Halfway-Tree Condominiums
14 Unit Apartment Building | $3,780,000 ($270,000/Unit) | 6.23% Cap Rate | North Lauderdale, FL 33068
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,780,000
- Property Type
-
Multifamily
- Square Feet
- 16,100 SF
Listing Contacts
Daniel Cunningham
Verified Profile
Evan Richardson
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River Rhoads
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Dillon Majeski
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Jason Nowik
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- Property Info
Property Overview
Halfway-Tree Condominiums is a 14-unit, garden style condominium portfolio across five adjacent buildings which contain 20 total units. The 14 units total 16,100 square feet on one-acre of land and the buildings were constructed in 1971, according to the Broward County Property Appraiser. All of the units are large Three- Bedroom / Two-Bathroom units that contain recently renovated kitchens bathrooms, tile flooring, central air conditioning and pitched composite shingle roofs.
Current rental rates for the Halfway-Tree Condominiums range between $2,300 and $2,400 per month, with Section 8 housing assistance rents reaching up to $3,047, reflecting the high demand for well-maintained, upgraded rental properties in this area. North Lauderdale is strategically located between Fort Lauderdale and Miami, providing convenient access to major employment centers. Notably, the Broward Health Medical Center is approximately 15 miles south, while the Fort Lauderdale- Hollywood International Airport is around 17 miles southeast. Additionally, several corporate offices and business hubs in Fort Lauderdale are within a short drive, enhancing the area's appeal to working professionals.
Local amenities further enhance the property's attractiveness. The North Lauderdale Athletic Complex, featuring sports fields, playgrounds, and walking trails, is about 2 miles away. Betty Stradling Park, which offers additional recreational facilities, is approximately 1.5 miles from the property. For shopping and dining, Coral Square Mall is roughly 3 miles to the northwest, providing a variety of retail options and restaurants. The area's family-friendly environment is complemented by highly rated schools such as North Lauderdale Academy and Silver Lakes Elementary School, both situated within a 2-mile radius.
This combination of modern renovations, proximity to significant employment centers, and access to a variety of local amenities makes this property an attractive investment with strong rental income potential and long-term value.
Current rental rates for the Halfway-Tree Condominiums range between $2,300 and $2,400 per month, with Section 8 housing assistance rents reaching up to $3,047, reflecting the high demand for well-maintained, upgraded rental properties in this area. North Lauderdale is strategically located between Fort Lauderdale and Miami, providing convenient access to major employment centers. Notably, the Broward Health Medical Center is approximately 15 miles south, while the Fort Lauderdale- Hollywood International Airport is around 17 miles southeast. Additionally, several corporate offices and business hubs in Fort Lauderdale are within a short drive, enhancing the area's appeal to working professionals.
Local amenities further enhance the property's attractiveness. The North Lauderdale Athletic Complex, featuring sports fields, playgrounds, and walking trails, is about 2 miles away. Betty Stradling Park, which offers additional recreational facilities, is approximately 1.5 miles from the property. For shopping and dining, Coral Square Mall is roughly 3 miles to the northwest, providing a variety of retail options and restaurants. The area's family-friendly environment is complemented by highly rated schools such as North Lauderdale Academy and Silver Lakes Elementary School, both situated within a 2-mile radius.
This combination of modern renovations, proximity to significant employment centers, and access to a variety of local amenities makes this property an attractive investment with strong rental income potential and long-term value.
Property Details
- Class
- C
- Year Built
- 1971
- Stories
- 2
- Lot Size (sq. ft)
- 43,560 SF
- Units
- 14
Highlights
- Recently Updated 3 Bedroom / 2 Bathroom Units
- 1971 Concrete Block Construction
- Significant Upside By Converting to Section 8 Tenants
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