PALM LAKES III ASSOCIATES

Kings Pointe II Apartments. 1916 SW 11 STREET, FORT LAUDERDALE FL 33312 Rare opportunity to acquire a very well-maintained 24-unit apartment building located within close proximity to Las Olas, downtown Ft. Lauderdale. Easy access to I-95, Turnpike, Broward Blvd, and US-1, Davie Blvd, Fort Lauderdale Airport. Motivated owners/seller! All offers will be reviewed, consider and will get a response. Contact the broker once you’re ready to make an offer. Attractive unit mix (Four 2 Bedrooms and 2 Bath). (Four - 2 Bedrooms and 1 Bath). (Sixteen- 1 Bedroom and 1 Bath). This is a great value-add opportunity for an investor to bring rents up to market and recapture 16% upside potential in rents. The property is 100% occupied, and the rents are below market. Capital improvements include multiple units that have been upgraded from new bathrooms, kitchens, stainless steel appliances, tile flooring, some have laminate wood look flooring, freshly painted, updated landscaping & more. The property has undergone significant capital improvements within the last two years. Amenities include command area laundry room, lush tropical landscaping, reserved parking for tenants, all units have central air conditioning. Kings Pointe II Apartments consist of 24-units two floor complex located in Riverside Park submarket in Fort Lauderdale South Florida within Broward County. Situated on .60 of an acre. Kings Pointe II Apartments. Highlights. The building has a metal roof that was completed in 2012, and metal roofs have a lifespan of 40 to 70 years. The building also has a 10-year recertification that was completed on 11/03/2020. Stabilized asset boasting 100% occupancy, generates a stable income, with minimal deferred maintenance. With an average effective rent of $​1712, an investor has the opportunity to increase rental rates to be competitive within the market as units turn.​ ​Fully renovated only 15 out of 24 units. Both renovated and unrenovated units are renting below market averages. Additionally, new investors can also increase income by implementation of utility reimbursements adding an additional revenue. Property website buildout: https://buildout.com/website/1332302-sale Property Website (branded) https://orders.virtuals1.com/sites/1916-sw-11th-st-fort-lauderdale-fl-33312-9407783/branded Mls: https://portal.onehome.com/en-US/share/1657057H34696 Alex Lizama COLDWELL BANKER COMMERCIAL REALTY 3319 Sheridan Street Hollywood, Florida 33021 Phone number: 305-409-3045 E: [email protected] Digital business card: https://realtybizcard.com/alexlizama