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31226103
31225993

146 NW 40th Ct, Oakland Park, FL 33309

EK
FL FL SL640466
Marcus & Millichap - Fort Lauderdale
AM
FL FL SL3510497
Marcus & Millichap - Fort Lauderdale
FE
FL SL696115
Marcus & Millichap - Fort Lauderdale
Listed by Marcus & Millichap - Fort Lauderdale
$4,650,000
73 days on market
Updated 16 days ago

Prospect Gardens

Details
APN 49-42-22-08-1620, 2410 & 2450
Property Type Multifamily
Sub Type Apartment Building
Square Footage 18,056
Net Rentable (SqFt) 18,056
Units 24
Cap Rate 6%
NOI $278,991
Occupancy 100%
Pro-Forma Cap Rate 8.04%
Pro-Forma NOI $373,758
Price per SqFt $258
Year Built 1968 & 1972
Buildings 5
Stories 2
Acreage 0.980
Zoning RM-16
Parking Spaces 35 spaces
Parking Per SqFt 1.94

Multifamily Portfolio | 5 Buildings | 24 Units | $193,750/unit

Marketing description

Prospect Gardens is a 24-unit apartment portfolio located in the city of Oakland Park, Florida. The community is comprised of four one-story fourplexes and a two-story, eight-unit building, all located within a two-block radius. The buildings enjoy a premier location in Oakland Park, one of Broward County’s most rapidly improving and highly connected urban communities. The surrounding area blends strong demographics, a growing employment base, and exceptional convenience to retail, healthcare, and transportation positioning the property as an ideal opportunity for long term value and future development in a market experiencing sustained upward momentum.

The property is surrounded by vital lifestyle amenities and major medical providers, including Florida Medical Center, a 459 bed acute care hospital recognized for award winning cardiac and stroke care, located just minutes away. Additional comprehensive healthcare is provided at Holy Cross Healthplex Medical Plaza on North Dixie Highway, along with access to top regional institutions such as Holy Cross Hospital and Broward Health Imperial Point, all within a short driving radius, offering residents excellent medical convenience and choice. Families benefit from proximity to established public schools—Lloyd Estates Elementary, James S. Rickards Middle School, and Northeast High School—all serving the immediate neighborhood and contributing to its strong residential appeal. Daily needs are easily met with nearby supermarkets and pharmacies, including a full service CVS Pharmacy on West Oakland Park Boulevard, which offers extended hours, drive thru service, and convenient access for residents, supplemented by a wide selection of local and national grocery operators throughout the city.

Investment highlights

• Portfolio of five buildings

• 100% two-bedroom floor plans

• Significant upside through renovations

• Potential for future redevelopment

• 20%+ revenue increase with section 8

• Close proximity to Downtown Fort Lauderdale

• Minutes from Interstate 95 & Executive Airport

• Oakland Park going through revitalization

• All two-bedroom / one-bathroom apartments

• Onsite property-owned laundry facilities

• Large open courtyards

• Central and wall unit air-conditioning

• Ceramic tile flooring throughout

• Lots of parking for residents and guests

• Most roofs replaced in past six years

• All interior and exterior electric panels replaced

Listing Contacts

EK
FL FL SL640466
Marcus & Millichap - Fort Lauderdale
AM
FL FL SL3510497
Marcus & Millichap - Fort Lauderdale
FE
FL SL696115
Marcus & Millichap - Fort Lauderdale
Listed by Marcus & Millichap - Fort Lauderdale

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$
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$278,991.00
$23,249.25/mo

Valuation Metrics

0
DSCR
6%
Cap Rate
6%
ROI

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Additional Information

Name
Evan Kristol
License
FL SL640466
Name
Austin Michels
License
FL SL3510497
Brokerage
Marcus & Millichap
Brokerage Phone
9542453439
Title
Associate Director Investments
Brokerage Address
5900 North Andrews Avenue
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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