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Seagull Apartments 999 W Prospect Rd 48 Unit Apartment Building $9,750,000 ($203,125/Unit) 6.50% Cap Rate Oakland Park, FL 33309
Investment Highlights
- Significant value add upside
- Central location near I-95 and major employment centers
- All Two Bedrooms
Executive Summary
CBRE is pleased to present Seagull Apartments, a 48-unit, two-story multifamily community located at 999–1007 W Prospect Road in Fort Lauderdale, Florida. Built in 1973 with durable concrete construction, the Property consists of three buildings on nearly two acres and features 100% two-bedroom, one-bath floor plans, appealing to workforce housing demand in a high-barrier submarket.
The Property is 95.8% occupied and currently achieves average rents of approximately $1,750, which remain below market. CBRE projects that targeted interior upgrades can generate rent increases of roughly $350 per unit, pushing post-renovation rents to approximately $2,100. With limited supply of attainable housing and strong renter demand, Seagull Apartments is well positioned to capture meaningful upside through a focused value-add program.
Ownership has completed several capital improvements, including impact windows on all buildings, a remodeled pool and amenity area, exterior repainting, parking resurfacing, new signage, and multiple HVAC replacements. Select unit upgrades have been completed, and all units include granite countertops, wood-style cabinetry, upgraded bath finishes, and central air.
The community offers 84 off-street parking spaces (1.75 per unit), and the 10-year building recertification is current. Strategically located just west of I 95 with exposure to nearly 24,000 vehicles per day, the Property lies within close proximity to Wilton Manors and Downtown Fort Lauderdale. The surrounding area is supported by strong demographics, including an average household income of $84,000 and more than 292,000 jobs within five miles.
- 48 unit, two story community across three concrete block buildings
- 100% two bedroom / one bath floor plans
- Built 1973, situated on ~2 acres
- 95.8% occupied
- In place rents $1,750
- Clear value add story: interior upgrades can support ~$350 premiums, with post renovation rents projected around $2,100
- Impact windows
- Remodeled pool (resurfaced, new gutters, coping, tile)
- New perimeter fencing around pool/amenity area
- New tiki hut roof
- Full exterior repaint
- Roof maintenance
- Resurfaced parking lot
- New monument signage
- 18 new A/C units
The Property is 95.8% occupied and currently achieves average rents of approximately $1,750, which remain below market. CBRE projects that targeted interior upgrades can generate rent increases of roughly $350 per unit, pushing post-renovation rents to approximately $2,100. With limited supply of attainable housing and strong renter demand, Seagull Apartments is well positioned to capture meaningful upside through a focused value-add program.
Ownership has completed several capital improvements, including impact windows on all buildings, a remodeled pool and amenity area, exterior repainting, parking resurfacing, new signage, and multiple HVAC replacements. Select unit upgrades have been completed, and all units include granite countertops, wood-style cabinetry, upgraded bath finishes, and central air.
The community offers 84 off-street parking spaces (1.75 per unit), and the 10-year building recertification is current. Strategically located just west of I 95 with exposure to nearly 24,000 vehicles per day, the Property lies within close proximity to Wilton Manors and Downtown Fort Lauderdale. The surrounding area is supported by strong demographics, including an average household income of $84,000 and more than 292,000 jobs within five miles.
- 48 unit, two story community across three concrete block buildings
- 100% two bedroom / one bath floor plans
- Built 1973, situated on ~2 acres
- 95.8% occupied
- In place rents $1,750
- Clear value add story: interior upgrades can support ~$350 premiums, with post renovation rents projected around $2,100
- Impact windows
- Remodeled pool (resurfaced, new gutters, coping, tile)
- New perimeter fencing around pool/amenity area
- New tiki hut roof
- Full exterior repaint
- Roof maintenance
- Resurfaced parking lot
- New monument signage
- 18 new A/C units
Property Facts
| Price | $9,750,000 | Building Class | C |
| Price Per Unit | $203,125 | Lot Size | 1.33 AC |
| Sale Type | Investment | Building Size | 37,344 SF |
| Cap Rate | 6.50% | Average Occupancy | 96% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1974 |
| Property Subtype | Apartment | Parking Ratio | 2.25/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RM-16 - Residential Multi-Family | ||
| Price | $9,750,000 |
| Price Per Unit | $203,125 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.33 AC |
| Building Size | 37,344 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 2.25/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-16 - Residential Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Smoke Free
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 48 | $1,750 | 778 |
1 1
Property Taxes
| Parcel Number | 49-42-16-04-2160 | Improvements Assessment | $4,458,980 |
| Land Assessment | $290,000 | Total Assessment | $4,748,980 |
Property Taxes
Parcel Number
49-42-16-04-2160
Land Assessment
$290,000
Improvements Assessment
$4,458,980
Total Assessment
$4,748,980
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Seagull Apartments | 999 W Prospect Rd
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