Waters Edge presents an investor with the rare opportunity to own a 16-unit waterfront multifamily
community in the highly desirable city of Wilton Manors, which is in east Broward County. Wilton
Manors is considered part of the City of Ft. Lauderdale, which ranked 6th most desirable U.S. markets
for real estate investments in the country, according to PWC’s Emerging Trends in Real Estate.
The asset is located east of I-95, half a block east of Wilton Drive, near Wilton Manors City Hall,
and across from Wilton Manors Recreational Center. The apartments are surrounded by single-family
homes, condominiums and multi-family properties of similar age and construction just two miles north
of Downtown Fort Lauderdale and 3.5 miles from the beach.
Waters Edge is a two-story building, built in 1965 with reinforced concrete, stucco exterior, with a
concrete roof, which significantly reduces insurance costs, sitting on approximately .75 acres of land
and offers large units with a great unit mix comprised of (4) two-bedroom and (12) one-bedroom units
totaling approximately 12,560 in RSF.
The investment opportunity demands premium rents due to its location, size of the units and superior
amenities including: large private patios and balconies with waterfront views, the convenience of an
on-site laundry facility, which increases the income potential, fantastic curb appeal with lush tropical
landscaping and ample parking for tenants and guests. Water, sewer and trash are included in the rent.
Residents pay electric, cable and telephone.
Current owner has invested more than $200,000 in capital improvements including new roof, seawall,
front doors, hurricane impact windows in the front of the building, updated electric meters and new
landscaping irrigation system.
With this purchase, an investor will benefit from owning a fully-stabilized asset, with strong inplace
income day-one of acquisition, plus a rare value-add component, where by completing interior
renovations as units turnover, the new owner can raise rents by up to 25% within 12 months of acquiring
the property, substantially increasing the cash flow and the underlying value of the asset.
