2820 Somerset Dr Lauderdale Lakes, FL 33311

Property Details for 2820 Somerset Dr

Year built

1981

Lot size

0.21 lot acres

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity presents a portfolio of 68 units within the desirable Somerset Lakes Condo community in Lauderdale Lakes, Florida. The property comprises two four-story buildings totaling 64,308 net rentable square feet, constructed in 1981, and situated on a 0.21-acre lot. The unit mix includes six one-bedroom/one-bathroom (748 sq ft), sixteen one-bedroom/one-and-a-half-bathroom (835 sq ft), and forty-six two-bedroom/two-bathroom units (1,010 sq ft), offering a strong balance of unit types. Currently boasting 100% occupancy, the property generates a Net Operating Income (NOI) of $439,276, representing a 4.62% cap rate. A pro-forma analysis projects a NOI of $719,586 and a 7.57% cap rate, indicating significant upside potential. The asking price is $9,500,000, translating to $139,706 per unit. Residents enjoy numerous amenities, including 24-hour security at gated entrances, ample parking, expansive green spaces, multiple lakes, elevators, and in-building laundry facilities. Each unit features all-electric appliances, abundant closet space, central air conditioning and heat, and individual hot water heaters. Water, sewer, and trash removal are included in the HOA fees. The seller is open to providing attractive financing terms for qualified buyers. This property offers a compelling combination of strong current performance, significant upside potential, and desirable community features, making it an ideal investment opportunity.