The Villas at Lake Aire
40u | $149k/Unit | 1.3 Acres | Below Mkt Rent | Central Broward County
Marketing description
The Thomas Team of Marcus & Millichap are pleased to present The Villas at Lake Aire, a 40-unit multifamily property located at 2901 Northwest 18th Street in Fort Lauderdale, Florida.
SUBJECT PROPERTIES
The Villas at Lake Aire consists of twelve (12) single-story buildings which were constructed in 1959 of concrete block and painted stucco with shingle roofs and the property is situated on 57,639 square feet of land, according to the Broward County Property Appraiser. Villas at Lake Aire is comprised of forty (40) one-bedroom/one-bathroom apartments totaling 16,724 square feet. Nearly all unit have been renovated by current ownership and feature either vinyl wood-plank or ceramic tile flooring, with new kitchens and bathrooms, stainless steel appliances and window/wall air conditioning units. There are 62 parking spaces.
LOCATION
The Villas at Lake Aire are located west of Interstate 95, between Sunrise and Oakland Park Boulevards, and more specifically just south of Northwest 19th Street and just east of Northwest 31st Avenue (Martin Luther King Jr. Avenue), each of which are major arteries in Central Broward County. This location provides convenient access to Downtown Fort Lauderdale, Wilton Manors, as well as convenient connectivity to Interstate 95 and Florida’s Turnpike.
Surrounding area retailers and points of interest within walking distance or a short drive include Family Dollar (0.5 miles), Bass Park & Pool (1.0 mile), the Fort Lauderdale SWAP Shop (1.4 miles), The Shoppes of Oakland Forest (1.5 miles), Central Broward Park (2.2 miles) and Walmart Supercenter (2.2 miles). Additionally, Mills Pond Park (2.7 miles), Riverbend Marketplace – featuring Chipotle, Wing Stop, and Walmart (2.9 miles), Lowe’s (3.4 miles), Presidente Supermarket (3.2 miles), Wilton Drive (Wilton Manors – 4.2 miles), Downtown Fort Lauderdale (5.2 miles), Port Everglades (9.0 miles), and Fort Lauderdale–Hollywood International Airport (9.3 miles) are also just a short drive from the property.
Nearby educational facilities include Atlantic Technical College (1 mile), Dillard High School & Middle School (1.5 miles), Dillard Elementary School (2.0 miles), and Lauderdale Manors Elementary School (3.2 miles).
SUMMARY
The Villas at Lake Aire is being offered for sale at $5,800,000 or $145,000 per unit.
Investment highlights
- 40-Units on 1.3 Acres in Central Broward County priced at $145,000 Per Unit
- 1959 Single-Story CBS Construction, New Roofs in 2021, Most Units Renovated
- Value Add Opportunity with Average In-Place Rent of Only $1,371 Per Month
- Interiors Renovated w/New Kitchens, Baths, Stainless Appliances, New Flooring
- Easy Access to Downtown Fort Lauderdale, Florida’s Turnpike and Interstate 95
- 9.64% Population Growth Since 2010 and 444,000+ Residents Within 5 Miles
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