Tahiti Gardens 3400-3460 NW 50th Ave 112 Unit Apartment Building $28,963,376 CAD ($258,602 CAD/Unit) 7.04% Cap Rate Lauderdale Lakes, FL 33319

Located in a desirable suburb of Fort Lauderdale, amongst a large community of privately owned condominiums, Tahiti Gardens offers an unmatched combination of affordability, space, and location to residents, making it an excellent multifamily investment for any owner looking to establish or expand their presence in the South Florida Market. In this particular locale, it is one of the only multifamily rentals in a large community of privately owned, well-maintained, low-rise condominium communities.
Featuring a host of amenities, including an on-site office, fenced pool, playground, on-site laundry, and off-street parking, Tahiti Gardens offers a very attractive value proposition to residents and owners alike. Consisting of one 52 unit block, and one 60 unit block on adjacent parcels, each building has received new or recent roofs/mansards, central air conditioning throughout, some partial and some full renovations.
Approximately 50% of the units are in good, but unrenovated condition and achieve strong rents, opening the door for HUGE value add opportunities throughout the property through both higher end finishes and improved management infrastructure. The remainder have been recently updated/renovated.
The property is full concrete block and stucco construction, and features an attractive, courtyard style layout with well-maintained grounds. All apartment main doors open into a landscaped courtyard. This layout traditionally offers privacy and presents the common areas to the tenants as a true, usable value add.
All units feature central air conditioning, with condensing units easily accessible on the flat roof of both buildings. A vast majority have been updated to newer units as needed. Each unit also has its own 30gal water heater, with approximately 50% being replaced in the last 5 years.
Lauderdale Lakes is directly east of World Famous Fort Lauderdale, Florida. Known for its beautiful Atlantic Coast beaches, vibrant downtown nightlife, extremely ample employment opportunities of all kinds, and affordable cost of living. When compared with adjacent markets like Miami/Dade, Fort Lauderdale presents a compelling cultural and value proposition, and as a result it attracts new residents and visitors from across the country, and indeed the world. Tahiti Gardens is nestled in the popular residential suburb of Lauderdale Lakes, just off of a main thoroughfare featuring unique local businesses in addition to all national chains and brands (WalMart, Publix, Yum! Brands restaurants, and more!).