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PRICE: $11,000,000

PRICE: $11,000,000

Miramar, Florida

Description

76 Units | Miramar, Florida

Investment Overview

The Edge Apartments, a seventy-six-unit, garden style rental community located in Miramar, Florida. The Edge is one of only a handful of remaining larger apartment communities in the submarket and is being offered for sale by the current owner subject to the assumption of the existing loan.

Over the past few years, the property has benefited from substantial renovations and upgrades including the replacement of all roofs in 2019, 100% of the air-conditioners, 100% of the kitchen cabinets and appliances, 100% of the bathrooms, toilets, bathtubs and sinks, all interior doors, updated electric and plumbing, new perimeter fencing and access gate with fob system, renovated leasing and management office, exterior paint, resealing and striping of the parking lots, replacement of the underground plumbing, and renovations to the laundry room including all new laundry machines. A new owner should have minimal capital requirements for the foreseeable future.

Edge Apartments offers investors an excellent opportunity to acquire a completely renovated apartment community in a very strong rental market of south Broward County where there is minimal ownership turnover of larger apartment communities. Furthermore, by bringing the current rents up to market levels, the new owner can substantially increase the cash flow.

Investment Highlights


Value add opportunity through rental increases and operational efficiencies

Potential to implement utility reimbursement program

Unique submarket with minimal ownership turnover

Significant interior and exterior renovations and upgrades

Fully gated community with fob and telephone entry system

Situated in Southern Broward County east of Florida’s Turnpike

Immediate proximity to public schools and employment

Solid concrete construction throughout including concrete staircases

Desirable community amenities including gated swimming pool and large sundeck

Summary
PRICE: $11,000,000
Units: 76
Lot Size: 2.21 Acres
RSF: 54,657
Cap Rate: 5.30%
Price/Unit: $144,737
Price/SF: $201.26
Built: 1970

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