1916 SW 11th St Fort Lauderdale, FL 33312

Discover the potential of Kings Pointe II Apartments, a well-maintained 24-unit building in Fort Lauderdale, FL. This property boasts a metal roof installed in 2012 with a lifespan of 40 to 70 years, ensuring durability and low maintenance for decades. The building is a stabilized asset with 100% occupancy, providing a reliable income stream and minimal deferred maintenance.

Key features include:

• 10-Year Recertification: Completed on 11/03/2020, providing assurance of structural integrity and compliance.

• Average Effective Rent: Currently at $1712, presenting an opportunity for investors to increase rates to market levels as units turn over.

• Capital Improvements: Significant upgrades over the last two years, including new bathrooms, kitchens, stainless steel appliances, tile and laminate flooring, fresh paint, and updated landscaping.

Executive Summary

Kings Pointe II Apartments 1916 SW 11 Street, Fort Lauderdale, FL 33312

This is a rare opportunity to acquire a well-maintained apartment building with 24 units, strategically located near Las Olas and downtown Fort Lauderdale. The property offers easy access to major highways like I-95, Turnpike, Broward Blvd, US-1, and is close to Fort Lauderdale Airport.

Unit Mix:

• Four 2 Bedrooms, 2 Bath

• Four 2 Bedrooms, 1 Bath

• Sixteen 1 Bedroom, 1 Bath

This attractive unit mix provides a great value-add opportunity for investors to raise rents to market levels, capturing a 16% upside potential. The property is currently 100% occupied with below-market rents, offering a substantial growth opportunity.

Capital Improvements

• Renovations: 15 out of 24 units have been fully renovated.

• Upgrades: New bathrooms, kitchens, stainless steel appliances, tile flooring, laminate wood-look flooring, fresh paint, and updated landscaping.

• Amenities: Community laundry room, lush tropical landscaping, reserved parking for tenants, and central air conditioning in all units.

Additional Revenue Opportunities

New investors can further enhance income through the implementation of utility reimbursements, adding an extra revenue stream.

Location

Kings Pointe II Apartments is situated on 0.60 acres in the Riverside Park submarket of Fort Lauderdale, within Broward County. Its prime location offers proximity to major attractions and thoroughfares, making it an ideal investment for those looking to capitalize on Fort Lauderdale’s growing rental market.