the 19 units are valued in the $800,000+ range. There is significant upside potential and room to take this real estate to the next level.
The Coral Ridge Apartments offers what every value add multifamily investor wants: A "C" building in an "A" location with room to raise rents and positive leverage from day one.
