Kings Row Apartments 1620-1700 NW 46th Ave 119 Unit Apartment Building $28,424,457 CAD ($238,861 CAD/Unit) 6.91% Cap Rate Lauderhill, FL 33313

Property Description
Open Market CRE is proud to present Kings Row Apartments, a compelling investment opportunity in Lauderhill, Florida. This offering encompasses an exceptional opportunity to acquire a 119-unit multifamily asset situated within one of Broward County’s most resilient and high-demand rental submarkets. Historically maintaining high occupancy rates, the property generates strong, immediate cash flow with gross revenues of $2,353,711, which includes $11,515 in ancillary laundry income. This well-maintained community provides a stable financial foundation paired with a proven value-add trajectory, allowing prospective investors to unlock significant revenue upside in a region characterized by constrained housing supply and deep renter demand.
Spanning 4.035 acres, Kings Row Apartments comprises two two-story buildings totaling 88,797 rentable square feet. The property features durable Concrete Block Stucco (CBS) construction and offers a well-balanced unit mix consisting of 39 studios, 32 one-bedroom, and 48 two-bedroom apartments. The lushly landscaped, garden walk-up grounds provide residents with an inviting environment that includes two swimming pools and ample parking. The apartments are equipped with central air conditioning and private exterior patios. Major capital improvements, including the recent installation of new hurricane impact windows, ensure enhanced safety, energy efficiency, and long-term structural integrity. Furthermore, the property benefits from an existing, dedicated on-site maintenance and renovation staff, ensuring seamless daily operations and the efficient execution of physical upgrades.
While Kings Row Apartments currently boasts strong, stabilized financial performance, there is a clear and actionable path to significantly increase net operating income. Current ownership has successfully renovated select units on the interior, establishing a proven concept for premium rent increases. By continuing this interior renovation program systematically across the remaining classic units, a new investor can capture these proven market rent bumps. Additionally, there is a substantial opportunity to drive top-line revenue through operational optimization. Implementing modern branding, strategic digital marketing, and professional leasing practices will elevate the property’s market profile, maximize tenant retention, and attract a premium applicant pool eager for upgraded living spaces.
The underlying strength of this investment is heavily supported by its strategic central infill location. Broward County’s expanding population of over 2.01 million residents, combined with steep barriers to single-family homeownership, has fostered intense and sustained demand for quality workforce housing. Lauderhill is positioned perfectly to serve this demographic, benefiting from a highly constrained pipeline of competing new construction that minimizes future vacancy risks. Residents enjoy highly commutable access to major regional economic engines, including the Cypress Creek corporate corridor and the Fort Lauderdale Central Business District, which supply tens of thousands of professional jobs. Additionally, Kings Row Apartments sits within a brief five-to-ten-minute drive of critical healthcare hubs like Plantation General Hospital and Westside Regional Medical Center, naturally capturing a highly reliable, steady tenant base of medical professionals and support staff.

Location Description
Kings Row Apartments is located in Broward County Florida. Broward County sits at the center of the dynamic South Florida Metropolitan Statistical Area (MSA) and is home to a rapidly expanding population of over 2.01 million residents. As the second-most populous county in Florida, the region boasts a highly diversified economic base driven by healthcare, logistics, and professional services, making it one of the top growth markets in the nation.
With median single-family home prices remaining out of reach for many and active housing inventory constrained, the barrier to homeownership has fortified the local rental market. Broward County's massive population consistently delivers rental rate growth and high occupancies, providing an exceptionally stable environment for multifamily investments.
The City of Lauderhill represents a highly strategic, densely populated infill submarket home to approximately 76,000 residents. Positioned just west of Fort Lauderdale, the municipality provides excellent renter demographics and essential workforce housing for the surrounding luxury and commercial hubs.
Lauderhill actively promotes economic growth along its primary transit arteries, particularly the State Road 7 (US- 441) and Sunrise Boulevard corridors, fostering local job creation and supporting ongoing transit-oriented development to serve its growing community.
Residents benefit from highly commutable distances to South Florida's premier business districts. The property is roughly a 10 to 15-minute drive to the Fort Lauderdale Central Business District (CBD) and the Cypress Creek corporate corridor, two areas that supply tens of thousands of jobs in finance, technology, and corporate services.
The immediate neighborhood surrounding NW 46th Avenue offers excellent pedestrian access to daily necessities. Tenants are less than a 10-minute walk from the 16th Street Shopping Center, Lauderhill Shopping Center, and Lauderhill Plaza. Beyond local retail, the property is a short drive from major cultural hubs like the Museum of Discovery and Science, as well as vast outdoor spaces like Holiday Park and the Central Broward Park & Broward County Stadium.