Hallandale Beach Apartments 705-713 NE 3rd St 9 Unit Apartment Building $1,999,000 ($222,111/Unit) 6.34% Cap Rate Hallandale Beach, FL 33009

Reduced Price Now Offer at $1,999,000, which is just $222,000 per door, This is an Excellent Amazing Opportunity to Acquire 9 Apartment Units on an Big Oversized 13,430 SF Lot (0.31 Acres) This is a rare value-add opportunity. The property offers several recent improvements, including impact windows installed by the previous owner and a new roof completed in 2018 by the previous owner too, the Interior finishes include a mix of vinyl flooring and tile flooring throughout the units. In terms of cooling, 2 units have split A/C systems and 7 units have window A/C units. 9 Assigned Parking Spaces Current rents are below market, creating significant upside potential for a new owner. The location is exceptional, and the redevelopment potential is tremendous. According to zoning, the property may allow for the development of a new 5-story multifamily building with up to 15.42 units and approximately 8,774 SF of building area. Investment Highlights: Strong value-add play through rent increases Opportunity to modernize units and significantly boost NOI Large lot offering future redevelopment optionality Located in a prime rental corridor with strong demand fundamentals This creates a rare covered land play — generate income today while planning a future redevelopment exit. You’re not buying into a location — you’re buying into an established urban core.
Also, the units are split as follows:
1 Unit: 2 Bed / 1 Bath
5 Units: 1 Bed / 1 Bath
2 Efficiencies
1 Studio
The property includes 9 parking spaces on site and 8 electrical meters. Two units currently share the same electrical service, but an additional separate electrical meter can be added.
The projected market rents should be approximately:
1 Bed / 1 Bath: at least $2,000/month
2 Bed / 1 Bath: approximately $2,250/month
Efficiencies: approximately $1,700/month
Studio: approximately $1,500/month
This presents strong upside potential for rental increases and improved cash flow.
Buyer must independently verify all information, including zoning, density, and development potential with the appropriate zoning department and conduct their own due diligence.