1530 41st St Oakland Park, FL 33309
- Parking lots & garages
- 0.12 lot acres
Current Use by Public Records
- Parking lots & garages
Property Details for 1530 41st St
- Year built
- 2007
- Lot size
- 0.12 lot acres
- Zone code
- R-1B
- Property type
- Parking lots & garages
- APN
- 49-42-21-06-1120
- APU
- 494221061120
Description
This exceptional 37-unit apartment building in Oakland Park, Florida, presents a compelling value-add investment opportunity. Priced at $11,500,000, this Class C property boasts a 4.75% cap rate and a strong net operating income (NOI) of $546,510, with 100% occupancy. The property comprises three two-story buildings totaling approximately 37,070 square feet on a 2.198-acre lot, featuring 68 parking spaces. Built in 1973, the buildings are constructed of reinforced concrete block with painted stucco exteriors. The unit mix includes fourteen two-bedroom/one-and-a-half-bath, three two-bedroom/two-bath, six three-bedroom/one-and-a-half-bath, and fourteen three-bedroom/two-bath apartments. All units feature private courtyards or front porches and are individually metered for electricity and water. Recent capital improvements include a resurfaced parking lot, repainted exteriors, new central air conditioning, an updated pool, upgraded plumbing, new tile, premium kitchens and bathrooms, and new washer/dryers in each unit. The property is zoned RM-16 and enjoys a prime location near Royal Palm Park, offering convenient access to trails, tennis courts, and a playground. Its proximity to major retailers, restaurants, I-95, and Fort Lauderdale Executive Airport further enhances its appeal. The current loan of $6,571,000 at a fixed 4.2% interest rate until 2032 is assumable. This turnkey asset offers significant upside potential through further rent increases and the implementation of a utility chargeback program. The property's location, strong cash flow, and recent renovations make it an attractive investment for discerning buyers.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Oakland Park
- County
- Broward
- State
- Florida
- Longitude
- -80.1636
- Latitude
- 26.1782
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
