Marcus & Millichap as exclusive listing agent, is pleased to bring to market 92 Hendricks (herein referred to as “the property”) a six unit apartment building with three boat slips on Hendricks Isle in Fort Lauderdale. Boat slips are separately metered for electric and have water and sewage hookups. The property was constructed of concrete block in 1952, has a rentable square footage of 3,294 and is situated on .14 acres of land. The property has a unit mix consisting of four one-bedroom and one-bathroom units and two studio units, each of which has a full kitchen. The property has undergone a significant renovation program consisting of roof seal coating, updated kitchens, bathrooms and vanity areas, floors, upgraded sea wall, updated plumbing and drain lines, new gutters, replaced fascia, exterior painting, parking sealcoating and striping, new fences and gates, sod and pavers, new Whirlpool washer and dryer with new overhang, several new wall unit air conditioners, clam shell awnings, several tankless hot water heaters, and impact windows with the exception of two windows. With over $100,000 in capital improvements, the property presents an investor a rare opportunity to acquire a renovated, turn key asset that is primed for a long-term hold in one of the most highly coveted locations of Fort Lauderdale. The surrounding area is comprised of newly constructed multi-million dollar condominiums and single family homes, rendering the property a potential candidate for redevelopment down the road. With close proximity to downtown Fort Lauderdale, Las Olas, and the beaches, 92 Hendricks is an exceptional asset in an excellent location.
Core Employment:
The uniquely urban location of 92 Hendricks, in conjunction with Fort Lauderdale’s strong job growth, presents very compelling long-term fundamentals for multifamily ownership. Downtown Fort Lauderdale’s double-digit residential population growth over the past decade is largely due to the increasing assortment of housing choices, amenities, and attractions that make downtown living a highly desirable option for residents. 92 Hendricks benefits from the concentrated work-force of surrounding companies. One of the key rental demand drivers for 92 Hendricks is the strengthening downtown Fort Lauderdale office market and the long-term positive outlook for the area as fast-growing businesses move into the market and/or expand their operations. Most of this new employment base are “Millennials” who prefer to rent in Fort Lauderdale’s urban core. Understanding the trends of the regional office and employment market and the related job growth patterns are critical to understanding the rent growth and occupancy potential for apartments in downtown Fort Lauderdale.
92 Hendricks is located just half a mile east of downtown Fort Lauderdale and north of Las Olas Boulevard, which is lined with eclectic shops and fine dining opportunities. In addition downtown Fort Lauderdale features entertainment, world class shopping, restaurants and attractions that make Fort Lauderdale one of the most desirable areas to live in Florida for individuals and families.
Fort Lauderdale is named after a series of forts built by the United States during the Second Seminole War. The forts took their name from Major William Lauderdale, younger brother of Lieutenant Colonel James Lauderdale. William Lauderdale was the commander of the detachment of soldiers who built the first fort, however, development of the city did not begin until 50 years after the forts were abandoned at the end of the conflict. It was not until Frank Stranahan arrived in the area in 1893 to operate a ferry across the New River, and the Florida East Coast Railroad’s completion of a route through the area in 1986, that any organized development began. The city was incorporated in 1911, and in 1915 was designated the county seat of newly formed Broward County. Today, Fort Lauderdale is a major yachting center, one of the nations largest tourist destinations, and the center of a metropolitan division with 1.8 million people.
