2 Locations

THE OFFERING

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 97.9% occupied and currently achieves average rents of approximately $1,790, which remain below market. CBRE projects that targeted interior upgrades can generate rent increases of roughly $310 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.

INVESTMENT HIGHLIGHTS

• Significant Value-Add Upside

  Seagull features 48 units all in good condition and with finishes including stone countertops, newer kitchen cabinetry, and updated bathrooms. In addition, current ownership has upgraded four units with large format floor tiles. A new owner can upgrade the remaining 44 units with similar flooring as well as upgrade all units with finishes including stainless steel appliances, popcorn ceiling removal, and updated cabinetry.

  With a value-add upgrade of $15,000 per unit, rents can increase by $255 over current market rents. This is an estimated cost of $720,000 that would yield a 20% ROI.

• Good Physical Condition

  The 2-story property boasts a strong physical profile, including CBS structure with stucco exterior walls, copper water supply lines and copper electrical wiring. Recent capital improvements also include impact windows, fresh exterior paint, HVAC replacements where needed and more.

  Situated on a 1.89-acre site, the property enjoys a low density of just 25 units per acre, offering residents a more open and comfortable living environment.

• Prime Location & Connectivity

  Situated approximately 0.5 miles south of Interstate 95 ramp and 3.4 miles east of Florida’s Turnpike, Seagull offers residents convenient access to major employment centers in Fort Lauderdale, Boca Raton, and Miami. The surrounding area supports over 275,000 jobs within a five-mile radius and boasts an average household income of approximately $107,000. Also, with 50% of households within a 1-mile radius earning at least $75,000 annually, the property’s post capex target average rents of $2,100 represent a rent-to-income ratio of just 34%—well within acceptable affordability thresholds for many renters. This strong local income profile supports a clear path to grow rents to post CapEx market levels, reinforcing the property’s value proposition long-term revenue potential.

• Convenient Proximity to Fort Lauderdale

  Seagull Apartments Apartments is located in the vibrant heart of Fort Lauderdale, Florida. This prime location offers a blend of urban convenience and suburban tranquility, making it an ideal spot for both residents and investors.

  The property boasts excellent connectivity, being less than a ten-minute drive from Downtown Fort Lauderdale and Fort Lauderdale International Airport. Major roadways such as I-95 and US-1 are easily accessible, facilitating smooth commutes to various parts of the city and beyond. Additionally, Fort Lauderdale Beach is just a 15-minute drive away, providing quick access to one of South Florida’s most popular coastal destinations.

  The surrounding neighborhood is characterized by a mix of residential and commercial developments, offering a balanced lifestyle. Residents can enjoy proximity to numerous amenities including shopping centers, restaurants, parks, and recreational facilities. The area is known for its family-friendly environment, with several schools and healthcare facilities nearby.

  Elementary (Lloyd Estates) , Middle (James S. Rickards) and High School (Northeast High) are all less than two miles from the property. In addition, Holy Cross Hospital is less than 2.5 miles east of the property.

• Below Replacement Cost

  Seagull is offered at $270 per square foot, far below its replacement cost. Current construction costs for garden-style communities average between $250-$300/SF for hard costs and $60-$75/SF for soft costs for an overall cost of $310- $375/SF or $240k-$290k/ unit.

  Taking into account land cost and developer’s profit, an estimated $300,000-$360,000 per unit in replacement cost is likely therefore putting Seagull close to 50% discount from replacement cost.