Marcus & Millichap has been exclusively selected to present 840-850 West Dania Beach Boulevard, consisting of 12 units and a 4,213 square foot office building, sitting on 2.09 acres of land. 840-850 West Dania Beach Boulevard is located in Dania Beach, Florida, just north of Sterling Road and west of Federal Highway. The multifamily building was built in 1984 and comprises twelve one-bedroom, one-bathroom apartments and has 8,510 square feet of rentable building area. The office building was built in 1984 and has 4,213 square feet of rentable building area. These two parcels combine to be 91,342 square feet of land. The asset is zoned Neighborhood Residential (NBHD-RES), allowing a new investor to build up to 75 units.
Currently running as a non-profit, the multifamily property provides affordable housing for tenants with mental illness who live independently. The HAP (Housing Assistance Payment) contract with HUD expires in 2021. The tenant occupying the office space is interested in renewing past December 2019, when the lease runs out. An investor that wishes to acquire the asset, can expect a return of 6.07 percent during the hold period before development.
The property is strategically located, with the Fort Lauderdale Airport and Port Everglades less than three miles away, and the new Dania Pointe Mixed Use Development less than one mile away. This two-acre parcel is located within the Economic Opportunity Zone, providing preferential tax treatment to a new investor. This neighborhood in which the property is located, is currently undergoing rehabilitation and preservation efforts, starting with the Dania Beach Housing Authority’s new affordable housing development, Saratoga Crossings, located directly across the street from 840-850 West Dania Beach Boulevard. Saratoga Crossings East & West, 172 dwelling units, is expected to open in late 2019. The continual development in Dania Beach and Hollywood make this an attractive investment for an investor looking to capitalize on the strong growth of this area.
