Fort Lauderdale Multifamily Investment
2901 NW 18th St Fort Lauderdale, FL 33311
For Sale
$5,995,000
40-unit multifamily property in Fort Lauderdale, Florida.
Property Size16,724 SF
Lot Size1.32 Acres
Price / SF$358.47
Days on Market105
Property Features for 2901 NW 18th St
General Information
- Standard status
- Active
- Size
- 16,724 SF
- Lot size
- 1.32 Acres
- Property subtype
- Multifamily
Listing Agency:
Marcus & Millichap - Fort Lauderdale
(954) 245-3492
Listed By:
Joseph P. Thomas · License #License(s): FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Apr 10
Changed: Jul 10
Last Checked: Jul 23 at 2:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
The Villas at Lake Aire is a 40-unit multifamily property located in Fort Lauderdale, Florida. Constructed in 1959, the property consists of twelve single-story buildings with concrete block and painted stucco exteriors and shingle roofs. Situated on 57,639 square feet of land, the property includes forty one-bedroom, one-bathroom apartments, totaling 16,724 square feet. The property has 62 parking spaces. Nearly all units have been renovated and feature vinyl wood-plank or ceramic tile flooring, new kitchens and bathrooms, stainless steel appliances, and window/wall air conditioning units. The Villas at Lake Aire are located west of Interstate 95, between Sunrise and Oakland Park Boulevards, just south of Northwest 19th Street and east of Northwest 31st Avenue (Martin Luther King Jr. Avenue). This location provides convenient access to Downtown Fort Lauderdale, Wilton Manors, Interstate 95, and Florida’s Turnpike. Nearby retailers and points of interest include Family Dollar (0.5 miles), Bass Park & Pool (1.0 mile), the Fort Lauderdale SWAP Shop (1.4 miles), The Shoppes of Oakland Forest (1.5 miles), Central Broward Park (2.2 miles) and Walmart Supercenter (2.2 miles). Mills Pond Park (2.7 miles), Riverbend Marketplace (2.9 miles), Lowe’s (3.4 miles), Presidente Supermarket (3.2 miles), Wilton Drive (4.2 miles), Downtown Fort Lauderdale (5.2 miles), Port Everglades (9.0 miles), and Fort Lauderdale–Hollywood International Airport (9.3 miles) are also nearby. Educational facilities in the vicinity include Atlantic Technical College (1 mile), Dillard High School & Middle School (1.5 miles), Dillard Elementary School (2.0 miles), and Lauderdale Manors Elementary School (3.2 miles).
Key Highlights
- Renovated Units: Nearly all 40 one‑bedroom units feature new kitchens and bathrooms, stainless steel appliances, and updated flooring.
- Strong Location: Convenient access to Downtown Fort Lauderdale, Wilton Manors, I‑95, and Florida’s Turnpike.
- Ample Parking: 62 parking spaces available.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $481.7k | $28.80 |
| − Vacancy | −$25.0k | −$1.50 |
| EGI | $456.6k | $27.30 |
| − OpEx | −$205.5k | −$12.29 |
| NOI | $251.1k | $15.02 |
16,724 SF · lease $28.80/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.14M – $4.19M
NOI $251,133 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.24M
$9.83M – $13.11M
NOI $786,697 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Brooks Hires
Apartment Building
FAQs
What type of property is this?
Apartment building - 40-unit multifamily property in Fort Lauderdale, Florida.
Where is this apartment building located?
The property is located at 2901 NW 18th St Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: Renovated Units: Nearly all 40 one‑bedroom units feature new kitchens and bathrooms, stainless steel appliances, and updated flooring.; Strong Location: Convenient access to Downtown Fort Lauderdale, Wilton Manors, I‑95, and Florida’s Turnpike.; Ample Parking: 62 parking spaces available.