6954 5Th St Margate, FL 33068

Property Details for 6954 5Th St

Year built

1976

Property size

95,689 SF

Property type

Apartment buildings

Description

Waterford Villas, a fee-simple 116-unit apartment building in Margate, Florida, presents a compelling value-add investment opportunity. This Class B property, totaling 95,689 square feet across 21 single-story buildings, boasts 100% occupancy and a strong NOI of $1,855,350, with a pro-forma NOI projected at $2,305,032. Built in 1976 and renovated in 2021, the property features durable concrete-block and stucco construction, gable roofs, and desirable amenities. The asking price is $26,500,000, representing a current cap rate of 7.00% and a pro-forma cap rate of 8.70%. Each unit averages $228,448.28, and the price per square foot is $276.94. Located in a high-demand rental market, Waterford Villas benefits from strong rental growth potential. Its prime location near Rock Island Road provides easy access to major transportation arteries, including Florida's Turnpike and Interstate 95, and is also close to Downtown Fort Lauderdale, Wilton Manors, Oakland Park, and Atlantic Coast Beaches. The property is surrounded by high-value single-family homes, further enhancing its desirability and investment potential. The property's strong historical performance, coupled with the potential for further rent increases through strategic management and upgrades, makes Waterford Villas an attractive investment in the robust South Florida rental market. Property insurance rates have also begun to normalize, reducing a previous pressure point for investors. The complex offers residents affordable, quality housing in a competitive market, making it a resilient investment across various economic conditions.

Location Insight

City

Margate

County

Broward

State

Florida

Longitude

-80.2189

Latitude

26.2244