2601 56Th AveLauderhill, FL 33313

This exceptional 192-unit apartment community in Lauderhill, Florida, presents a compelling value-add investment opportunity. Priced at $45,900,000 ($239,062.50 per unit), this fee-simple property boasts a 5.38% cap rate and a strong NOI of $2,468,468. The property comprises two buildings (a 5-story and a 6-story structure) totaling 179,231 square feet, with 152,730 square feet of net rentable space. Built in 1978 and 1981, the property underwent extensive renovations in 2023/2024, including new roofs, impact windows and doors, railings, electrical panels, and exterior repairs. Interior renovations included updated kitchens and bathrooms, flooring, appliances, and HVAC systems in occupied units. The property features 192 units (a mix of one- and two-bedroom layouts), with an 80% occupancy rate as of January 1, 2024. Amenities include ample parking (1.42 spaces per unit) and a convenient location near major thoroughfares (Florida Turnpike, I-95, State Road 7), airports, and employment centers, including the Hard Rock Hotel and Casino. The property sits on a 5.56-acre lot and is within walking distance of Lauderhill City Hall. The current rent range is $1600-$1900, with several units under construction expected to increase occupancy and revenue. This property offers significant upside potential through continued lease-up and potential rent increases. The property is located at 2601 and 2611 NW 56th Ave, Lauderhill, FL 33313.