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Marina Townhomes 311-357 Gulfstream Rd 24 Unit Apartment Building $13,428,773 CAD ($559,532 CAD/Unit) 6% Cap Rate Dania, FL 33004
INVESTMENT HIGHLIGHTS
- ???????Marina Townhomes is the only townhome rental product in the area currently available in the market
- ???????Upside Potential with oversized units
- ???????Marina Towhomes could allow for the next owner to capitalize on a retail sale exit strategy or redevelopment
EXECUTIVE SUMMARY
CBRE is pleased to present the opportunity to acquire Marina Townhomes, 24 two-story 3 bedroom/2.5 bath townhomes averaging 1,600 square feet.
Built with concrete block construction in 1982, the townhomes are situated on 1.79-acres in between Harbour Towne and Royale Palm Marinas. The property is 100% occupied with in place rents averaging $3,300 per townhome. The property is in excellent condition with impact windows and updated interiors. Upside opportunities include: new flooring, countertops, sinks, recessed lighting, adding washer/dryer machines on the 13 of the units, popcorn ceiling removal, updated balcony railings, exterior paint, monument signage and adding a swimming pool and pergola area.
The property is located in Dania Beach, only moments from the beach and the Dania Beach pier. The Property is less than a mile south of the Fort Lauderdale International Airport and Port Everglades and less than five miles south of the Fort Lauderdale CBD and Las Olas Blvd with over 12 million square feet of office space. It is also less than 1.5 miles away from the brand-new Dania Pointe Shopping center featuring 105 acres of retail and restaurants, movie theater, luxury apartments, hotels, class A offices and public event space.
At $250 PSF, Marina Townhome is available significantly below replacement cost. With the average home price in Dania Beach of $573,000 and $556,000 in Broward, Marina Townhomes are ideally positioned within the market to fill the lack of affordable, large layout, family-oriented rental product in the market. Both Dania Beach and Broward have a very limited supply of family-oriented rental product. In Dania Beach, the average rental for a 3 Bedroom unit is $3,645 per unit.
Marina Townhomes could allow for the next owner to capitalize on a retail sale exit strategy or redevelopment. Current new construction townhomes in the vicinity sell for $700,000 or more depending on the location and the size of the unit. Since developed, the property has only transacted once.
Built with concrete block construction in 1982, the townhomes are situated on 1.79-acres in between Harbour Towne and Royale Palm Marinas. The property is 100% occupied with in place rents averaging $3,300 per townhome. The property is in excellent condition with impact windows and updated interiors. Upside opportunities include: new flooring, countertops, sinks, recessed lighting, adding washer/dryer machines on the 13 of the units, popcorn ceiling removal, updated balcony railings, exterior paint, monument signage and adding a swimming pool and pergola area.
The property is located in Dania Beach, only moments from the beach and the Dania Beach pier. The Property is less than a mile south of the Fort Lauderdale International Airport and Port Everglades and less than five miles south of the Fort Lauderdale CBD and Las Olas Blvd with over 12 million square feet of office space. It is also less than 1.5 miles away from the brand-new Dania Pointe Shopping center featuring 105 acres of retail and restaurants, movie theater, luxury apartments, hotels, class A offices and public event space.
At $250 PSF, Marina Townhome is available significantly below replacement cost. With the average home price in Dania Beach of $573,000 and $556,000 in Broward, Marina Townhomes are ideally positioned within the market to fill the lack of affordable, large layout, family-oriented rental product in the market. Both Dania Beach and Broward have a very limited supply of family-oriented rental product. In Dania Beach, the average rental for a 3 Bedroom unit is $3,645 per unit.
Marina Townhomes could allow for the next owner to capitalize on a retail sale exit strategy or redevelopment. Current new construction townhomes in the vicinity sell for $700,000 or more depending on the location and the size of the unit. Since developed, the property has only transacted once.
PROPERTY FACTS
| Price | $13,428,773 CAD | Building Class | C |
| Price Per Unit | $559,532 CAD | Lot Size | 1.79 AC |
| Sale Type | Investment | Building Size | 38,388 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1982/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.3/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RS-8000 - Residential Single-Family District 8,000 Min Lot Size | ||
| Price | $13,428,773 CAD |
| Price Per Unit | $559,532 CAD |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.79 AC |
| Building Size | 38,388 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1982/2024 |
| Parking Ratio | 1.3/1,000 SF |
| Zoning | RS-8000 - Residential Single-Family District 8,000 Min Lot Size |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2.5 | 24 | $4,545 CAD | 1,550 |
PROPERTY TAXES
| Parcel Number | 50-42-35-15-0010 | Improvements Assessment | $7,497,153 CAD |
| Land Assessment | $2,144,802 CAD | Total Assessment | $9,641,955 CAD |
PROPERTY TAXES
Parcel Number
50-42-35-15-0010
Land Assessment
$2,144,802 CAD
Improvements Assessment
$7,497,153 CAD
Total Assessment
$9,641,955 CAD
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Marina Townhomes | 311-357 Gulfstream Rd
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