The Palms of North Lauderdale | 700-728 SW 81st Ter
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The Palms of North Lauderdale 700-728 SW 81st Ter
30 Unit Apartment Building $9,950,000 ($331,667/Unit) 5.55% Cap Rate North Lauderdale, FL 33068
Investment Highlights
- Two buildings, two stories, with recently upgraded roofs, impact-rated windows and doors, new 28 Cameras VIDEO system with Fiber ALL permit approved
- Upgraded electric meters and panels with GFI outlets with a complete replacement of plumbing fixtures with all PVC plumbing
- Over 100 permits pulled on this property in 2022-2023 and 2024
- All new fully renovated kitchen and bathrooms with modern appliances and high-quality fixtures - Increased revenue by charging water bills.
- A newly constructed playground with handicap accessibility features accompanied by picnic benches and BBQ areas
- A new site plan submitted for 10 additional units with an office, allowing for future growth and investment.
Executive Summary
The Palms Condominiums of North Lauderdale is a 30-unit two-floor multifamily community located in the heart of the North Lauderdale Submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1965 using reinforced concrete block construction with painted stucco exterior and is situated on 1.75 acres of land. The property has undergone significant capital improvements including, new roof, hurricane windows and doors, central a/c units, PVC plumbing, fiber ALI cameras, GFI certified electric panels, internet and cable as well as interior renovations. The property also boasts amenities such as onsite laundry and picnic benches with BBQ grills.
The property is located just a few blocks south of Coral Square Shopping Mall, northeast of Chase Stadium where Inter Miami FC plays and at the intersection of N Lauderdale Ave and SW 7th Pl. The Palms Condominiums is walking distance to newly built retail and restaurants and surrounded by new Class B apartment communities. The asset is conveniently located west of Florida T-Pike, north of Commercial Blvd and east of N University Dr. The property is also located 11 miles from renowned Lauderdale by the Sea and the financial district in Ft Lauderdale. Additionally, within minutes of driving you can access the world-famous Fort Lauderdale Beach and the shops/restaurants of the Coral Springs mall.
The investment opportunity consists of an attractive unit mix of (26) three-bedroom & two-bathroom units and (4) two bedroom & two-bathroom units totaling approximately 28,500 RSF. The Palm Condominiums have been meticulously cared for by a professional owner who has fully renovated the interior, amplified the exterior and amenities, making this property safe, secure, and a perfect investment opportunity.
The property is located just a few blocks south of Coral Square Shopping Mall, northeast of Chase Stadium where Inter Miami FC plays and at the intersection of N Lauderdale Ave and SW 7th Pl. The Palms Condominiums is walking distance to newly built retail and restaurants and surrounded by new Class B apartment communities. The asset is conveniently located west of Florida T-Pike, north of Commercial Blvd and east of N University Dr. The property is also located 11 miles from renowned Lauderdale by the Sea and the financial district in Ft Lauderdale. Additionally, within minutes of driving you can access the world-famous Fort Lauderdale Beach and the shops/restaurants of the Coral Springs mall.
The investment opportunity consists of an attractive unit mix of (26) three-bedroom & two-bathroom units and (4) two bedroom & two-bathroom units totaling approximately 28,500 RSF. The Palm Condominiums have been meticulously cared for by a professional owner who has fully renovated the interior, amplified the exterior and amenities, making this property safe, secure, and a perfect investment opportunity.
Property Facts
| Price | $9,950,000 | Building Class | C |
| Price Per Unit | $331,667 | Lot Size | 1.74 AC |
| Sale Type | Investment | Building Size | 28,500 SF |
| Cap Rate | 5.55% | Average Occupancy | 100% |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1976/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.53/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Price | $9,950,000 |
| Price Per Unit | $331,667 |
| Sale Type | Investment |
| Cap Rate | 5.55% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.74 AC |
| Building Size | 28,500 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1976/2024 |
| Parking Ratio | 2.53/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Vaulted Ceiling
- Refrigerator
Site Amenities
- 24 Hour Access
- Playground
- Grill
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 26 | - | - |
| 2+2 | 4 | - | - |
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zoning
| Zoning Code | RM-16, N Lauderdale |
| RM-16, N Lauderdale |
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The Palms of North Lauderdale | 700-728 SW 81st Ter
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