Union Street Partners LLC is pleased to present the Victoria Park Apartments consisting of 11 units in Fort Lauderdale, Florida.
The real estate consists of 2 separate buildings on a 13,500 square foot lot. There are 5 studios, 1 efficiency and 4 - 1 bedroom units. The units are in good condition. The roofs were replaced in 2012, each building has a new hot water heater, plumbing has been replaced as needed and the property has a sprinkler system controlled remotely. There is on site laundry and the machines are owned by the seller. Four of the units are on leases and the others are month to month tenancies. In place rents range from $900 to $1000 for the studios, the one efficiency is $500 and the one bedrooms range from $1000 to $1100. The zoning is RMM-25 which allows for the potential to build approximately 8 units or townhomes and the current zoning allows for short term rentals.
This property is located in an excellent East Fort Lauderdale location. Victoria Park is an upscale residential area, close to the downtown Fort Lauderdale Central Business District, the beaches and retailers along Federal Highway. Within the last several years many older homes have been demolished and replaced with new townhome construction in this submarket. Additionally, new Class A apartment complexes have been built over the last 5 years in the Fort Lauderdale market. Fort Lauderdale is in the process of becoming a 24 hour live work city. The following are located in close proximity to the Victoria Park Apartments:
Galeria Mall - .5 miles ( Anchored by Saks, Nordstrom and national retailers such as Apple )
Gateway Theatre - 2 blocks
Publix Supermarket - .5 miles
Downtown Fort Lauderdale - 2.5 miles
Holiday Park - Parker Playhouse - 1.2 miles
Sunrise Boulevard - 2 blocks
The Victoria Park Apartments is a great opportunity to purchase an asset with existing income in place with rental upside in a prime East Fort Lauderdale location.
