Hallandale Beach Apartments 705-713 NE 3rd St 9 Unit Apartment Building $1,950,000 ($216,667/Unit) 6.50% Cap Rate Hallandale Beach, FL 33009

Offer at $1,950,000, only $216,666 per door, Excellent 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. Investment Highlights: Strong value-add play through rent increases Opportunity to modernize units and significantly boost NOI.
Also, the units are split as follows:
1 Unit: 2 Bed / 1 Bath
5 Units: 1 Bed / 1 Bath
1 Studio
2 Efficiencies

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
Studio: approximately $1,700/month
Efficiencies: approximately $1,500/month
This presents strong upside potential for rental increases and improved cash flow.