Sunrise East Apartments is a 96-unit multifamily community located in the heart of the Durrs submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1958 using reinforced concrete block construction with painted stucco exterior and is situated on 4.84 acres of land.
The property is located on the corner of NW 8th St and NW 14th Way and is just two blocks from NW 6th St. The surrounding area boasts multi-family buildings of similar age and construction however the Housing Authority has recently built a 650 unit community across the street in 2017. The asset is conveniently located east of I-95, West Andrews Ave, and is sandwiched between two major thoroughfares in Broward County in Sunrise Blvd and Broward Blvd. Within a 20-minute drive, patrons can access the world-famous Fort Lauderdale Beach, renowned Las Olas Blvd and the shops and restaurants of the Galleria Mall. Additionally, Sunrise East Apartments is blocks away from two of the most up and coming, well-known neighborhoods in Broward County known as Flagler Village and Victoria Park.
The investment opportunity consists of a highly attractive unit mix of (1) studio, (95) two-bedroom & one-bathroom, totaling approximately 62,150 RSF. The current owner has injected approximately $850,000 on recent renovations to include a new controlled access entry gate, new roofs, poured concrete sidewalks and seal and stripe of the parking lot, irrigation, new laundry facility, camera security system and improved landscaping throughout the property. Interior upgrades implemented to all units and include kitchen cabinets, granite countertops, new appliances, tiled common areas, and new AC units. Property amenities include an on-site laundry facility, leasing office, controlled access
gate, courtyard, large front patios, lush tropical landscaping and ample parking for tenants and guests. Residents pay electric, cable and telephone. Water and trash are included in the rent.
In addition to a well performing asset, the subject property provides a unique opportunity in that the site sits in one of the most gentrified opportunity zones in the State of Florida. A new buyer can redevelop the 4.84 acres and take advantage of extremely favorable tax abatements under the new Federal laws.
Sunrise East Apartments offers an investor the opportunity to purchase a well located, property in the heart of one of the hottest growing markets in Florida. Due to the existing upgrades on the property, a new investor can turn the rent roll and increase rents by approximately $150 - $200 increasing their effective gross income by 13%. Sunrise East Apartments provides amazing cashflow to any developer or investor looking to capitalize on the construction boom we are experiencing in South Florida.
