Halfway-Tree Condominiums | 881 SW 74th Ave
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Halfway-Tree Condominiums 881 SW 74th Ave
14 Unit Apartment Building $3,780,000 ($270,000/Unit) 6.23% Cap Rate North Lauderdale, FL 33068
Investment Highlights
- Recently Updated 3 Bedroom / 2 Bathroom Units
- Significant Upside By Converting to Section 8 Tenants
- 1971 Concrete Block Construction
Executive Summary
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 Facts
| Price | $3,780,000 | Property Subtype | Apartment |
| Price Per Unit | $270,000 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.23% | Lot Size | 1.00 AC |
| Sale Conditions | Bulk/Portfolio Sale | Building Size | 16,100 SF |
| Gross Rent Multiplier | 9.44 | No. Stories | 2 |
| No. Units | 14 | Year Built | 1971 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Price | $3,780,000 |
| Price Per Unit | $270,000 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| Sale Conditions | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 9.44 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 16,100 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 14 | $2,384 | 1,150 |
PROPERTY TAXES
| Parcel Number | 49-41-02-02-1570 | Improvements Assessment | $0 |
| Land Assessment | $328,710 | Total Assessment | $328,710 |
PROPERTY TAXES
Parcel Number
49-41-02-02-1570
Land Assessment
$328,710
Improvements Assessment
$0
Total Assessment
$328,710
zoning
| Zoning Code | RM-10 |
| RM-10 |
Contacts
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Daniel Cunningham -
Evan Richardson -
River Rhoads -
Dillon Majeski -
Jason Nowik -
Marcus & Millichap
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Halfway-Tree Condominiums | 881 SW 74th Ave
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