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The Palms of North Lauderdale 700 SW 81st Ave 30 Unit Apartment Building $9,500,000 ($316,667/Unit) 5.66% Cap Rate North Lauderdale, FL 33068
Investment Highlights
- Opportunity To Acquire Turnkey Multifamily Community With Partially Upgraded Roofs, Hurricane Impact Windows & Doors, 28 Camera Video System W/ Permit
- All New Fully Renovated Kitchens And Bathrooms With Modern Appliances And High-Quality Fixtures
- All Work Completed with Proper Permitting - Over 100 Permits Pulled On This Property In 2022-2024
- Newly Installed Sign Compliant With Local Regulations And Enhanced Visibility With Upgraded Exterior Lights And Each Unit Equipped With Internet
- Upgraded Electric Meters And Panels With GFI Outlets With Complete Replacement Of Plumbing Fixtures With All PVC Plumbing
- New Site Plan Approved For 10 Additional Units Plus An Office, Allowing For Future Growth Opportunities
Executive Summary
This well-maintained multifamily asset comprises a 28,500 SF, 30-unit lowrise/garden-style building offering scale, stability, and modernized appeal. Originally constructed in 1975, the property has been thoughtfully renovated in 2024, positioning it as a turnkey investment with refreshed systems and finishes designed to meet today’s renter expectations while preserving durable construction fundamentals.
The recent renovations enhance both operational efficiency and tenant appeal, allowing an investor to step into an asset that requires minimal near-term capital expenditure. The unit mix and building layout support efficient management and consistent leasing demand, while the property’s fully stabilized status underscores its proven performance as an income-producing asset.
Currently operating at 100% occupancy, this property delivers immediate cash flow with no lease-up risk. Its size and configuration make it particularly attractive to Multifamily / Low-Rise/Garden investors seeking a stabilized hold with upside potential through continued professional management and long-term rent growth.
The recent renovations enhance both operational efficiency and tenant appeal, allowing an investor to step into an asset that requires minimal near-term capital expenditure. The unit mix and building layout support efficient management and consistent leasing demand, while the property’s fully stabilized status underscores its proven performance as an income-producing asset.
Currently operating at 100% occupancy, this property delivers immediate cash flow with no lease-up risk. Its size and configuration make it particularly attractive to Multifamily / Low-Rise/Garden investors seeking a stabilized hold with upside potential through continued professional management and long-term rent growth.
Property Facts
| Price | $9,500,000 | Building Class | C |
| Price Per Unit | $316,667 | Lot Size | 1.74 AC |
| Sale Type | Investment | Building Size | 28,500 SF |
| Cap Rate | 5.66% | Average Occupancy | 100% |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1975 |
| Property Subtype | Apartment | Parking Ratio | 1.8/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | RM-16, N Lauderdale - MULTI-FAMILY RESIDENTIAL, MEDIUM/HIGH DENSITY | ||
| Price | $9,500,000 |
| Price Per Unit | $316,667 |
| Sale Type | Investment |
| Cap Rate | 5.66% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.74 AC |
| Building Size | 28,500 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1975 |
| Parking Ratio | 1.8/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-16, N Lauderdale - MULTI-FAMILY RESIDENTIAL, MEDIUM/HIGH DENSITY |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Vaulted Ceiling
- Refrigerator
Site Amenities
- 24 Hour Access
- Playground
- Grill
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 15 | - | - |
| 3+1 | 15 | - | - |
Property Taxes
| Parcel Number | 49-41-02-AE-0010 | Improvements Assessment | $138,940 |
| Land Assessment | $15,440 | Total Assessment | $154,380 |
Property Taxes
Parcel Number
49-41-02-AE-0010
Land Assessment
$15,440
Improvements Assessment
$138,940
Total Assessment
$154,380
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The Palms of North Lauderdale | 700 SW 81st Ave
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